Bank of Maldives Announces Landmark Policy Shift, Raises Maximum Loan Age to 75

In a significant move aimed at enhancing financial inclusivity for senior citizens, the Bank of Maldives (BML) has announced a substantial increase in the maximum age limit for loan recipients from 60 to 75 years. 

The decision, revealed by CEO and Managing Director Mohamed Shareef at a press conference held at the bank’s head office, is designed to facilitate housing purchases and other major financial activities for older customers.

Speaking to the media, Shareef elaborated on the new policy, explaining that individuals over the age of 75 would also be eligible to apply for credit cards, provided they can demonstrate a reliable source of income. This strategic shift acknowledges the evolving demographics and financial needs of the Maldivian population, offering older adults continued access to credit for their personal and developmental projects.

Alongside the age limit revision, the CEO unveiled a beneficial new scheme for Maldivians working in the lucrative resort sector and those employed overseas. Such individuals will now have the option to repay their loans in US dollars at a reduced interest rate  by 1.5 percent. This initiative is expected to ease the financial burden on expatriate workers and streamline the repayment process by offering a stable and favorable currency option.

In a move that will reassure existing customers, Shareef firmly stated that the bank has no current intention to raise interest rates on its existing loan portfolio. 

"Most of the loans have been heavily discounted. The bank also gives the lowest rate and small equity for house construction and purchase of houses. The bank is giving various such concessions,” he said, highlighting BML’s ongoing commitment to providing competitive financing. 

The announcement comes on the heels of robust financial performance from the national bank. According to recently released data, BML’s new loans and financing surged to MVR 5 billion in the first quarter of this year, marking a striking 50 percent increase compared to the same period in 2025. The bank’s figures show a total of MVR 28 billion was disbursed in Q1, underscoring its pivotal role in driving economic activity and development in the Maldives.