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Spouse Loan

 

Spouse Loan is available to surviving spouse of deceased Public Officers (formerly members of the Association) who are drawing a pension from the Civil Service Family Protection Scheme Board/Statutory Bodies Family Protection Fund.

 

Loan facilities are extended to surviving spouse of deceased members of Municipal and District Councils.

Know more about:
Loan Table

Interest rate 9.80% 

Period 120 MonthsPeriod 108 MonthsPeriod 96 MonthsPeriod 84 Months
LoanMinimumDeductionsMinimumDeductionsMinimumDeductionsMinimumDeductions
AmountPensionPensionPensionPension
RsRsRsRsRsRsRsRsRs
15,000491197524210565226619247
20,000655262699279753301825330
30,0009833931,0484191,1304521,237495
40,0001,3105241,3975591,5076031,650660
50,0001,6386551,7466991,8847532,062825
60,0001,9667862,0968382,2609042,475990
70,0002,2939172,4459782,6371,0552,8871,155
80,0002,6211,0482,7941,1183,0141,2053,3001,320
90,0002,9491,1793,1431,2573,3901,3563,7121,485
100,0003,2761.3103,4941,3973,7671,5074,1251,650
200,0006,5522,6216,9852,7947,5343,0148,2493,300
300,0009,8283,93110,4784,19111,3014,52112,3744,949
400,00013,1055,24213,9715,58815,0696,02716,4986,599
500,00016,3816,55217,4636,98518,8367,53420,6238,249
600,00019,6577,86320,9568,38222,6039,04124,7479,899
700,00022,9339,17324,4499,79926,37010,54828,87211,549
800,00026,20910,48427,94111,17630,13712,05532,99613,198
900,00029,48511,79431,43412,57433,90413,56237,12114,848
1,000,00032,76113,10534,92713,97137,67115,06941,24516,498

Repayment

Repayment periods up to 18 years depending on applicant’s age.

New Loan Application

New Loan may be applied after having refunded 8 monthly instalments.

Security
  • At least one guarantor is required for applicants less than 60 years old
  • No guarantor is required for applicants above 60 years old.

The following conditions shall apply if the loan is secured by a single guarantor:

  • Personal guarantors must be members of the Mutual Aid.
  • In case the guarantor is a loanee the net pay into bank of the guarantor excluding bonuses, travelling, overtime and allowances other than rent should be at least equal to the monthly loan instalment of the loanee.
  • In case the guarantor is not a loanee, the net pay into bank excluding bonuses, travelling, overtime and allowances other than rent should be at least twice the loan instalment of the loanee.
  • The guarantor should be eligible for the loan amount applied for by the loanee and the latter’s net pay must cover the full loan instalment.
  • The guarantor should also sign an undertaking that he is agreeable to be sole guarantor.
  • Guarantors can stand as surety for a total liability limit (loan balance) of Rs 3m for monthly salary up to Rs 50,000 and Rs 4m for those earning above Rs 50,000 monthly. Guarantors shall not be more than 5 years older than loanees.
  • Guarantor(s) cannot opt out once the application has been processed.
Rate of Interest

Interest which is currently 9.80 % p.a. 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. Please note that the monthly loan instalment will remain the same.

Charges/Fees

 

  • One-off processing fee of 1% is applicable on the loan amount.
  • A loan coverage fee of 4.50% - 6.00% for all loan applications will apply to write off the loan in case of death.
  • Applicants will be charged Rs 150 as Bank of Mauritius (MCIB) fee.
  • The amount disbursed will be net of the charges/fees.
Documents Required

Your application should be supported by the following documents:

  • Original & Photocopy of applicant’s National Identity Card and Birth Certificate (KYC record). Online Birth Certificate is acceptable.
  • Original Pension Certificate issued by the Civil Service Family Protection Scheme Board or Statutory Bodies Family Protection Fund as applicable.
  • 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 and photocopy of Marriage Certificate of applicant.
  • Original and photocopy of Death Certificate of spouse.
  • Original & Photocopy of guarantor’s National Identity Card and Birth Certificate (KYC record). Online Birth Certificate is acceptable.
  • Original & Photocopy of guarantor’s recent payslip (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).
  • Letter of undertaking (where applicable).
  • Letter stating purpose of loan for any loan as from Rs 1.5m.
  • Documentary evidence for (i) home loan purpose; or (ii) application of any loan as from Rs 3m.
Conditions
  • Applicants should buy three Class C shares amounting to Rs 330 in total.
  • The total deduction for a pensioner shall not exceed 40% of the monthly pension.
  • The guarantor(s) should be a member of the Mutual Aid Association below the age of 60.
  • 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 in payment.
  • In case the applicant bears the same surname of the guarantor he/she must disclose his/her relationship on the loan application form.

For other conditions, please refer to Loan Information Sheet.

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