The Bank of Maldives has increased the age limit for personal loans and financing to 75, expanding access to credit for older customers.

Previously, the bank capped eligibility at 60, with customers aged between 55 and 60 required to complete repayment within five years.

Announcing the decision at a press briefing today, CEO and Managing Director Mohamed Shareef said the Board of Directors approved the change on Monday, following strong demand for housing and other financing needs. He also said repayment terms for middle-aged customers have been relaxed, allowing loan repayment periods of up to 20 to 25 years.

Shareef added that the bank is also considering more flexible repayment options for customers earning in foreign currency, particularly resort employees and Maldivians working abroad.

According to the bank, lending has shown strong growth this year, with MVR 4.6 billion disbursed in the first quarter alone. An additional MVR 488 million issued in the first half of April has brought total new lending for the year to over MVR 5 billion, already reaching around half of last year’s total disbursement.