If you have ever visited the bank in order to apply for loans, a credit or even a debit card you know how time-consuming and irritating it is. Having to wait hours in a queue to get a simple task done is not ideal, especially when you have a full-time job.
Well, for those of you who absolutely hate this wait, the Bank of Maldives (BML) has announced some news you might be looking forward to. In a tweet today, BML has announced that from 18th August 2022 onwards their customers can start applying for vehicle financing from their mobile app instead of having to do it in person.
While this may not seem like big news to just anyone, if you have been on the roads of the Maldives, especially the capital city Male’, you will know exactly how much Maldivians love their bikes and cars. It appears to be a must-have item the moment you get a job, however, most are unable to afford to buy either of these things on the spot as there is a high percentage of tariff taken on all vehicles that are imported into the Maldives making it a luxury purchase for many. For this reason, almost all Maldivians opt to either save up for years to buy a bike or take a loan through the bank that they can pay off over the years.
With the lack of the hassle of having to go to the bank, future purchasers of vehicles would definitely be thrilled with the new addition to the online banking app or internet banking of BML.
Vehicle financing is a brand new addition made by BML as the application or internet banking already allows customers to apply for personal financing, Lui loans and even apply to make a new card online.