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. The facility is provided under 2 categories:

• BML Islamic Personal Financing – for salaried individuals and those who receive retirement pension from a government office (excludes pension given for senior citizens)
• BML Islamic Personal Financing (Micro) – individuals who do not earn fixed salary

Key features

• Financing is available from MVR 20,000 to MVR 300,000 at a rate of 15% p.a.
• For BML Islamic Personal Financing (Micro), enjoy up to MVR 25,000 at a rate of 12% p.a.
• Financing period is up to 5 years and no further guarantee or security is required
• Financing will be approved within 1 day for applicants whose salary is routed via salary code. 
• Processing fee will be charged as below:
  - Processing fee for Personal Financing: 1 % of the amount
  - Processing fee for Personal Financing (Micro): 0.5 % of the amount

Am I eligible?

BML Islamic Personal Financing

• Applicable for Maldivians aged between 18 and 60 years
• For salaried individuals employed for the past 12 months (must be employed with the current employer for past 3 months)
• Other than salary, customer’s receiving Retirement Pension Benefits due to early retirement from Government will be eligible.
• Salary must be deposited to any bank for 12 months and minimum 1 month to your BML account.
• Customers who have an existing BML conventional Lui Express, Lui Professional or Lui loan is eligible to apply and facility will be approved within 5 days from application submission.

BML Islamic Personal Financing-Micro

• Applicable for Maldivians only, aged between 18 and 60 years
• Income must be routed to any bank account for past 6 months and most recent month’s income must be routed to your BML account
• Income from all sources such as salary, business income, rental income, and Retirement Pension Benefits due to early retirement from Government will be considered
• Bank may request for a guarantor if your income is not regularly routed to account

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).