Bank of Maldives (BML) has expanded its Kiyavaa Loan by introducing a new collateral-free financing option in U.S. Dollars to help Maldivians pursue internationally recognized professional qualifications and cover related course fees.

The enhanced facility allows eligible applicants to obtain financing without providing collateral, making it easier to access funding for professional certifications and career development programs that require payments in foreign currency.

The new financing option is designed to support individuals enrolled in internationally recognized professional courses and qualifications by providing funding in U.S. Dollars, reducing the challenges associated with foreign currency payments.

Under the updated scheme, tuition and course fees will be transferred directly to the relevant professional bodies or educational institutions through Telegraphic Transfer (TT) after the required documents have been submitted.

Eligible living allowance payments will be deposited directly into the customer's account.

BML said the enhancement forms part of its ongoing efforts to strengthen its education financing products and provide customers with more flexible solutions for higher education and professional development.

The bank noted that the new facility is intended to make overseas professional training and internationally accredited qualifications more accessible while simplifying the payment process for students and professionals.

As the Maldives' largest financial institution, BML said it remains committed to supporting customers in achieving their educational and career goals by expanding access to innovative and practical financing solutions.