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THE
MAURITIUS CIVIL SERVICE MUTUAL AID ASSOCIATION LTD.
Ref
: LI/1.07..08
LOAN
INFORMATION SHEET
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You
are kindly requested to read the following instructions before
completing your loan application.
| 1.
DOCUMENTS TO BE PRODUCED |
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1.1 Your application should be
supported by the following documents :
| (a) |
Original of your
most recent payslip / pension slip. |
| (b) |
Original of recent payslips
of guarantors (not applicable for
pensioners). |
| (c ) |
Photocopy of bank document showing account
number and name of applicant. |
| (d) |
Photocopies of NID card of applicant
and guarantors. |
| (e) |
Certificate from your department
stating that you are neither under report nor on
leave without pay. (valid for one week) |
| (f) |
Utility Bill (CEB or CWA or Mauritius Telecom)
- not more than 3 months. |
N.B : Save
Time by either sending your application form
by post or by avoiding the peak period from 27th
to 3rd of the month and peak hours from 10.30
hrs & 14.00 hrs).
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| 2.
LOAN AMOUNT |
| 2.1 |
The loan ceiling has been increased from Rs500,000
to Rs700,000 on a temporary
basis. |
| 2.2 |
Applicants are notified that the existing loan
balance would be set off automatically and the net
amount would be disbursed. |
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| 3.
LOAN PERIOD |
| 3.1 |
Loans can be refunded
in a maximum period of 144 months |
| 3.2 |
An applicant is required to reimburse the loan
before his normal retirement age. In case
he opts for a loan period which exceed his retirement
age, his loan entitlement would be
based on his future pension. |
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3.3
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In no case shall the total
deduction exceeds 43.33% of monthly salary/pension
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| 4.
GUARANTORS |
| 4.1 |
Except for
pensioners, applicants can provide one or
two personal guarantors, provided the loan amount
is fully secured. |
| 4.2 |
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. |
| 4.3 |
The Association reserves
the right to reject a guarantor after assessing
his risk profile |
| 4.4 |
The attention of the guarantors are drawn
to paragraph 2.1 of the loan contract. Guarantors
should be fully aware of their responsibilities
when they guarantee a loan.
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| 4.5 |
For personal loan above
Rs350,000, guarantors can stand as surety for two
loans only. |
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NOTE
:
5.1. Applicant and Guarantors must
sign at part 2 of the application form and should write in
their own handwriting in the space provided at section 2.0
and 2.1 of the application form the following : “Read and approved. Good
for the sum of Rupees ……………
“
5.2.
For all new loans, the following deductions will be made:
(1) The
first loan instalment;
(2) The total premium for the loan (Note: Please note that
the premium on loan is non-refundable and is payable to offset
the loan in case of death of loanee);
(3) The processing fee.
5.3.Shareholders
are eligible for a recast of loan after six months, that is,
after having refunded six consecutive monthly instalments.
5.4. Shareholders may obtain copies of the application
form from the Web Site of the Association on www.mcsmutualaid.com
5.5. The Association reserves the right to reject
a loan application after assessing the risk profile of the
Applicant.
5.6. There should not be overwriting and use of correction
fluid on the application form. All photocopies must must be
clear; all signatures affixed must be identical to the identity
card of the bearer.
| 6.
MODE OF PAYMENT |
| 6.1 Loan proceeds will be directly
credited to applicant’s bank account. |
| 7.
RATE OF INTEREST |
| 7.1 |
Interest is calculated
monthly based on the outstanding capital and is
tagged to the Repo rate. The interest rate will
be automatically adjusted in case of any
percentage change in the said Repo rate. Consequently,
the loan maturity date may be extended or reduced
to take into account fluctuations in interest rate
during the loan period. |
|
| 8.
FEES |
| 8.1 |
Applicants will be required
to pay a processing fee of 0.75% on the loan amount
and a risk premium depending on the term of the
loan to write off the loan in case of death |
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| 9.
