R.S.S Loan
Place your money safely in our Retirement Savings Scheme and enjoy easy loan facilities under flexible conditions.
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Know more about:
Click for Loan Table
Interest Rate as from 6.50 % p.a
|
MAXIMUM LOAN AMOUNT |
MINIMUM SALARY PER MONTH |
MONTHLY INSTALMENT |
MAXIMUM LOAN AMOUNT |
MINIMUM SALARY PER MONTH |
MONTHLY INSTALMENT |
|
240 MONTHS |
240 MONTHS |
||||
|
Rs |
Rs |
Rs |
Rs |
Rs |
Rs |
|
100,000 |
1,356 |
746 |
1,500,000 |
20,334 |
11,184 |
|
200,000 |
2,711 |
1,491 |
1,600,000 |
21,689 |
11,929 |
|
300,000 |
4,067 |
2,237 |
1,700,000 |
23,045 |
12,675 |
|
400,000 |
5,422 |
2,982 |
1,800,000 |
24,401 |
13,420 |
|
500,000 |
6,778 |
3,728 |
1,900,000 |
25,756 |
14,166 |
|
600,000 |
8,134 |
4,473 |
2,000,000 |
27,112 |
14,911 |
|
700,000 |
9,489 |
5,219 |
2,100,000 |
28,467 |
15,657 |
|
800,000 |
10,845 |
5,965 |
2,200,000 |
29,823 |
16,403 |
|
900,000 |
12,200 |
6,710 |
2,300,000 |
31,179 |
17,148 |
|
1,000,000 |
13,556 |
7,456 |
2,400,000 |
32,534 |
17,894 |
|
1,100,000 |
14,911 |
8,201 |
2,500,000 |
33,890 |
18,639 |
|
1,200,000 |
16,267 |
8,947 |
2,600,000 |
35,245 |
19,385 |
|
1,300,000 |
17,623 |
9,692 |
2,700,000 |
36,601 |
20,130 |
|
1,400,000 |
18,978 |
10,438 |
- |
- |
- |
The above figures have been rounded off to the nearest rupee and actual figures may differ slightly.
Loan amount
- 100% of Retirement Saving Scheme (RSS) accrued benefits.
- Repayment period up to 240 months depending on the applicant’s age.
Repayment
- Repayment period up to 240 months depending on the applicant’s age.
New Loan Application
- New Loan may be applied after having refunded six monthly instalments.
Security
- RSS account to be pledged by the loan applicant
Rate of Interest
- Interest Rate is currently at 7.00% p.a and is calculated daily based on the outstanding capital and is tagged to the Mutual Aid Base Rate (MBR). It will be automatically adjusted in case of any change in the MBR
Charges / Fees
- One-off processing fee of 1% is applicable on the loan amount.
- A loan coverage fee of 4.50% - 5.50% for all loan applications will apply to write off the loan in case of death.
- Applicants will be charged Rs50 as Bank of Mauritius (MCIB) fee.
- The amount disbursed will be net of the charges / fees.
Documents Required
Your application should be supported by the following documents:
- Original & Photocopies of National Identity Card (NIC) of applicant. (NIC with initials should be supported by Birth Certificate) and your recent payslip.
- Original & Photocopies of Birth Certificates of applicant and guarantors (KYC record). Online Birth Certificate is acceptable.
- Certificate from your Department stating that you are not under report, not on leave without pay not involved in a police case (valid for 1 month).
- Bank Statement showing name and address / Utility Bill (Central Electricity Board or Central Water Authority or Mauritius Telecom) - not more than 3 months. (If utility bill is not in name of applicant, a written confirmation and NIC should be secured from the utility bill account holder and the original and copy of NIC of signatory).
- Photocopy of bank document showing bank account number and name of applicant.
- Completed Emailing of Statement of Accounts and the Borrowers Declaration Forms.
- Loan Deduction Authority Form (LDAF) by members.
Main Condition
- In no case shall the total Mutual Aid deduction exceed 5% of the monthly eligible income / 40% of total monthly incomeof pensioners.
Click to download forms
- RSS Loan Application Form
- Borrower Declaration Form
- E-mailing of Statement of Account
- Loan Deduction Authority Form (LDAF)
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