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.

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Interest rate 10.05% p.a

	Period 120 Months		Period 108 Months
Loan	Minimum	Deductions	Minimum	Deductions
Amount	Pension	Deductions	Pension	Deductions
Rs	Rs	Rs	Rs	Rs
15,000	497	199	529	212
20,000	662	265	705	282
30,000	993	397	1,058	423
40,000	1,324	530	1,411	564
50,000	1,655	662	1,763	705
60,000	1,986	795	2,116	846
70,000	2,317	927	2,469	987
80,000	2,649	1,059	2,821	1,128
90,000	2,980	1,192	3,174	1,270
100,000	3,311	1,324	3,526	1,411
200,000	6,621	2,649	7,053	2,821
300,000	9,932	3,973	10,579	4,232
400,000	13,243	5,297	14,106	5,642
500,000	16,553	6,621	17,632	7,053
600,000	19,864	7,946	21,159	8,463
700,000	23,175	9,270	24,685	9,874
800,000	26,486	10,594	28,212	11,285
900,000	29,796	11,918	31,738	12,695
1,000,000	33,107	13,243	35,264	14,106

	Period 96 Months		Period 84 Months
Loan	Minimum	Deductions	Minimum	Deductions
Amount	Pension	Deductions	Pension	Deductions
Rs	Rs	Rs	Rs	Rs
15,000	570	228	624	249
20,000	760	304	831	333
30,000	1,140	456	1,247	499
40,000	1,520	608	1,663	665
50,000	1,900	760	2,078	831
60,000	2,280	912	2,494	998
70,000	2,660	1,064	2,910	1,164
80,000	3,040	1,216	3,325	1,330
90,000	3,420	1,368	3,741	1,496
100,000	3,800	1,520	4,157	1,663
200,000	7,600	3,040	8,314	3,325
300,000	11,400	4,560	12,470	4,988
400,000	15,201	6,080	16,627	6,651
500,000	19,001	7,600	20,784	8,314
600,000	22,801	9,120	24,941	9,976
700,000	26,601	10,640	29,097	11,639
800,000	30,401	12,161	33,254	13,302
900,000	34,201	13,681	37,411	14,964
1,000,000	38,002	15,201	41,568	16,627

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 10.05 % 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% - 7.00 %for all loan applications will apply to write off the loan in case of death.
Applicants will be charged Rs 150 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.