Secure your future and those of your dear ones.
Achieve higher education with flexible repayment periods, affordable interest rates and attractive loan ceiling up to Rs 7 million.
A couple (husband and wife) may apply jointly for an educational loan of Rs 7m.
The loan should be refunded in a maximum of 240 equal monthly instalments or less depending on the applicant’s age.
Note: About two months moratorium will be provided on loan repayment, thus the first deduction will be made by end of the 2nd month. Consequently, the loan period will be extended accordingly and the interest accrued during that period will be deferred and claimed after the maturity of the loan. This deferred interest would be indicated in the periodic loan statement issued to clients.
Not applicable.
Securities to be offered by the borrower:
- A fixed charge on the property of the borrower; or
- A bank guarantee; or
- Loanees have the option to provide up to 6 guarantors subject to the following:
| Sn. | Amount | No of Guarantors |
|---|---|---|
| 1 | Up to Rs 1m | 1 |
| 2 | > Rs 1m ≤ Rs 2m | 2 |
| 3 | > Rs 2m ≤ Rs 3m | 3 |
| 4 | > Rs 3m | 4 |
Interest is calculated daily based on the outstanding capital and is tagged to the Mutual Aid Base Rate (MBR). The interest rate will be automatically adjusted in case of any percentage change in the said MBR. Consequently, the loan maturity date may be increased or reduced to take into account fluctuations in interest rate during the loan period. However, the monthly loan instalment will remain the same.
| SN | AMOUNT | INTEREST - % P.A |
|---|---|---|
| 1 | Up to Rs 1m | 7.00 |
| 2 | > Rs 1m up to Rs 3m | 7.35 |
| 3 | > Rs 3m up to Rs 4m | 6.35 |
If after loan disbursement, loanee joins the private sector and cannot refund the outstanding loan balance immediately, standing order payment may be accepted and interest rate will be readjusted at Personal Loan rate on the outstanding balance.
Applicants will be required to pay a one-off processing fee of 1% on the loan amount and a Mutual Solidarity Contribution (MSC) of 4.50% - 6.00% to write off the loan in case of death. The effective date of the MSC is when the loan has been disbursed. Applicants will be charged Rs 150 as Bank of Mauritius (MCIB) fee. The MSC to be applied depends on age as follows:
| SN | AGE | MSC RATE - % |
|---|---|---|
| 1 | Up to 45 | 4.50 |
| 2 | More than 45 up to 50 | 5.00 |
| 3 | More than 50 and up to 55 | 5.50 |
| 4 | More than 55 | 6.00 |
The following documents should be submitted:
- Original & Photocopy of applicant’s National Identity Card and Birth Certificate (KYC record). Online Birth Certificate is acceptable.
- Original & Photocopy of applicant’s recent payslip / pension slip (not more than 1 month). Downloaded payslip will only be accepted with official seal, name, signature, date and post of signing officer.
- Letter from Ministry/Department certifying that applicant is: not under report, not on leave without pay, not involved in a police case, not on prolonged sick leave and also was not on prolonged sick leave recently. Please note that the letter is valid for 4 weeks.
- Original & Photocopy of bank document showing bank account number and name of applicant (if changed).
- Original & Photocopy of bank statement showing name and address / Utility Bill (CEB or CWA or Mauritius Telecom) - not more than 3 months old of applicant (If utility bill is not in name of applicant, a written confirmation and copy of NIC should be secured from the utility bill account holder) or any other document showing relation (KYC record).
- Original & Photocopy of guarantor/s’ National Identity Cards and Birth Certificates (KYC record). Online Birth Certificate is acceptable.
- Original & Photocopy of guarantor/s’ recent payslips (not more than 1 month). Downloaded payslip will only be accepted with official seal, name, signature, date and post of signing officer.
- Original & Photocopy of bank statement showing name and address / Utility Bill (CEB or CWA or Mauritius Telecom) - not more than 3 months old of guarantor/s (If utility bill is not in name of guarantor/s, a written confirmation and copy of NIC should be secured from the utility bill account holder) or any other document showing relation (KYC record).
- Original & photocopy of birth certificate and National Identity Card of ward / marriage certificate in case of the spouse. Online Birth Certificate is acceptable.
- Proof of study: Particulars of the Course, letter of enrolment of student and quotation / invoice / cost estimate emanating from the institution (Mandatory).
- Documentary evidence for accommodation, travelling, materials for study, administrative expenses.
- Letter of undertaking (where applicable).
- Bank Guarantee (where applicable).
- Fixed Charge document (where applicable).
- Letter for check-off to SICOM Ltd (applicable for parastatal bodies)
- Only one educational loan will be disbursed per course.
- For loan eligibility of overseas courses:
- loan application to cover financing of learning foreign language; and
- loan amount to be grossed up by at least 10% as presently, there are 4.75% deductions from the eligible amount (MSC of 4% & processing fee 0.75%) and to also cater for contingencies of 5% (foreign exchange fluctuations over life of course and increase in expenses like course fees, air tickets, books, etc.).
- Each loan will be disbursed in a lump sum up to a maximum of Rs 7m depending upon the undermentioned criteria:
- LOCAL INSTITUTIONS – Full tuition fees + 25% as ancillary expenses.
- ABROAD – twice full tuition fees up to a maximum of Rs 7m.
- One disbursement (net of charges) will be effected per loan.
- The loan repayment period may not exceed the retirement age of a guarantor, unless the latter’s future pension is sufficient to repay the loan in case of default payment.
- Guarantor(s) can stand as surety(ies) for a total liability limit (loan balance) of Rs 3.5m for a monthly salary up to Rs 50,000 and Rs 4.5m for those earning above Rs 50,000 monthly. Guarantors' age shall not be more than 5 years older than loanees.
- Whenever a spouse stands as guarantor for a loan, a second guarantor must be provided as additional security and the latter’s net pay must cover the full loan instalment.
- Husband and wife cannot stand as guarantors for a client.
- In case the applicant bears the same surname as any of the guarantors or in case both guarantors bear the same surname, their relationship must be disclosed on the loan application form.
For other conditions, please refer to the Loan Information Sheet.