Educational Loan

Educational Loan

Your dream education is now within your reach with MauBank Education Loan. Tailored with flexible repayment options, affordable interest rates and up to 100% financing, get ready for a bright future.

Eligibility

  • Students with a proof of course registration leading to a diploma, degree or post graduate degree in any recognised university or from any other recognised course provider.
  • For full time students (not employed), loan to be contracted jointly with salaried parties.

Up to 100%: including institution fees, living expenses, air fares - subject to supporting documents 

Duration: Up to 10 years including moratorium on capital for a maximum period of 5 years. The maximum moratorium allowed should not exceed the duration of the study plus six months

Other Terms and Conditions

  • Evidence of tertiary educational expenses to be provided at time of application + evidence of fulfillment from borrower for any external event mentioned as condition from University
  • Minimum monthly income requirement is MUR 15,000
  • Repayment amount should not exceed 50% (for secured loan, 40% for unsecured loan) of applicant’s monthly income inclusive of other commitments towards the Bank or other financial institutions

Loan Type

1) Secured

  • Loan Amount: Minimum amount of finance MUR 25,000 to Max MUR 2.0m
  • Interest Rate : 7.00% to 8.25%  ( Terms and Conditions Apply)

Security

  • Fixed charge on property
  • Decreasing Term Assurance (DTA)
  • Salary Pledge
  • Insurance on building

2) Unsecured

  • Loan Amount: 12 X basic Salary up to max amount of MUR 150,000
  • Interest Rate: PLR + 5.25%

Security

  • Salary Pledge of borrower + one guarantor

*Please note that terms and condition apply to the above
*Please refer to PLR in the interest rate

 

 

Talk to us
Do you need some more information ?
Call us :     (+230) 405 9400
Fax :          (+230) 404 0333
Email us : info@maubank.mu
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