services-bank-draft

Bank Drafts

Bank drafts offer a convenient and secure means of payment, and are more easily negotiated than postal money orders and are less vulnerable than cash to loss or theft.

The following terms and conditions (“Terms and Conditions”) shall apply solely to the MauBank Financial Support Scheme.

The MauBank Financial Support Scheme is effective 03rd of July 2023, for a duration of one year.

Customers may benefit from only one of the below schemes at a time.

1. Features

1.1 Moratorium on Housing Loans:

  • This scheme allows existing home loan customers to temporarily suspend their housing loan capital repayments for a period of 1 year, offering them some relief from financial obligations.
  • Interest continues to be serviced on a monthly basis.
  • The contractual Rate of interest applies.
  • The security on the loan remains unchanged.
  • The Insurance cover will be extended in case the loan tenor is extended.
  • A Processing fee of 0.5% of the loan balance, with a maximum of Rs 5,000, applies.
  • After the 12-month moratorium period, capital and interest repayment will resume.
  • Applications can be made from 3 July 2023 to 02 July 2024.


Eligibility

  • Customers whose Household income does not exceed Rs 100,000 per month.
  • Evidence of financial constraint should be provided.

1.2 Rebate on Interest for Housing Loans:

  • The Interest applicable is Key Rate + 1% for a period of 12 months.
  • The security on the loan remains unchanged.
  • The Insurance Cover on the loan continues to apply.
  • The tenor of the loan remains unchanged.
  • A flat fee of Rs 500/ as processing fees applies.
  • The contractual Rate of interest will be reinstated after the 12 months.
    • Applications can be made from 3 July 2023 to 2 July 2024


Eligibility

  • The original Loan amount should not be more than Rs 5 million.
  • The Household income should not exceed Rs 100,000 per month.
  • Evidence of financial constraint should be produced.

1.3 Rebate on Interest for Education Loan:

  • The Interest applicable on Education loans will be at Key Rate + 1% for a period of 12 months.
  • The security on the loan remains unchanged.
  • The insurance Cover on the loan continues to apply.
  • The Tenor of the loan remains unchanged.
  • A flat fee of Rs 500/- as processing fees applies.
  • The Contractual Rate of interest will be reinstated after the 12 months.
    • Applications can be made from 3 July 2023 to 2 July 2024


Eligibility

  • The rebate on interest applies irrespective of the original loan amount. Evidence of financial constraint should be provided.

1.4 Extension of Tenor for SME Facilities:

  • This scheme is designed to support small and medium-sized enterprises (SMEs) by allowing eligible existing customers to extend the tenor of their SME facilities up to 24 months. This extension aims reduce the monthly repayment and to provide additional breathing space for SMEs facing financial challenges.
  • Contractual Rate of interest
  • Insurance cover for extended loan tenor.
  • Processing fees at 0.5% of loan balance with a maximum of Rs 5,000.
    • Applications can be made from 3 July 2023 to 2 July 2024


Eligibility

  • The extension of tenor applies to SME Loans, irrespective of the original amount. Evidence of financial constraint should be provided.