The Bank of Maldives (BML) has increased the maximum age for personal loans and financing to 75 years.

The bank had used an age threshold of 60 for loans, mandating that customers aged 55 to 60 pay back loans within five years.

During a press briefing on Tuesday morning, Mohamed Shareef, CEO and Managing Director of BML, revealed that the bank’s board of directors decided on Monday to raise the age limit for loan issuance to 75.

Shareef stated that the bank decided in response to multiple requests for loan applications for housing and various other purposes.

He stated that the board also chose to relax the stringent loan repayment terms imposed on middle-aged clients.

CEO and Managing Director of Bank of Maldives (BML), Mohamed Shareef, speaks at BML's 43rd AGM on March 28, 2026. (Sun Image/Aaish Ashraf)

“It will additionally provide convenience for middle-aged people.” They will be allowed to lengthen repayment to 20 or 25 years. “The board decided to raise the age limit to 75,” he stated.

When asked if BML intends to adjust its interest rates due to the economic effects of the Middle East conflict, Shareef replied that the bank has no immediate intentions to raise or decrease its existing rates.

Shareef mentioned that the BML has started providing loans to resort staff at a rate that is 1.5 percent below the usual rates if they repay in US dollars.

He stated that this enables customers earning in USD to obtain loans at a reduced rate.