Bank of Maldives (BML) has opened applications for Moratorium for all Bank of Maldives customers with personal, housing or business loans.

While an online application portal has been launched by BML for the moratorium, it is applicable for all who took out loans with the bank before March 19th.

BML noted that customers can apply online through https://moratorium.bankofmaldives.com.mv/login. Bank account number and ID card number is the only required information for the application. After logging in to the portal, the customer's loan details are displayed along with the new repayment amount as well as further details of repayments and the extension period as well.

Those who apply for the moratorium will not have to make any payments to their loan for the next six months. Repayments are also reduced by 20% for another six months after the initial six months are over.

The bank also previously stated that the interest charged during these 6 months will be added to the outstanding loan amount and spread over the remaining period of the loan. During the moratorium period, the Bank will not be compounding interest for these loans i.e. it will not be charging interest on interest.