Bank of Maldives (BML) has announced a further reduction of its student Kiyavaa Loan and Education Financing rate to 2.5 percent.
According to the bank, the decision was made by the Board of Directors during their meeting on January 24. The new rate will be effective from February 1 and will be applicable for both new and existing facilities.
The BML Kiyavaa Loan and Education Financing will now be available to cover up to 90 percent of the cost of education including tuition fees and other living costs, the bank stated.
The repayment period for existing customers will be automatically reduced with the new lower interest and financing rate, the bank added.
"We are delighted to announce a further reduction in our student financing rates to 2.5 percent. Our rate reduction last year was a positive change that allowed students easier access to funding for further education anywhere in the world. With today’s announcement, we look forward to providing this chance to an even bigger cohort of students," BML’s CEO and Managing Director Karl Stumke commented.
BML said further details and the option to pay a lower monthly installment will be communicated to all existing Kiyavaa Loan and Education Financing customers.
The BML Kiyavaa Loan and Education Financing, with a repayment period of 10 years, is available for students to cover the cost of further education anywhere in the world.
