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BML Lifestyle Loan

The BML Lifestyle Loan has been designed to provide easy access to finance up to MVR 300,000 without pledging a security to those property owners who receive a rental income from their property. If you are pledging a security, BML Lifestyle Loan also can be availed up to MVR 1.5 million, which is the highest loan amount in the country that can be taken without any own equity contribution requirement.

The loan can be used for a range of personal or business-related purposes such as to finance home improvements, children’s education or to meet urgent business requirements.


Key Features

  • Loan amount:
    • Without Security: MVR 25,000 – MVR 300,000
    • With Security: MVR 300,000 – MVR 1.5 million
  • Maximum repayment period: 5 years
  • No equity required
  • No guarantor required
  • Interest Rate
Loan AmountInterest Rate
MVR 25,000 – 300,000
18%
MVR 300,000 – 1.5 million
12%

Eligibility

  • Personal net monthly income from all sources including rental income must be sufficient to cover the repayment amount. Only rental income will be considered for unsecured loans.
  • Property offered as security must be owned by the borrower and must generate rental income. Its current value must be at least 150% of the loan amount.
  • Maximum age limit is normally 60 years, though this may not apply if the loan repayment can be met from rental income


How to Apply

Please submit a BML Lifestyle Loan Application Form to our Account Opening and Loan Centre together with all supporting documents as stated on the form.