Bank of Maldives customers with business loans are eligible for the debt moratorium from 1st March 2020 until end of September 2020. The only requirement is for customers to have cleared overdue loan payments.
The debt moratorium will allow customers to defer monthly principal and interest repayments for 6 months. At the same time the tenor of the loan will also be extended by 6 months allowing more time to repay the accrued interest and principal repayments. Following the moratorium period, the repayment amount would be reduced by 20% for a further 6 months.
The above is also applicable to BML Islamic customers with business financing, except for customers with Murabaha financing.