Personal Loan Eligibility Extended to Age 75

The government has increased the age limit for personal loans and financing to 75 years, expanding access to credit for older customers.

The Bank of Maldives had previously set an age limit of 60 for loan eligibility, with customers aged between 55 and 60 required to complete repayment within five years.

At a press briefing held on Tuesday morning, CEO and Managing Director Mohamed Shareef announced that the decision to raise the age limit was approved by the bank’s board of directors on Monday.

He stated that the change was introduced in response to growing demand for loans, particularly for housing and other personal financing needs.

In addition to increasing the age limit, the board has also eased repayment conditions for middle-aged customers, allowing extended repayment periods of up to 20 to 25 years.

Shareef further confirmed that the bank has no immediate plans to revise its interest rates despite the economic impact of the ongoing conflict in the Middle East.

He also noted that the bank has introduced a new loan offering for resort employees, providing interest rates that are 1.5 per cent lower than standard rates if repayments are made in US dollars, allowing customers who earn in foreign currency to benefit from reduced borrowing costs.