Personal Financing

Key features

• 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.
• Processing fee of 1% will be charged on Financing amount.

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 of existing loan/financing should have been regular.

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).