Bank of Maldives Raises Loan Eligibility Age to 75 to Expand Financing Access

Bank of Maldives (BML) has increased the maximum eligible age for loan and financing applicants from 60 to 75, significantly expanding credit access for older Maldivians. The policy change was announced by Mohamed Shareef, BML's Chief Executive Officer and Managing Director, during a recent press conference. Under the revised guidelines, individuals aged 18 to 75 are now eligible to apply for financing. Previously, strict age limits heavily restricted the repayment terms available to older applicants. According to Shareef, a 55-year-old applicant was previously limited to a maximum repayment period of only five years. By raising the age ceiling to 75, the bank now allows middle-aged individuals to secure longer-term financing, with repayment periods extending up to 20 or 25 years. This adjustment is expected to have a substantial impact on housing finance, allowing more citizens to manage long-term mortgages. The decision follows formal approval from the bank’s board of directors. In addition to age limit revisions, BML is introducing targeted financial products for customers earning in US dollars, specifically focusing on resort employees who receive salaries and service charges in foreign currency. The bank will offer low-cost loans to these individuals, provided the loans are repaid in USD. These specialized loans feature an interest rate 1.5 percent lower than the standard rate and a 5 percent reduction in the usual equity requirement. To further improve accessibility, the bank has also streamlined the application process for those applying from abroad. The move comes amid a period of significant growth for the bank's lending portfolio. BML reported that it has disbursed more than USD 323 million in loans so far in 2026, marking a 50 percent increase compared to the same period last year.