BML Launches ‘SplitPay’ Installment Scheme for Credit Cardholders
The facility applies a 9 per cent finance rate across the selected period. | Photo: Envato
Bank of Maldives (BML) has introduced a new financing solution, ‘BML SplitPay’, enabling eligible credit cardholders to convert retail purchases into fixed monthly installments directly at the point of sale.
As per BML, under the scheme, customers purchasing goods or services valued at MVR 1,500 and above can spread their repayment costs over structured tenures of 3, 6, 12, 18, or 24 months. The facility applies a 9 per cent finance rate across the selected period.
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The bank designed the service to operate through participating merchant outlets nationwide, covering a variety of retail sectors including consumer electronics, home furnishings, and commercial services. Cardholders initiate the service at the checkout terminal by notifying the cashier, inserting or tapping their BML credit card, and selecting their preferred repayment duration before entering their PIN.
According to the BML, the facility allows consumers to manage significant household expenditures whilst retaining access to their remaining card limits for regular day-to-day transactions.
BML confirmed that cardholders will see their installment schedules itemised directly within their monthly credit card statements. Each statement outlines the active installment number, the total plan length, and the applicable monthly finance charge, with the initial payment appearing on the cardholder’s subsequent billing cycle. The bank indicated that additional merchants continue to join the SplitPay partner network.
