Vehicle Loan

Key features

The lowest installment plan in the country for vehicles, with no down-payment required for motorbikes.

• No guarantee or additional security required
• Repay over 5 years
• Lower Interest Rate for fully electric vehicles

Category A

• Buy 2 wheelers
• Borrow up to 300,000
• Interest Rate 15%
• No down payment required for 2 Wheeler

Category B

• Financing available for 4 wheelers, 3 wheelers, Jetski, Mechanized Dinghy & other transportation & recreational vehicles
• Borrow up to MVR 500,000
• When buying a 4 Wheeler, should have a garage space that is acceptable to Transport Ministry
• You should have the capacity to invest a minimum of 20% of the cost of the vehicle

Fully Electric Vehicle

• With our lower Interest Rate for fully electric vehicles, do your part in reducing Carbon Footprint
• Buy electric 2 wheelers, 4 wheelers or any other environment friendly vehicle
• Interest Rate 12%

Am I eligible?

• Customer’s earning a personal monthly income will be eligible
• Income earned must be routed through any bank for past 12 months and most recent months’ income must be routed to your BML account
• Income from all sources such as salary, business income, rental income and Retirement Pension Benefits due to early retirement from Government will be considered
• Repayments of existing credit facilities should be satisfactory for the past 12 month

How can I apply?

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

If you are in Male’ or Hulhumale’, you can take a token through QueueBee to visit BML Loan Centre or Hulhumale’ Branch to submit the Vehicle Loan application form along with required documents.

If you are residing in any island, visit the nearest branch and submit Vehicle 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)