Personal Loan Scheme

1. Loan Ceiling up to – Rs100, 000.
2. Rate of Interest-9% per annum
3. Period 3 Years

• Documents to be submitted for Application
• Letters from Employer confirming that associate and Guarantor is employed in a substantive capacity and officer not under report and not proceeding on leave without pay.
• Pay Slip of Associate/Spouse (if combined salary with spouse) and Guarantor.
• Identity Card – Associate/Spouse and guarantor.
• After Approval of Loan
• Life Insurance Policy (single premium) which will be assigned in favour of the Fund to cover the full amount of loan.
• Deed of loan – signed by associate and guarantor.
• Sign Salary Declaration Authority
• Loan granted to be secured by the personal guarantee of another associate acceptable to the Fund.
• Loan repayment by equal monthly instalments deducted at source from the salary of the associate.
• Legal proceedings initiated against associate and his guarantor when an associate fails to repay a loan, the associate and the guarantor shall bear the costs, charges and commissions which may be incurred by the Fund in respect of such proceedings.
• Whenever borrower is proceeding on leave without pay, he must immediately call at the Fund to make arrangements for the repayment of the loan.
• Where a borrower ceases to be an associate, he will be requested to repay the balance of loan including accrued interests.

CHECKLIST

PERSONAL LOAN CHECK LIST

-9% per annum

-Period of 3 Years

1.      Maximum amount of loan – Rs100,000/-

2.       Documents to be submitted for Application

• Original + photocopy of ID cards [Applicant (2) and Guarantor (1)]
• Original + photocopy of latest Payslip [Applicant and guarantor]
• Pay Slip and ID Card Spouse [if combined salary with spouse].
• Photocopy of utility Bill [CEB, CWA or Mauritius Telecom] for Applicant and Guarantor.
• Original letter from employer certifying applicant is neither under report nor on leave without pay (valid for two weeks only)

3.       After Approval of Loan

• Life Insurance Policy (single premium) which will be assigned in favour of the Fund to cover the full amount of loan.
• Deed of loan and Salary Declaration Authority – signed by associate and guarantor.

4.      Loan granted to be secured by the personal guarantee of another associate acceptable to the Fund.

5.      Loan repayment to be deducted at source from the salary of the associate by equal monthly instalments.

6.      Legal proceedings initiated against associate and his guarantor when an associate fails to repay a  loan, the associate and the guarantor shall bear the costs, charges and commissions which may be incurred by the Fund in respect of such proceedings.

7.       Whenever borrower is proceeding on leave without pay, he must immediately call at the Fund to make arrangements for the repayment of the loan

8.       Where a borrower ceases to be an associate, he will be requested to repay the balance of loan  including accrued interests.

PERSONAL LOAN

Interest Rate: 9%                Period: 3 Years

LOAN REPAYMENT