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NOTICE TO MEMBERS
In view of the huge increase in the number of loan applications received daily, our valued members are informed that loan disbursement will be exceptionally delayed by 2 weeks.
The Association relies on your kind understanding.
1.
Types of Loans
|
(i) |
Personal loans of up to Rs 700,000- refundable in
a maximum period of 144 months depending on the
salary of the applicant. |
| (ii) |
Educational
loan of Rs 600,000 to finance tertiary studies refundable
over a period of 12 years. |
| (iii) |
R.S.F
Loan secured by the Retirement Savings Fund |
|
(iv) |
Loans secured by either mortgage on property /
fixed charge or fixed deposit with the Association
or Life Assurance Policy (surrender value) refundable
in a maximum period of 180 months:
amount of loan depending on the repayment capacity
of the applicant. |
2.
Loan Eligibility and Repayment (Personal Loans)
INDICATIVE
LOAN TABLE BASED ON THE MAXIMUM REPAYMENT PERIOD
Interest Rate 12.75%
LOAN AMOUNT |
MINIMUM SALARY |
MONTHLY INSTALMENT
144 MONTHS |
LOAN AMOUNT |
MINIMUM SALARY |
MONTHLY INSTALMENT
144 MONTHS |
Rs |
Rs |
Rs |
Rs |
Rs |
Rs |
100,000 |
3,137 |
1,359 |
405,000 |
12,704 |
5,505 |
105,000 |
3,294 |
1,427 |
410,000 |
12,861 |
5,573 |
110,000 |
3,451 |
1,495 |
420,000 |
13,175 |
5,709 |
120,000 |
3,764 |
1,631 |
430,000 |
13,488 |
5,845 |
130,000 |
4,078 |
1,767 |
440,000 |
13,802 |
5,980 |
140,000 |
4,392 |
1,903 |
450,000 |
14,116 |
6,116 |
150,000 |
4,705 |
2,039 |
460,000 |
14,430 |
6,252 |
160,000 |
5,019 |
2,175 |
470,000 |
14,743 |
6,388 |
170,000 |
5,333 |
2,311 |
480,000 |
15,057 |
6,524 |
180,000 |
5,646 |
2,447 |
490,000 |
15,371 |
6,660 |
190,000 |
5,960 |
2,582 |
500,000 |
15,684 |
6,796 |
200,000 |
6,274 |
2,718 |
505,000 |
15,841 |
6,864 |
205,000 |
6,431 |
2,786 |
510,000 |
15,998 |
6,932 |
210,000 |
6,587 |
2,854 |
520,000 |
16,312 |
7,068 |
220,000 |
6,901 |
2,990 |
530,000 |
16,625 |
7,204 |
230,000 |
7,215 |
3,126 |
540,000 |
16,939 |
7,340 |
240,000 |
7,528 |
3,262 |
550,000 |
17,253 |
7,476 |
250,000 |
7,842 |
3,398 |
560,000 |
17,566 |
7,612 |
260,000 |
8,156 |
3,534 |
570,000 |
17,880 |
7,747 |
270,000 |
8,470 |
3,670 |
580,000 |
18,194 |
7,883 |
280,000 |
8,783 |
3,806 |
590,000 |
18,507 |
8,019 |
290,000 |
9,097 |
3,942 |
600,000 |
18,821 |
8,155 |
300,000 |
9,411 |
4,078 |
605,000 |
18,978 |
8,223 |
305,000 |
9,567 |
4,146 |
610,000 |
19,135 |
8,291 |
310,000 |
9,724 |
4,214 |
620,000 |
19,449 |
8,427 |
320,000 |
10,038 |
4,349 |
630,000 |
19,762 |
8,563 |
330,000 |
10,352 |
4,485 |
640,000 |
20,076 |
8,699 |
340,000 |
10,665 |
4,621 |
650,000 |
20,390 |
8,835 |
350,000 |
10,979 |
4,757 |
660,000 |
20,703 |
8,971 |
360,000 |
11,293 |
4,893 |
670,000 |
21,017 |
9,107 |
370,000 |
11,606 |
5,029 |
680,000 |
21,331 |
9,243 |
380,000 |
11,920 |
5,165 |
690,000 |
21,644 |
9,378 |
390,000 |
12,234 |
5,301 |
700,000 |
21,958 |
9,514 |
400,000 |
12,547 |
5,437 |
|
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Last Updated July 22, 2008
Please
note the total deduction should not exceed 43.33%
of the monthly salary / pension of the applicant.
3.
