The Bank of Maldives has cut its student Kiyavaa Loan and BML Islamic Education Financing rates to 2.5 percent, applicable to new and existing facilities and to be implemented from 1 February 2024. The loans will cover up to 90 percent of total education cost, with a 10-year repayment period available globally.
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The Bank of Maldives (BML) has reduced its student Kiyavaa Loan and BML Islamic Education Financing rates to 2.5 percent, aiming to alleviate the financial burden of higher education for students, the bank announced on Sunday.
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This decision will be implemented starting 1 February 2024, the bank said in a statement.
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Our rate reduction last year was a positive change that allowed students easier access to funding for further education anywhere in the world
With today’s announcement, we look forward to providing this chance to an even bigger cohort of students.
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The BML Kiyavaa Loan and Education Financing will now cover up to 90 percent of the total education cost, including tuition fees and other living expenses, as per the bank.
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The BML Kiyavaa Loan and Education Financing, offering a repayment period of 10 years, is available for students to finance the cost of further education globally.
Word for word from the report in Maldives Republic. Open the report