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THE MAURITIUS CIVIL SERVICE MUTUAL AID ASSOCIATION LTD.

LOANS

 

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

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
  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
  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
 

R.S.F contributors who are shareholders and are employed by the Government and Organisations approved by the Board.

2. Amount
  90 % of R.S.F accrued benefits.
3. Refund Period of Loan
  144 months but should not exceed normal retirement age of 60 years or otherwise.
4. Security offered
  RSF account to be pledged by the loan applicant
5. Rate of Interest
  12.75% p.a
6. Administration Fee
  Normal rate of 0.75%
7. Premium
  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
 

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

 

 

© 2006