Lifestyle Loan

Key features

• Borrow from MVR 25,000 up to MVR 300,000 without any additional security at 15%
• Borrow from MVR 300,000 up to MVR 1.5 million with additional security at 12%
• Repay over 5 years
• No equity or guarantor required

Eligibility criteria

For Lifestyle Loan (Unsecured)

• Only rental income will be considered for Unsecured loans
• Rental income must be routed through any bank for past 12 months and most recent months’ rental income must be routed to your BML account
• Repayment of all existing credit facilities should be satisfactory for the past 12 months

For Lifestyle Loan (Secured)

• Personal monthly net income from all sources must be sufficient to cover the repayment amount (Income will not be tied necessarily to property owned or mortgaged)
• Rental income must be routed through any bank account for past 3 months and most recent month’s rental income must be routed to your BML account
• Property offered as security must be owned by the borrower. 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

Applicable fees

Unsecured loans

• A processing fee of 1% will be charged
  
  

Secured loans

• Application fee MVR 1,000 (Non-refundable)
• A processing fee of 1.5% will be charged

How do I apply?

If you’re registered for Internet banking, apply for Lifestyle Loan (Unsecured) through “Services” tab or submit an application form to any of our branches.

If you are in Male’ or Hulhumale’, submit the Lifestyle Loan application form along with required documents to BML Loan Centre or Hulhumale’ Branch.

If you are residing in any island, visit the nearest branch and submit Lifestyle Loan application form along with required documents.

Our Loan Centre and branches are open from 8:30am to 2:00pm, Sundays to Thursdays (except public holidays)