Bank of Maldives has increased the maximum eligible age for loan and financing applicants from 60 to 75, in a move aimed at broadening access to credit across the country.<\/p>\n\n\n\n
The announcement was made by the bank\u2019s Chief Executive Officer and Managing Director, Mohamed Shareef, during a press conference. Under the revised policy, individuals aged between 18 and 75 are now eligible to apply for loans.<\/p>\n\n\n\n
Shareef said the previous age restrictions had limited financing opportunities for older customers. He explained that applicants over 60 were previously ineligible for loans, while a 55-year-old could only qualify for a short repayment period of five years. With the new policy, the upper age limit has been extended, allowing for longer repayment terms.<\/p>\n\n\n\n
He noted that the change would particularly benefit middle-aged individuals seeking housing loans, as repayment periods can now extend up to 20 or 25 years. The decision was made following approval from the bank\u2019s board.<\/p>\n\n\n\n
In addition, Shareef highlighted new initiatives to support customers earning in US dollars, especially those working in the tourism sector. Customers receiving salaries and service charges in foreign currency will be eligible for low-cost loans, provided repayments are made in dollars.<\/p>\n\n\n\n
\u201cThese loans will have interest rates 1.5 percent lower than the standard rate and a five percent reduction in equity requirements,\u201d he said. He also noted that measures have been introduced to make it easier for customers to apply for loans from abroad.<\/p>\n\n\n\n
According to Bank of Maldives, more than USD 323 million in loans has been disbursed so far in 2026, reflecting a 50 percent increase compared to the same period last year.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bank of Maldives has increased the maximum eligible age for loan and financing applicants from 60 to 75, in a move aimed at broadening access to credit across the country. The announcement was made by the bank\u2019s Chief Executive Officer and Managing Director, Mohamed Shareef, during a press conference. Under the revised policy, individuals aged between 18 … Continue reading “BML Raises Loan Age Limit to 75, Expands Access to Financing”<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":2348,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[81,6,1],"tags":[],"_links":{"self":[{"href":"https:\/\/aonews.mv\/en\/wp-json\/wp\/v2\/posts\/7347"}],"collection":[{"href":"https:\/\/aonews.mv\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/aonews.mv\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/aonews.mv\/en\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/aonews.mv\/en\/wp-json\/wp\/v2\/comments?post=7347"}],"version-history":[{"count":1,"href":"https:\/\/aonews.mv\/en\/wp-json\/wp\/v2\/posts\/7347\/revisions"}],"predecessor-version":[{"id":7348,"href":"https:\/\/aonews.mv\/en\/wp-json\/wp\/v2\/posts\/7347\/revisions\/7348"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/aonews.mv\/en\/wp-json\/wp\/v2\/media\/2348"}],"wp:attachment":[{"href":"https:\/\/aonews.mv\/en\/wp-json\/wp\/v2\/media?parent=7347"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/aonews.mv\/en\/wp-json\/wp\/v2\/categories?post=7347"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/aonews.mv\/en\/wp-json\/wp\/v2\/tags?post=7347"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}