BML Retailers' Loan
BML Retailers' Loan is targeted for Small and Medium Enterprises (SMEs) to enable further expansion of their businesses. The loan is specifically designed and tailored to meet the everyday challenge of access to funds for the growth of the business, or even for restocking imports.
Eligible retailers have the opportunity of obtaining a loan valued up to three times the monthly average of sales generated through BML Point of Sale (POS) terminal(s).
Key Features
- Financing is available as either a loan or an overdraft
- Loan value is up to three times of the monthly average POS sales
- Loan processed within 10 working days
- No security or deposits required
- Repayment period
-
For loans: 48 months
For overdrafts: 12 months - Customers can use the loan funds to pay for imports via BML’s Swift Transfer or Letter of Credit without having to provide USD for the transaction, subject to availability
| For loan amounts up to MVR 500,000 | For loan amounts above MVR 500,000 | |
| Security | No security | Additional security is required in addition to the stock purchased |
| Interest | 13% per annum | 12.75% per annum |
Eligibility Criteria
- Must be a registered business in Maldives
- With minimum 12 months account operation with BML
- With minimum monthly average POS sales of MVR 50,000
- Satisfactory financial position
- Minimum 12 months POS sales
Applicable Fees:
Processing Fee: MVR 2,500
Arrangement Fee: 1.5% of loan amount
How to apply
Submit a BML Retailers' Loan Application Form to any of our branches along with the following documents:
Supporting documents required
If applying for the loan as a Sole-Proprietor
- ID Card Copy
- Business registration document
- Completed "Information Forms for ”Personal Banking Customers” (if not completed within the last 12 months)
- MIRA registration and latest GST statements
- Existing inventory list on cost price
- BML Fire Insurance application form
If applying for the loan as a Company
- Registration documents (Company & Trade Registration Certificates)
- “Information Form for Business & Institutions” and “Information Form – Personal Banking Customers” for all Directors (if not completed within the last 12 months)
- MIRA registration and latest GST statements
- Existing inventory list on cost price
- BML Fire Insurance application form
For both Sole-proprietor and Company include the following;
- Financial statements for latest 2 financial years, audited if available.
- Cash flow statement for the past 12 months
- projected cash flow statement for the loan tenor (a soft copy will be made available to you upon request).