How to apply for a Loan
|
(i) |
The application
form should be filled
in properly and signed by applicant and guarantors.
|
|
(ii)
|
The application should be supported by the following
documents :
(1) Original and photocopies recent Payslip of
Applicant and Guarantors
(2) Photocopies of National Identity Card of Applicant
and Guarantors.
(3) Photocopy of Bank Statement or passbook showing
the Bank Account Number of Applicant.
(4) A certificate from the Applicant's department
stating that he is neither under report nor
proceeding on leave without pay.
(5) Application form together with relevant certified
copies of documents may be sent by mail |
4.
Recast of Loan
A
member is eligible to apply for a new loan after having
refunded a minimum of six consecutive instalments on
an existing loan.
5.
Guarantors
Only
shareholders
who are still in employment can stand as loan
guarantors.
One or two personal guarantors are necessary for a loan.
6.
Mode of payment
| (i) |
In the normal course, the loan amount is credited
to the applicant s bank account within a week. |
| (ii)
|
Details of the loan granted are forwarded to applicant
by post within 15 days. |
| (iii)
|
The first instalment and relevant charges are deductible
from the loan amount. |
7.
Mode of Refund of Loan
| (i) |
Deduction
will be effected directly from applicant’s
salary until settlement of the loan. |
| (ii)
|
In
case of death of a loanee, the outstanding loan
balance is immediately written off. |
| (iii)
|
If for one reason or another, a loanee stops servicing
his loan, his guarantors will be responsible
to pay the outstanding debt. |
8.
Advantages of taking Loans from The Mutual Aid
| (i) |
Application
forms and relevant documents may be sent by mail;
|
| (ii)
|
Loan
payment is made by direct bank transfer and generally
within a week of the recast of
the application; |
|
(iii) |
On
the death of a loanee, the outstanding loan balance
is immediately written off; |
| (iv)
|
Loan deduction is effected at source from salary; |
| (v) |
After
refunding six loan instalments, loanee qualifies
for a recast of loan based on capital refunded; |
| (vi) |
Interest is computed on the net balance of the
loan each month; |
| (vii) |
Retired members are also eligible for loans; |
| (viii) |
A
competitive rate of interest is charged on loans. |
| (ix) |
No penalty is claimed on early settlement of loan
account. |
| (x) |
Our
administrative cost of 0.75% is one of the lowest. |
9. Educational Loan Scheme
The
Educational Loan Scheme is meant to finance the tertiary
education of a member, his wards or
spouse.
TERMS AND CONDITIONS
| 1. |
| (i) |
Only one educational
loan will be disbursed per
course. |
| (ii) |
A couple (husband
and wife) may apply jointly for an
educational loan of upto Rs600,000
for one ward. |
| (iii) |
A member will be eligible
to a maximum of two educational
loans, for himself and his ward
depending on his repayment capacity. |
| (iv) |
Each loan will be disbursed in a lump sum
up to a maximum of Rs600,000 depending
upon the undermentioned criteria :
(a) LOCAL
INSTITUTIONS – Full tuition
fees + 25 % as ancillary expenses.
(b) ABROAD
– twice full tuition fees up to a
maximum of Rs600,000 per
loan.
(c) If an applicant has
already reached the age of 48 years,
the loan amount or period of refund
will be based on his/her future pension.
(d) The
applicant may opt to offset his existing
loan balance to get the maximum amount by
signing
an undertaking |
| (v) |
A recast of loan may be granted after having
refunded 12 instalments. |
|
| 2. |
Loan Repayment |
| (i) |
The loan is refundable
in a maximum of 144 equal monthly instalments
or less depending on the applicant's age.
