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Spouse Loan

 

Spouse Loan is available to surviving spouse of deceased Public Officers (formerly members of the Association) who are drawing a pension from the Civil Service Family Protection Scheme Board/ Statutory Bodies Family Protection Fund.

Loan facilities are extended to surviving spouse of deceased members of Municipal and District Councils.

 

Know more about:

Click for Loan Table

Interest rate 7.55 %

               

Period 120 Months

Period 108 Months

Loan

Minimum

Deductions

Minimum

Deductions

Amount

Pension

Pension

Rs

Rs

Rs

Rs

Rs

15,000

446

178

479

192

20,000

595

238

639

256

30,000

892

357

959

384

40,000

1,190

476

1,279

511

50,000

1,487

595

1,598

639

60,000

1,784

714

1,918

767

70,000

2,082

833

2,238

895

80,000

2,379

952

2,557

1,023

90,000

2,677

1,071

2,877

1,151

100,000

2,974

1,190

3,197

1,279

200,000

5,948

2,379

6,393

2,557

300,000

8,922

3,569

9,590

3,836

400,000

11,896

4,759

12,787

5,115

500,000

14,870

5,948

15,983

6,393

600,000

17,844

7,138

19,180

7,672

700,000

20,819

8,327

22,377

8,951

800,000

23,793

9,517

25,573

10,229

900,000

26,767

10,707

28,770

11,508

1,000,000

29,741

11,896

31,967

12,787

 

Period 96 Months

Period 84 Months

 Loan

Minimum

Deductions

Minimum

Deductions

 Amount

Pension

Pension

Rs

Rs

Rs

Rs

Rs

15,000

522

209

576

230

20,000

695

278

768

307

30,000

1,043

417

1,152

461

40,000

1,391

556

1,536

615

50,000

1,739

695

1,920

768

60,000

2,086

835

2,304

922

70,000

2,434

974

2,689

1,075

80,000

2,782

1,113

3,073

1,229

90,000

3,130

1,252

3,457

1,383

100,000

3,477

1,391

3,841

1,536

200,000

6,955

2,782

7,681

3,073

300,000

10,432

4,173

11,522

4,609

400,000

13,909

5,564

15,363

6,145

500,000

17,386

6,955

19,204

7,681

600,000

20,864

8,345

23,044

9,218

700,000

24,341

9,736

26,885

10,754

800,000

27,818

11,127

30,726

12,290

900,000

31,295

12,518

34,567

13,827

1,000,000

34,773

13,909

38,407

15,363

 

 

Loan amount

Sn

Applicant's age

Loan Amount (Rs)

1

Up to 65

Based on repayment capacity

2

> 65  up to 70

1,000,000
3 Above 70 100,000

Repayment

  • Repayment periods up to 18 years depending on applicant’s age.

New Loan Application

  • New Loan may be applied after having refunded 8 monthly instalments.

Security

  • At least one guarantor is required for applicants less than 60 years old
  • No guarantor is required for applicants above 60 years old.

The following conditions shall apply if the loan is secured by a single guarantor:

  • In case the guarantor is a loanee the net pay into bank of the guarantor excluding bonuses, overtime and allowances other than travelling & rent should be at least equal to the monthly loan instalment of the loanee.
  • 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.
  • The guarantor should be eligible for the loan amount applied for by the member and the latter’s net pay must cover the full loan instalment.
  • The guarantor should also sign an undertaking that he is agreeable to be sole guarantor.

Rate of Interest

  • Interest rate is currently at 7.55 % p.a. 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 Pension Certificate issued by the Civil Service Family Protection Scheme Board or Statutory Bodies Family Protection Fund as applicable.
  • Original and photocopy of Death Certificate of spouse.
  • Original and photocopy of Marriage Certificate.
  • Original and photocopy of National Identity Card (NIC) of applicant and guarantor. (NIC with initials should be supported by Birth Certificate)
  • Original and photocopy of recent payslip of your guarantor (if applicable).
  • Photocopy of bank document showing account number and name of applicants.
  • 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).
  • Completed E-mailing of Statement of Accounts and the Borrowers Declaration Forms.
  • Loan Deduction Authority Form (LDAF) by members/guarantor.
  • Loan offset form/ Letter of undertaking (where applicable).

Main Conditions

  • Applicants should buy three Class C shares amounting to Rs330 in total.
  • The total deduction for a pensioner shall not exceed 40% of the monthly pension.
  • The guarantor (s) should be a member of the Mutual Aid Association below the age of 60.
  • 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 in payment.
  • In case the applicant bears the same surname of the guarantor he / she must disclose his/ her relationship on the loan application form.

For other conditions, please refer to Loan Information Sheet.

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