Personal Financing

Personal Financing

Get unsecured financing for your personal financing needs with our Shari’ah complaint Personal Financing facility. Our product is designed to offer you financing for goods purchased via Authorized Dealers or just cash based on your requirement. 

Key features

• Hassle free process with instant approval of Financing facility funds*
• Financing is available from MVR 10,000 to MVR 1.2 million at a rate of 15% p.a.
• Financing period is up to 5 years.
• No further guarantee or security is required.
• Repayments will be automatically deducted from income account.
• Processing fee of 1% will be charged on Financing amount.

*Instant approval of facility is applicable for BML Islamic Personal Financing -Cash Financing requests where the individual has received their salary consecutively for 12 months via BML payroll service and has maintained a satisfactory credit history with us.

To check your expected credit limit login to BML Internet Banking

Repayment

• Repayments for unsecured facilities, including Personal Financing, will be automatically deducted from the settlement account on the 7th of every month. However, if the 7th falls on a holiday, the repayment amount will be deducted on the last working day prior to the 7th.

Refinancing Criteria

• You can refinance your facility after servicing the facility for at least 12 months.
• If your income has increased or you have not previously taken the maximum eligible limit, you can apply for refinancing after servicing the facility for 3 months.
• Repayment history of credit facilities must be satisfactory for the past 12 months.

How to determine the Maximum Unsecured Exposure?

For every individual credit facility that can be availed without security are as follows:

• If the monthly income is below MVR 30,000, 8 times the income received
• If the monthly income is MVR 30,000 or above, 12 times the income received
• For one individual customer, maximum amount without security is MVR 1.2 Million

How do I apply?

• If you are registered for BML Internet Banking, apply through “Services” tab from Browser or through ‘Applications’ from Mobile Banking App.
• Customers also can submit BML Islamic Personal Financing application by visiting BML Islamic Male’ branch or any other Branch located outside of Male’.
• Our BML Islamic Male’ Branch and Branches outside Male’ are open from 8:30am to 2:00pm, Sundays to Thursdays (except public holidays).