Personal Financing

Personal Financing

Shop for electronics, furniture or home appliances via our Authorized Dealers and get your financing approved within one day. Our Personal Financing facility (based on the concept of Murabahah), offers you the solution to purchase what you need almost immediately and pay in monthly instalments. 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.
• BML Islamic Personal Financing (Lifestyle): MVR 25,000 – MVR 300,000 at a rate of 15% p.a.
• Financing period is up to 5 years and no further guarantee or security is required
• Processing fee will be charged as below:

    - Personal Financing – 1% of the amount

    - Personal Financing (Micro) – 0.5% of the amount

BML Islamic Personal Financing

• For salaried individuals employed for the past 12 months (must be employed for at least 3 months in the current job).
• Individuals who receive retirement pension
• Salary must be deposited to any bank for 12 months and minimum 1 month to BML via payroll service

BML Islamic Personal Financing-Micro

• For non-salaried individuals, who do not earn a fixed salary, however earns income from other sources such as freelancing, food processing, tailoring or any other entrepreneurial works.
• If salary/income is not routed through BML account, a guarantor must be added
• If the goods financed by the bank are to be used by the customer for a business purpose, the business must be registered at Ministry of Economic Development.

How to apply?

Download a BML Islamic Personal Financing application and apply to BML Islamic Male’ branch or any other Branch located outside of Male’.