BML Expands Kiyavaa Loan With Unsecured USD Education Financing

The Bank of Maldives (BML) has expanded its Kiyavaa Loan product to offer unsecured US dollar financing for professional qualifications and related education fees.

The new financing option allows eligible applicants to pursue internationally recognised certifications and professional development programmes without providing collateral.

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Eligible applicants can borrow up to 100 percent of education costs, including course fees, travel expenses and other related living costs, subject to the applicable unsecured exposure limit. The financing carries an interest rate of 10 percent per annum and can be repaid over up to five years, with an extended grace period available. No equity is required, and the loan amount will be disbursed in US dollars and must be repaid in US dollars. No application or processing fees apply.

The facility is designed to help customers manage education-related payments in foreign currency. Under the enhanced product, course fees will be transferred directly to the relevant professional bodies and institutions via Telegraphic Transfer (TT), subject to the submission of required supporting documents.

Eligible stipend amounts will be deposited directly into customers’ accounts.

BML said the new financing option forms part of its efforts to expand access to flexible financing for individuals pursuing higher education and professional qualifications abroad.