Lifestyle Loan

Key features

If you receive regular rental income, you're eligible for our Lifestyle Loan

• 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

• 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 is rental income verified?

• Rental income from a property with a valid rental agreement
• If the loan amount is between MVR 25,000 to MVR 300,000, rent should have been deposited to your BML account for the past 12 months
• If the loan amount exceeds MVR 300,000, rent should have been deposited to your BML account for the past 3 months

How do I apply?

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)

Applicable fees: 

Unsecured loans: a processing fee of 1% will be charged

Secured loans: a processing fee of 1.5% will be charged