Bank of Maldives (BML) has stated individuals who are repaying loans under the National Student Loan Scheme are not required to apply for the six-month moratorium.
BML stated the moratorium of six months applies for the repayment of all loans issued by the bank, including personal, business, housing and educational loans. The bank stated all arrangements to defer the repayment of student loans and educational assistance loans will be carried out by the bank, adding no application or request is required.
BML stated the monthly repayment amount will remain the same after the six-month moratorium. The bank also stated outstanding payments of student loans will not be deducted from bank accounts during the six-month period.
Meanwhile, the Ministry of Higher Education announced the duration for repaying all student loans will automatically be extended by 6 months, without modifying the current agreements. The ministry added monthly repayment amounts will not change following the six-month moratorium.