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BML Lifestyle Loan

The BML Lifestyle Loan has been designed to provide easy access to finance up to MVR 500,000 to those property owners who receive a rental income from their property.

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. The customer’s property will stand as security against the borrowing.


Key Features

  • Loan amount: MVR 100,000 – 500,000
  • Maximum repayment period: 36 months
  • Interest rate: 12% p.a.
  • No equity required
  • No guarantor required


Eligibility

  • Personal net monthly income from all sources must be sufficient to cover the repayment amount.
  • Property offered as security must be owned by the borrower and must generate rental income. Its current value must be at least 200% 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 any of our branches or to your relationship manager together with all supporting documents as stated on the form.