Lui Loan

Key Features

Hassle free process with instant approval of loan funds*
Loan amount from MVR 10,000 to MVR 1.2 million
Interest Rate 15% per annum
Repay over 5 years
Repayments will be automatically deducted from Income account
No security, quotation or guarantee required

*Instant approval of loan funds is applicable for individuals who has received their salary consecutively for 12 months via BML payroll service and has maintained a satisfactory credit history with us.

To check your expected credit limit login to our Internet Banking

Eligibility Criteria

Applicable for Maldivians aged between 18 and 60 years
Income must be routed to BML account for past 12 months
Must not increase the maximum eligible unsecured exposure
Repayment history of all credit facilities must be satisfactory for past 24 months (this includes secured loans, unsecured loans, and credit cards, etc.)

Repayment

Repayments for unsecured facilities, including Lui Loans and Personal Financing, are automatically deducted from the settlement account on the 7th of every month. However, if the 7th falls on a holiday, the repayment will be deducted on the last working day prior to the 7th.
Repayments for secured facilities are automatically deducted from the settlement account on the last day of every month. However, if the last day of the month falls on a holiday, the repayment will be deducted on the last working day before the end of the month.

How to determine the Maximum Unsecured Exposure?

For every individual credit facility that can be availed without security are as follows:

If the monthly income is below MVR 30,000, 8 times the income received
If the monthly income is MVR 30,000 or above, 12 times the income received
For one individual customer, maximum amount without security is MVR 1.2 million

Loan amount and repayment

There are several factors worth considering while determining the loan amount you’ll be able to borrow. These include your income, type of income you earn and credit history.

When you apply for a loan, we will look at:

Your income – this is made up of all sources of verified income earned by you
Your expenses and financial obligations – these can include loan payments, other debts such as credit cards and living expenses.

Refinancing?

If you currently have a Lui Loan, you have the option to apply for an enhancement to the loan amount. This means you can settle the existing loan and get an extension with a new Lui Loan.

The following conditions apply:

You can refinance your loan after servicing the loan for at least 12 months. However, if your income has increased or you have not previously taken the maximum eligible limit, you can apply for refinancing of your existing Lui Loan after servicing the loan for 3 months.
Repayment history of credit facilities must be satisfactory for past 12 months

Laptop with BML internet banking login page

How do I apply?

If you’re registered for Internet Banking or Mobile Banking app, apply through “Services” or “Applications” tab. You can also submit an application form to any of our branches.

Apply Online

Lui Loan Application Form	English / Dhivehi
FAQ - Lui Loan	English / Dhivehi
Lui Loan Checklist	English / Dhivehi
Lui Loan - Sample Employment Letter	English / Dhivehi
Lui Loan Repayment Tier Table	English
FAQ - Instant Loan	English
FAQ - Expected Credit Limit	English
Lui Loan Agreement	English / Dhivehi