BML introduces vehicle loans to its customers who want to purchase new vehicles for themselves or their families.
Speaking to the press, Manager of Retail Banking of BML stated that the loan repayment is spread out for a period of 5 years. He also stated that this is the most well-rounded instalment loan in the country and any land vehicle can be purchased using this loan.
The maximum amount for the loan is MVR 500,000 and a guarantor or mortgage is not needed to acquire the loan but would have to pay upfront of 20% of the required amount with an 18% interest.
