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THE
MAURITIUS CIVIL SERVICE MUTUAL AID ASSOCIATION LTD.
Ref
: LI/20.03.12
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. (not more than two months) |
| (b) |
Original & Photocopies of recent payslips
of guarantors (not more than two months, not applicable for
pensioners). |
| (c ) |
Photocopy of bank document showing account
number and name of applicant. |
| (d) |
Original & Photocopies of NID card of applicant
and guarantors. (NIC with initials should be supported by Birth Certificate) |
| (e) |
The original letter of confirmation issued by the Ministry should be produced in case the loan applicant is employed as a Health Care Assistant. |
| (f) |
Certificate from your department
stating that you are neither under report nor on
leave without pay. (valid for one week) |
| (g) |
Utility Bill (CEB or CWA or Mauritius Telecom)
- not more than 3 months. |
N.B : Save
Time by either by avoiding the peak period from 27th
to 3rd of the next month and peak hours from 10.30
hrs to 14.00 hrs.
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| 2.
LOAN AMOUNT |
| 2.1 |
There is no loan ceiling. Loan will be based on the repayment capacity. Please refer to the loan table overleaf for details of eligibility. |
| 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 150 months depending on the age of the applicant. |
| 3.2 |
In no case shall the total
deduction exceeds 50.00% of the monthly salary. However, this is not applicable to institution where there is 50% restriction on salary deduction. The total deduction for a pensioner shall not exceed 60% of the monthly 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 following conditions shall apply if the loan is secured by a single guarantor : |
| 4.2.1 |
In case the guarantor is a loanee the net pay into bank of the guarantor excluding bonuses, overtime and allowances other than travelling and rent should be at least equal to the monthly loan instalment of the loanee; |
| 4.2.2 |
In case the guarantor is not a loanee, the net pay into bank excluding bonuses, overtime and allowances other than travelling and rent should be at least twice the loan instalment of the loanee; |
| 4.2.3 |
The guarantor should be eligible for the loan amount applied for by the loanee; |
| 4.2.4 |
The guarantor should assign an undertaking that he is agreeable to be sole guarantor. |
| 4.3 |
The following conditions shall apply if the loan is secured by two guarantors. |
| 4.3.1 |
The net pay into bank of each guarantor excluding bonuses, overtime and allowances other than travelling and rent should be at least half of the monthly instalment of the loanee; |
| 4.3.2 |
In case one guarantor is not a loanee, his/her net pay into bank excluding bonuses, overtime and allowances other than travelling and rent should be at least equal to the monthly instalment of the loanee; |
| 4.3.3 |
Each Guarantor should be eligible to at least 50% of the loan amount. |
| 4.4 |
GENERAL CONDITIONS |
| 4.4.1 |
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. |
| 4.4.2 |
The Association reserves the right to reject a guarantor after assessing the risk profile. |
| 4.4.3 |
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. |
| 4.4.4 |
For loan above Rs 600,000 guarantors can stand as surety for two loans only and a maximum limit of Rs2.4M(sum of all loans) below Rs600,000. |
| 4.4.5 |
Whenever a spouse stands as guarantor for a loan, a second guarantor must be provided as additional security. |
| 4.4.6 |
Husband and wife cannot stand as guarantors for a client. |
| 4.4.7 |
In case the applicant bears the same surname as any of the guarantors or in case both guarantors bear the same surname, their relationship must be disclosed on the loan application form. |
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NOTES
:
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 sections 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 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);
(2) 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. In case of default of payment on the part of a loanee, the total outstanding loan balance will be recovered by judicial process.
5.5. Shareholders may download copies of the application
form from the Web Site of the Association at the address : www.mcsmutualaid.com
5.6. The Association reserves the right to reject
a loan application after assessing the risk profile of the
Applicant.
5.7. 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 that on the identity
card of the bearer.
5.8. In case Applicant is abroad and the Standing Order Instruction has failed and no deduction can be effected from guarantor's salary, the matter will be treated as a case of defrauding the Association of its property. The Association will proceed with legal action against the Applicant and Guarantor via the Central Criminal Investigation Department and Interpol. The Association will also inform applicant's employer or institution of the above matter with the assistance of Mauritius Embassies and High Commissions in different countries.
