• Repayment periods up to 20 (240 months) years depending on the applicant’s age.

• Not Applicable.

Securities to be offered by the borrower:

• A fixed charge on the property of the borrower; OR
• A bank guarantee; OR
• Loanees have the option to provide up to 6 guarantors subject to the following:.

• The Interest rate is at 5.50% p.a and is calculated daily based on the outstanding capital and is tagged to the Mutual Aid Base Rate (MBR). 

• The interest rate will be automatically adjusted in case of any percentage change in the said MBR.  Consequently, the loan maturity date may be increased or reduced to take into account fluctuations in interest rate during the loan period.  However, the monthly loan instalment will remain the same.

• If after loan disbursement, loanee joins the private sector and cannot refund the outstanding loan balance immediately, standing order payment may be accepted and interest rate will be readjusted at Personal Loan rate on the outstanding balance.

• Applicants will be required to pay a one off processing fee of 1 % on the loan amount and a Mutual Solidarity Contribution (MSC) of 4.50 % - 5.50 % to write off the loan in case of death.  The effective date of the MSC is when the loan has been disbursed. Applicants will be charged Rs50 as Bank of Mauritius (MCIB) fee.  The MSC to be applied depends on age as follows:

• SN.	AGE	MSC RATE - %
  1	≤ 45	4.50
  2	>  45  ≤  50	5.00
  3	>  50	5.50

The following documents should be submitted:

• Original and photocopy of your National Identity Card (NIC) (NIC with initials, that is without full name should be supported by Birth Certificate.
• Original & Photocopies of Birth Certificates of applicant and guarantors (KYC record). Online Birth Certificate is acceptable.
• Original and photocopy of your latest payslip / pension slip.
• Originals and photocopies of recent payslips and NIC of your guarantors.
• Original and photocopy of bank document showing bank account number and name of applicant.
• Certificate from your department stating that you are not under report, not on leave without pay and not involved in a police case (valid for 1 month).
• Original and photocopy of birth certificate of ward / marriage certificate in case of the spouse.
• Proof of study: Particulars of the Course, original letter of enrolment of student and quotation /invoice/cost estimate emanating from the institution (Mandatory).
• Original and photocopy of bank statement showing name and address / Utility Bill (CEB or CWA or Mauritius Telecom) - not more than 3 months of applicant and guarantor/s (If utility bill is not in name of applicant/guarantor/s, a written confirmation and copy of NIC should be secured from the utility bill account holder) or any other document showing relation.
• Completed Emailing of Statement of Accounts and the Borrowers Declaration Forms.
• Loan Deduction Authority Form (LDAF) by loanee/guarantor.
• Loan offset form / letter of undertaking.
• Bank Guarantee (where applicable).
• Fixed Charge document (where applicable).
• Sole Guarantor Form (where applicable).
• Loan applications from existing members having low disposable net pay to be processed subject to an undertaking in the loanee's own handwriting being provided to the effect that he/she has sufficient financial means to repay the loan.
• For Pensioner: An undertaking in own handwriting to be provided by the applicant regarding disclosure of other income and repayment capacity.
• Loan application to cover full duration of the course and disbursement to be in stages (on a yearly basis) instead of yearly loan application with full set of KYC documents

• Only one educational loan will be disbursed per course.
• For loan eligibility of overseas courses:
  • loan application to cover financing of learning foreign language; and
  • loan amount to be grossed up by at least 10 % as presently, there are 4.75% deductions from the eligible amount (MSC of 4% & processing fee 0.75%) and to also cater for contingencies of 5%(foreign exchange fluctuations over life of course and increase in expenses like course fees, air tickets, books, etc.).
• Each loan will be disbursed in a lump sum up to a maximum of Rs7m depending upon the undermentioned criteria:
  1. LOCAL INSTITUTIONS – Full tuition fees + 25 % as ancillary expenses.
  2. ABROAD – twice full tuition fees up to a maximum of Rs7m.
  3. One disbursement (net of charges) will be effected by loan.
• The loan repayment period may not exceed the retirement age of a guarantor, unless the latter’s future pension is sufficient to repay the loan in case of default payment.

• Guarantors can stand as surety for a total liability limit (loan balance) of Rs3.5m for monthly salary up to Rs50,000 and Rs4.5m for those earning above Rs50,000 monthly. Guarantors shall not be more than 5 years older than loanees.

• Whenever a spouse stands as guarantor for a loan, a second guarantor must be provided as additional security and the latter’s net pay must cover the full loan instalment.

• Husband and wife cannot stand as guarantors for a client.
• In case the applicant bears the same surname as any of the guarantors or in case both guarantors bear the same surname, their relationship must be disclosed on the loan application form.

For other conditions, please refer to the Loan Information Sheet.

• Click here to access factsheet

• Educational Loan Application Form
• Educational Loan Information Sheet
• Sole Guarantor Form
• Guarantor Acceptance Form
• Borrower Declaration Form
• E-mailing of Statement of Account
• Loan Deduction Authority Form (LDAF)
  • LDAF – Accountant General / SICOM Ltd
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  • LDAF - D - National Empowerement Foundation
  • LDAF - Pensioner Accountant General
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  • LDAF - Pensioner Accountant General SICOM
  • LDAF - Cotton Bay Hotel Resort Co Ltd - By Loanee/ Guarantor (S)