All Bank of Maldives loans are eligible for the debt moratorium from 1st March 2020 until end of September 2020. The only requirement is for customers to have cleared overdue loan payments. The BML moratorium does not cover overdraft facilities, credit cards, and Islamic Murabaha.
The debt moratorium will allow BML customers to defer monthly principal and interest repayments for 6 months. At the same time the tenor of the loan will also be extended by 6 months allowing more time to repay the accrued interest and principal repayments. Compound interest will not be charged during the moratorium period.
Following the moratorium period, the repayment amount would be reduced by 20% for a further 6 months.