News Desk
MALÉ, — The Bank of Maldives (BML) has announced the launch of a new financing facility that allows students to receive loan disbursements in US dollars for professional courses.
The facility is specifically designed to cover tuition fees for internationally recognised professional training and certification programmes, as well as associated examination and certification fees. BML has confirmed that this financing is unsecured, meaning applicants are not required to provide collateral.
According to the bank, this initiative is intended to simplify international transactions for students pursuing professional qualifications. Under this scheme, BML will facilitate direct payments for course fees to educational institutions or relevant authorities via telegraphic transfer (TT). Furthermore, the bank will deposit student stipends directly into the customers’ accounts.
BML’s Chief Executive Officer, Mohamed Shareef, stated that this development is part of the bank’s ongoing efforts to enhance its service delivery. Borrowers utilising this education financing will be required to repay the loans in US dollars, in accordance with the bank’s established policies.
This move is the latest in a series of measures by BML to improve access to foreign currency for its customers, which has also included the introduction of a dedicated platform for purchasing US dollars to increase limits on rufiyaa-denominated cards.