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R.S.S Loan

 

Place your money safely in our Retirement Savings Scheme and enjoy easy loan facilities under flexible conditions.

Save now and benefit from our RSS loan facilities!

 

Know more about:

Click for Loan Table

Interest Rate (7.30 % p.a)

LOAN AMOUNT

MINIMUM SALARY PER MONTH

MONTHLY INSTALMENT - 240 MONTHS

Rs

Rs

Rs

100,000

1,587

793

200,000

3,174

1,587

300,000

4,760

2,380

400,000

6,347

3,174

500,000

7,934

3,967

600,000

9,521

4,760

700,000

11,108

5,554

800,000

12,695

6,347

900,000

14,281

7,141

1,000,000

15,868

7,934

1,100,000

17,455

8,727

1,200,000

19,042

9,521

1,300,000

20,629

10,314

1,400,000

22,215

11,108

1,500,000

23,802

11,901

1,600,000

25,389

12,695

1,700,000

26,976

13,488

1,800,000

28,563

14,281

1,900,000

30,150

15,075

2,000,000

31,736

15,868

2,100,000

33,323

16,662

2,200,000

34,910

17,455

2,300,000

36,497

18,248

2,400,000

38,084

19,042

2,500,000

39,670

19,835

2,600,000

41,257

20,629

2,700,000

42,844

21,422

 

The above figures have been rounded off to the nearest rupee and actual figures may differ slightly.

Loan amount

  • 100% of Retirement Saving Scheme (RSS) accrued benefits.
  • Repayment period up to 18 years depending on the applicant’s age.

Repayment

  • Repayment period up to 240 months depending on the applicant’s age.

New Loan Application

  • New Loan may be applied after having refunded six monthly instalments.

Security

  • RSS account to be pledged by the loan applicant

Rate of Interest

  • Interest Rate is currently at 7.30% p.a for Civil Servants and 7.55 % p.a for Non Civil Servant (excluding private sector employees) and is tagged to the Mutual Aid Base Rate (MBR). It will be automatically adjusted in case of any change in the MBR

Charges / Fees

  • One-off processing fee of 1% is applicable on the loan amount.
  • A loan coverage fee of 4.50% - 5.50% for all loan applications will apply to write off the loan in case of death.
  • Applicants will be charged Rs50 as Bank of Mauritius (MCIB) fee.
  • The amount disbursed will be net of the charges / fees.

Documents Required

Your application should be supported by the following documents:

  • Original & Photocopies of National Identity Card (NIC) of applicant. (NIC with initials should be supported by Birth Certificate) and your recent payslip.
  • Certificate from your Department stating that you are not under report, not on leave without pay not involved in a police case (valid for 21 days).
  • Bank Statement showing name and address / Utility Bill (Central Electricity Board or Central Water Authority or Mauritius Telecom) - not more than 3 months. (If utility bill is not in name of applicant, a written confirmation and NIC should be secured from the utility bill account holder and the original and copy of NIC of signatory).
  • Photocopy of bank document showing bank account number and name of applicant.
  • Completed Emailing of Statement of Accounts and the Borrowers Declaration Forms.
  • Loan Deduction Authority Form (LDAF) by members.

Main Condition

  • In no case shall the total Mutual Aid deduction exceed 50% of the monthly eligible income / 40% of total monthly incomeof pensioners.

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