I acknowledge having received from the Association the sum of Rupees………………………………………………….. as loan, subject to the conditions of my membership of the Association and its rules and By-laws.

I, undertake to refund this loan by equal monthly and consecutive instalments of Rs………………….. in ………………. months by deduction from my salary, fees and allowance accruing to me without prejudice to refund being made otherwise and on being accepted by the Mauritius Civil Service Mutual Aid Association Ltd.; each such instalment shall be calculated as per the table of the Association and shall represent an instalment of the principal amount and of interest rate applicable and shall be paid not later than …………. The said interest rate shall be tagged to the Repo rate and shall accordingly be adjusted by the same percentage change.

I, undertake to pay all charges in connection with the loan including a premium, prior to granting of the loan. In case of any default in payment of any instalment at the due date, the entire balance of the loan together with any interest due shall become immediately due and demandable, at the option of the Association.

I also undertake to refund any such loan balance, as may be required, together with any interest due in case of a Voluntary Retirement Scheme or early retirement and hereby authorise that the amount due be deducted from my gratuity, lump sum or any amount payable to me by my employer.

2.1 As guarantors, we bind ourselves jointly and in solido to repay in full to the Mauritius Civil Service Mutual Aid
Association Ltd, any balance which may be due to the Association in respect of the loan and the interest thereon, should
the borrower resign, or be dismissed from the service, or otherwise fail to repay the said loan in terms of this agreement.

*Please write in words and in your own handwriting in the spaces provided : “Read and approved: good for the sum of rupees…………”.