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.

MauBank Ltd is launching ‘ElleBoost’ a scheme specially designed for Women Entrepreneurs, on the occasion of the International Women’s Day 2024, celebrated on 8th March. ElleBoost comes with concessionary interest rates, low processing fees and many other preferential features.

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

1. Details of the scheme

This scheme consists of three different products as per below:

  • An Overdraft limit of up to MUR200k.
  • A Term Loan of up to MUR500k
  • A Finance Lease facility of up to MUR1M for business purposes.


1.1 Overdraft facility

Details

Overdraft facility

Amount

Up to a maximum of MUR200,000/- (Rupees two hundred thousand only)

Interest rate

PLR-1.0%, with a present effective rate of 6.8%*p.a

(Currently PLR=7.8% p.a)

 

Repayment period/Tenor

Capital on demand. Interest is payable monthly.

Account is renewable yearly, subject to satisfactory performance.

 

Purpose of facility

To meet working capital needs

Processing fee

MUR1,000/-flat

Security
  • For individuals: - Either Floating charge on all assets of the borrower or a Personal Guarantee acceptable to the Bank.

 

  • For Companies: - Floating charge on all assets of the company and Personal Guarantee of the director(s).

 

 

1.2 Term loan

Details

Term loan facility

Amount

Up to a maximum of MUR500,000/- (Rupees five hundred thousand only)

 

Interest rate

PLR-1.0%, with a present effective rate of 6.8% p.a

(Currently PLR=7.8% p.a)

 

Moratorium

Up to 6 months on Capital repayment is allowed. Interest to be serviced during moratorium period.

 

Repayment period/Tenor

Up to 7 years, including moratorium period if any.

Purpose of facility

For business purposes only.

 

Processing fee

1% with a maximum of MUR2,500/-

Security
  • For individuals: - Either Floating charge on all assets of the borrower or a Personal Guarantee acceptable to the Bank.

 

  • For Companies: - Floating charge on all assets of the company and Personal Guarantee of the director(s).

 

 

1.3 Finance Lease facility

Type of facility

Finance Lease

Amount

Vehicle - Up to a maximum of MUR1,000,000/- (Rupees One Million only)

Equipment - Up to a maximum of MUR500,000/- (Rupees five hundred thousand only)

Interest rate

PLR-1.0%, that is, 6.8% (PLR=7.8% p.a.)

 

Period of lease

Up to 7 years for new vehicle and equipment

Up to 5 years for reconditioned/second hand vehicles and equipment

Residual Value

MUR 1,000 for each lease contract

Purpose of facility

To finance the following: -

 

Purchase of brand new/second hand/reconditioned vehicle for business purpose only.

Purchase of brand new/second hand equipment in line with business activity of borrower.

 

Financing

100% Financing Ex VAT for new/reconditioned vehicles and new equipment.

80% Financing Ex VAT for second-hand equipment.

 

 

 

Security

Ownership of leased assets.

Floating charge on all assets of the borrower on case to case basis.

 

Registration Fees
  • As per government fees

Processing Fee
  • 1% up to a maximum of MUR 2,500/-

 

2. Eligibility

a. This scheme is applicable to:

  • Women Entrepreneurs who already have an established business.
  • Existing and/or established companies where there are women as majority shareholders.
  • MauBank customers and new onboarding, meeting any of the above 2 criteria.

b. It is applicable for business purpose only.
c. A past track record inclusive of but not limited to MCIB, Search report and Bank Statement is required.

3. Other fees & charges

Management fees on loans and overdrafts

Nil

Ledger fee

Nil

Commitment Fee on Loans

Nil

Site visit fee

Nil

Early repayment fee

NIL

MCIB and search fee

As per tariff

Penalty rate on both Overdraft and Term Loan for both individual and non-individuals

2% above applicable rate 

All other fees and charges

As per usual tariff guide

 

4. Annual Percentage Rate (APR) applicable for the scheme.

Product

Tenor

Interest Rate

APR applicable

Overdraft  

12 months  

6.8%

NA

Leasing

60 & 84 months

6.8%

7.01%

Term Loan

84 months

6.8%

7.01%

 

5. Exclusions

  • The scheme will NOT be applicable for startups.