The Bank of Maldives (BML) has announced the launch of instant approval for personal loan and financing facilities.
According to the national bank, eligible customers can view and apply for loans or financing through Internet or Mobile Banking which will be approved instantly and disbursed in four hours.
"Improving customer satisfaction through digitalization is an important part of our strategy, and we are continuously working hard to bring positive changes to our processes and implementing systems that enhance customer experience," BML CEO and Managing Director, Karl Stumke said.
"With today’s announcement, we can now approve Lui Loan or Personal Financing requests instantly, bringing down our processing timeframe from five days to just minutes."
BML said the available financing amount shown is based on the Bank’s credit evaluation for individual customers.
Customers can choose an amount up to the credit limit shown, which will be available at a rate of 15 percent per annum with a repayment period of five years.