5.9. Shareholders are informed that it is mandatory for the Association to make necessary enquiry from the Mauritius Credit Information Bureau (MCIB) before approving, increasing or renewing any loan facilities and to provide the MCIB with relevant information regarding the present loan facilities.
5.10. Further information may be obtained by phoned as follows:
213-0200 (queries on existing loan accounts)
212-4000 (general information)
| 6.
MODE OF PAYMENT |
| 6.1 Loan proceeds will be directly
credited to applicant’s bank account. |
| 7.
RATE OF INTEREST |
| 7.1 |
Interest which is currently at 9.65% 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 extended or reduced
to take into account fluctuations in interest rate
during the loan period. However, the monthly loan instalment will remain the same. |
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| 8.
FEES |
| 8.1 |
Applicants will be required
to pay a one off processing fee of 0.50% on the loan amount
and a Mutual Solidarity Premium (MSP) of 2% to 3% depending on the term of the
loan to write off the loan in case of death.
The effective date of the MSP is when the loan has been disbursed. |
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| 9.
LOAN ELIGIBILITY FOR PENSIONERS |
| (a) |
| For pensioners up to 70 Years |
: Maximum loan based on repayment capacity. |
| For pensioners above 70 Years |
: Maximum loan of Rs 75,000. |
|
| (b) |
Loans to pensioners are refunded as follows: |
| SN. |
AGE |
REPAYMENT PERIOD (YEARS) |
1 |
60 |
10 |
2 |
61 |
9 |
3 |
62 |
8 |
4 |
63 |
7 |
5 |
64 |
6 |
6 |
65 and above |
5 |
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10. LOAN TABLE
( Effective date 20th March 2012 )
INDICATIVE
LOAN TABLE BASED ON THE MAXIMUM REPAYMENT PERIOD
Interest Rate 9.65%
LOAN AMOUNT |
MINIMUM SALARY |
MONTHLY INSTALMENT
150 MONTHS |
LOAN AMOUNT |
MINIMUM SALARY |
MONTHLY INSTALMENT
150 MONTHS |
Rs |
Rs |
Rs |
Rs |
Rs |
Rs |
100,000 |
2,300 |
1,150 |
1,000,000 |
23,001 |
11,501 |
150,000 |
3,450 |
1,725 |
1,100,000 |
25,301 |
12,651 |
200,000 |
4,600 |
2,300 |
1,200,000 |
27,602 |
13,801 |
250,000 |
5,750 |
2,875 |
1,400,000 |
32,202 |
16,101 |
300,000 |
6,900 |
3,450 |
1,600,000 |
36,802 |
18,401 |
350,000 |
8,050 |
4,025 |
1,800,000 |
41,402 |
20,701 |
400,000 |
9,201 |
4,600 |
2,000,000 |
46,003 |
23,001 |
450,000 |
10,351 |
5,175 |
2,100,000 |
48,303 |
24,151 |
500,000 |
11,501 |
5,750 |
2,200,000 |
50,603 |
25,301 |
550,000 |
12,651 |
6,325 |
2,400,000 |
55,203 |
27,602 |
600,000 |
13,801 |
6,900 |
2,600,000 |
59,803 |
29,902 |
650,000 |
14,951 |
7,475 |
2,800,000 |
64,404 |
32,202 |
700,000 |
16,101 |
8,050 |
3,000,000 |
69,004 |
34,502 |
750,000 |
17,251 |
8,625 |
3,100,000 |
71,304 |
35,652 |
800,000 |
18,401 |
9,201 |
3,200,000 |
73,604 |
36,802 |
850,000 |
19,551 |
9,776 |
3,400,000 |
78,205 |
39,102 |
900,000 |
20,701 |
10,351 |
3,500,000 |
80,505 |
40,252 |
950,000 |
21,851 |
10,926 |
3,715,000 |
85,450 |
42,725 |
The above figures have been rounded off to the nearest rupee and actual figures may differ slightly.
Last Updated March 20, 2012
All the information contained on this
website do not bind the Association for any inaccuracies
that may exist.
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