In the case of an applicant who will reach the age
of 60, the loan amount or the refund period will
be adjusted. |
| (ii) |
Administrative cost,
the first loan instalment and a premium
will be retained from the loan amount before
proceed is credited into the bank account of
loanee. |
| (iii) |
Each subsequent monthly instalment should be
paid at latest on the last working day of each
month failing which : |
| (a) |
The totality of
the outstanding balance on the loan shall
become immediately due and demandable. |
| |
|
(b) |
The fixed charge
or bank guarantee, wherever applicable, shall
become realisable forthwith. |
| |
|
(c) |
Guarantors
will be required to service the loan. |
| 3. |
Securities
to be offered by the borrower:
| (i) |
One
or two personal guarantors acceptable
to the Association |
| (ii) |
A fixed
charge on the property of the borrower
or ; |
| (iii) |
A bank guarantee |
|
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Documents
to be produced:
Your application should be supported by the following
documents :
| (a) |
Original of your latest
pay slip/ pension slip. |
| (b) |
Photocopy of your National
Identity Card. |
| (c) |
Originals of recent pay slips
and photocopies of NID cards of
your guarantors. |
| (d) |
Photocopy of bank document showing
bank account number and name of applicant; |
| (e) |
Certificate from your
department stating that you are neither under
report nor on leave without
pay (valid for one week). |
| (f) |
Certified copy
of birth certificate of ward / marriage
certificate in case of the spouse. |
| (g) |
Particulars of the
Course and letter of enrolment of student
emanating from the institution. |
| (h) |
Utility Bill (CEB
or CWA or Mauritius Telecom) - dating back
to not more than 3 months |
|
| (a) |
PLEASE NOTE: |
Originals
and photocopies of NID cards and
payslips of guarantors together
with their
telephone number/s should be submitted. |
| The net pay of
guarantor/s should be sufficient to repay the full
loan instalment in case of any default of payment
by the borrower. |
| Any guarantor can stand
as surety for only two loans above Rs350 000
and he/she should be a shareholder. |
| At the time
of application, a guarantor should not be over
48 years of age for a loan refundable in 144
months. |
| (b) |
Relevant
documents concerning Fixed Charge on Property:
|
(i) |
The deed containing no
provision purporting to give to any existing
mortgage
or similar charge on the property –
priority over the fixed charge. |
|
(ii) |
If burdened with any inscription, authorization
/ consent from the relevant organisation
that it has no objection that the fixed
charge being ranked “ Pari
Pasu” with the
existing inscription
|
| (iii) |
All legal documents
will be registered at the cost of the borrower. |
|
| (c) |
Bank Guarantee
A guarantee issued by a bank and registered in
Mauritius. |
| 4. |
Rate
of Interest |
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The loan
shall carry an interest rate of 12.75% per annum
which is tagged to the Repo rate and will
be automatically adjusted in case of any change
in the Repo rate. Consequently, the loan maturity
date may be extended or reduced to take into account
fluctuations in interest rate during the loan period. |
| 10. |
R.S.F
Loan |
| 1. |
Entitlement |
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R.S.F contributors who are shareholders and are
employed by the Government and Organisations approved
by the Board. |
| 2. |
Amount |
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90 % of R.S.F
accrued benefits. |
| 3. |
Refund
Period of Loan |
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144 months
but should not exceed normal retirement age of 60
years or otherwise. |
| 4. |
Security
offered |
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RSF account
to be pledged by the loan applicant |
| 5. |
Rate
of Interest |
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12.75% p.a |
| 6. |
Administration
Fee |
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Normal rate
of 0.75% |
| 7. |
Premium |
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No premium
will be charged. In case of death, loan balance
will be deducted from RSF accrued benefits. |
| 8. |
Other terms
and conditions shall apply. |
How
to apply for a R.S.F Loan |
| (i) |
The application form should be filled in properly and signed by applicant. |
| (ii) |
The
application should be supported by the following
documents :
(1) Original and photocopy recent Payslip of Applicant
(2) Photocopy of National Identity Card of Applicant
(3) Photocopy of Bank Statement or passbook showing
the Bank Account Number of Applicant.
(4) A certificate from the Applicant's department
stating that he is neither under report nor
proceeding on leave without pay.
(5) Application form together with relevant certified
copies of documents may be sent by mail |
11. |
Loan Scheme to Employees of :
(i) Private Secondary Schools Paid by PSSA
(ii) Casino De Maurice
|
| 1. |
Normal Loan Scheme |
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Employees can enjoy loan facilities available to members of the Civil Service provided that:
(a) Their monthly loan instalment together with other deductions do not exceed 50% of their salary; and
(b) Their personal guarantor or guarantors are not paid by the P.S.S.A or Casino De Maurice. |
2. |
Special Loan Scheme |
| |
Loan eligibility would be as per annexed table subject to the following conditions:
(a) Loan instalment should not exceed 25% of the salary of applicant which together with other existing deductions do not amount to more than 50% of salary drawn;
(b) Employees paid by the P.S.S.A and Casino De Maurice can be accepted as guarantors provided that the loan instalment does not represent more than 25% of salary drawn (in case of one guarantor) or 25% of aggregate salary (in case of two guarantors), which together with other existing deductions do not exceed 50% of salary drawn; and
(c) Employees of private secondary schools and Casino De Maurice will be eligible to stand as guarantor for only one applicant at any one time. |
12. |
Special Loan Scheme for the 17 Employees covered under NPS of Mauritius Shipping Corporation Ltd |
| 1. |
Maximum Loan Amount: Rs 50,000 |
2. |
Maximum Period of refund: 60 months |
| 3. |
The 17 employees of Mauritius Shipping Corporation Ltd cannot stand as guarantors for any loan granted by the Association. |
4. |
Other existing conditions apply |
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