» 12 Jun 2013
Student Loan Scheme
Government backed Student Loan Scheme
 
» 14 Jan 2013
Offsite ATM at Grand Baie La Croisette
Fourth Offsite ATM is operational at Grand Baie La Croisette
   
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Retail Banking» Loans and Advances

LOANS AND ADVANCES

SMART CREDIT
Eligibility:Permanent employees of Govt / parastatal / firms of repute / self employed - with steady source of income.
Amount:3 months basic salary, maximum Rs 100,000/-
Security:Pledge of Salary / Insurance / Credit Agreement. For self employed: 1st Rank Fixed Charge on land / building.
Repayment:12 months
 
PERSONAL LOAN
Eligibility:Permanent employees of Govt / parastatal / firms of repute with minimum gross monthly salary of Rs 7,000/-

Loan Amount:15 months of basic salary with a maximum of Rs 350,000/-
Security:Salary Pledge & Loan Agreement and Insurance + Decreasing Term Assurance
Repayment:Maximum 48 months
 
PERSONAL LOAN FOR SELF EMPLOYED
Eligibility:Self Employed - Minimum income Rs 10,000/- monthly
Loan Amount:Maximum of Rs 350,000/-
Security:1st Rank Fixed Charge on Land and Building
Repayment:Maximum 96 months
 
CREDIT TO PROFESSIONAL / SELF EMPLOYED
Eligibility:Doctors, Accountants, Lawyers, Interior Decorators etc. for purchase of furniture/office equipments
Loan Amount:70% of Cost of equipment
Security:First rank fixed / floating charge. Up to Rs 200,000/- against Loan agreement
Repayment:Maximum 60 months from the date of first disbursement
 
REALTY LOAN - Purchase of Land for Construction of House
Eligibility:Individuals above 18 years of age with steady source of income
Loan Amount:85% of purchase price / market value, whichever is lower
Security:1st Rank fixed charge on land. Pledge of salary if employed House to be constructed within 2 years
Repayment:Up to 180 months from the date of first disbursement
 
HOUSING LOAN– Construction / Renovation / Extension
Eligibility:Individuals above 18 years of age with steady source of income
Loan Amount:Up to 100% financing.
Security:1st Rank fixed charge over land. Pledge of salary if employed
Repayment:Up to 300 months from the date of first disbursement Flexible repayment period can be considered Moratorium on capital repayment – maximum 6 months
 
CONVEYANCE LOAN - For purchase of Vehicles
Eligibility:Individuals with steady source of income
Loan Amount:85% of showroom price
Security:Lien on Vehicle, Salary Pledge + Floating Charge if necessary
Repayment (New):Max 84 months
                    (Old) :Max 60 months depending on age of vehicles
 
ADVANCE AGAINST TERM DEPOSIT
Eligibility:Any customer with a Fixed Deposit either in his name or a third party
Loan Amount:90% of Fixed Deposit amount
Security:Lien on Fixed Deposit
Repayment:Up to 10 years - Longer period is also considered upon request.
 
MULTIPURPOSE LOAN 
Eligibility:Salaried or Self Employed with minimum steady source of income of minimum Rs15,000/- monthly
Loan Amount:Rs 2 million - Higher limits can be considered upon request
Security:1st Rank Fixed charge on assets such as land/building
Repayment:Maximum 8 years
 
PLANTATION LOAN 
Eligibility:Planters
Loan Amount:For Working capital: 75% of cost of plantation expenses
Security:1st Rank Fixed Charge on land and building and Pledge of sugar proceeds (For sugar plantation)
Repayment:On harvest date with grace period of 3 months. Loan can be repaid earlier
For Purchase of Agricultural Land:75% of purchase price of land or market value, whichever is lower
 
EDUCATION LOAN 
Eligibility:Student pursuing studies abroad or in Mauritius
Loan Amount:100% financing of fees / air ticket / accommodation, etc
Security:Up to Rs100,000/-: 2 guarantors of means
 :Over Rs100,000/-: 1st Rank Fixed Charge on land/building
Repayment:Up to 10 years 
Moratorium:Maximum 5 years
 
Government-backed STUDENT LOAN 
Eligibility:Student studying locally or abroad for full/part time/distance education accredited courses, undergraduate, postgraduate or PhD levels
Loan Amount:Maximum Rs 100,000/- per academic year for fees and other related expenses
Security:Parental guarantee
 :Government will guarantee 20% of any bad dept arising
Repayment:Repayment terms should be mutually agreed between the student/parent and the Bank as per any of the below options:-
 :a. Repayment of Capital and interest as from date of disbursement of loan ;
 :b. Repayment of Interest only as from date of disbursement of loan ;
 :c. Repayment of Capital only as from date of disbursement of loan; or
 :d. Repayment of Capital and capitalised interest after moratorium period comprising of the period of study and one year after completion of the course.
Moratorium:As above(under Repayments terms)
 
SBI EXPRESS LOAN 
Eligibility:Open on existing Housing Loan customers 
Loan Amount:Permanent Employees: 15 months basic salary; maximum Rs350,000/- 
 :For Self Employed: Maximum Rs350,000/-
Security:Permanent Employees: Pledge of Salary/Loan Agreement
 :For Self Employed: 1st Rank Fixed Charge on land/building
Repayment:Without security: 48 months  
 :With security: 96 months