LOAN ELIGIBILITY FOR PENSIONERS |
| (a) |
| For pensioners of 60
to 65 years |
: Maximum loan of Rs50,000. |
| For pensioners of 66 to 70 years
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: Maximum loan of Rs30,000. |
| For pensioners above 70 years
|
: Maximum loan of Rs25,000. |
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| (b) |
Loans to pensioners are refunded in
a maximum period of 48 months |
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10. LOAN TABLE
(Effective date 7 July 2008)
INDICATIVE
LOAN TABLE BASED ON THE MAXIMUM REPAYMENT PERIOD
Interest Rate 12.50%
LOAN AMOUNT |
MINIMUM SALARY |
MONTHLY INSTALMENT
144 MONTHS |
LOAN AMOUNT |
MINIMUM SALARY |
MONTHLY INSTALMENT
144 MONTHS |
Rs |
Rs |
Rs |
Rs |
Rs |
Rs |
100,000 |
3,101 |
1,344 |
405,000 |
12,561 |
5,443 |
105,000 |
3,257 |
1,411 |
410,000 |
12,716 |
5,510 |
110,000 |
3,412 |
1,478 |
420,000 |
13,026 |
5,644 |
120,000 |
3,722 |
1,613 |
430,000 |
13,336 |
5,779 |
130,000 |
4,032 |
1,747 |
440,000 |
13,646 |
5,913 |
140,000 |
4,342 |
1,881 |
450,000 |
13,957 |
6,047 |
150,000 |
4,652 |
2,016 |
460,000 |
14,267 |
6,182 |
160,000 |
4,962 |
2,150 |
470,000 |
14,577 |
6,316 |
170,000 |
5,272 |
2,285 |
480,000 |
14,887 |
6,451 |
180,000 |
5,583 |
2,419 |
490,000 |
15,197 |
6,585 |
190,000 |
5,893 |
2,553 |
500,000 |
15,507 |
6,719 |
200,000 |
6,203 |
2,688 |
505,000 |
15,662 |
6,786 |
205,000 |
6,358 |
2,755 |
510,000 |
15,817 |
6,854 |
210,000 |
6,513 |
2,822 |
520,000 |
16,128 |
6,988 |
220,000 |
6,823 |
2,956 |
530,000 |
16,438 |
7,122 |
230,000 |
7,133 |
3,091 |
540,000 |
16,748 |
7,257 |
240,000 |
7,443 |
3,225 |
550,000 |
17,058 |
7,391 |
250,000 |
7,754 |
3,360 |
560,000 |
17,368 |
7,526 |
260,000 |
8,064 |
3,494 |
570,000 |
17,678 |
7,660 |
270,000 |
8,374 |
3,628 |
580,000 |
17,988 |
7,794 |
280,000 |
8,684 |
3,763 |
590,000 |
18,299 |
7,929 |
290,000 |
8,994 |
3897 |
600,000 |
18,609 |
8,063 |
300,000 |
9,304 |
4032 |
605,000 |
18,764 |
8,130 |
305,000 |
9,459 |
4,099 |
610,000 |
18,919 |
8,198 |
310,000 |
9,614 |
4,166 |
620,000 |
19,229 |
8,332 |
320,000 |
9,925 |
4,300 |
630,000 |
19,539 |
8,466 |
330,000 |
10,235 |
4,435 |
640,000 |
19,849 |
8,601 |
340,000 |
10,545 |
4,569 |
650,000 |
20,159 |
8,735 |
350,000 |
10,855 |
4,704 |
660,000 |
20,470 |
8,869 |
360,000 |
11,165 |
4,838 |
670,000 |
20,780 |
9,004 |
370,000 |
11,475 |
4,972 |
680,000 |
21,090 |
9,138 |
380,000 |
11,786 |
5,107 |
690,000 |
21,400 |
9,273 |
390,000 |
12,096 |
5,241 |
700,000 |
21,710 |
9,407 |
400,000 |
12,406 |
5,375 |
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Last Updated July 7, 2008
All the information contained on this
website do not bind the Association for any inaccuracies
that may exist.
However for any specific information, you may contact us
by phone on 213 0909.
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