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New Student Loan Scheme

Objective of the Scheme
As announced in the Budget Speech 2013, a new Student Loan Scheme is being implemented to ensure that no one misses out on a rewarding career solely because of lack of funds to finance his/her education.

Under the scheme, all those who wish to pursue their studies at undergraduate level, either locally or abroad, will be provided with low cost bank loan facilities. The scheme will cover all students studying for full time as well as part time and distance learning courses.

Details of the Loan Facilities

2. The bank loan facilities will be as follows:

  • a loan of up to Rs 100,000 per annum for a maximum of three years to finance university fees, i.e total maximum of Rs 300,000;
  • interest chargeable on the loan will be at a ceiling of Repo rate plus three (3) per cent, currently 7.9%;
  • no collateral or any other security is required except for a parental guarantee; and
  • repayment of the loan (capital and interest) will start one year after completion of the course; and
  • Interest payable during the moratorium period will be capitalised

Eligibility Criteria

3. The Scheme is open to all resident citizens of the Republic of Mauritius willing to pursue undergraduate studies who have secured:-

  • a seat for an undergraduate course in an institution in Mauritius duly registered with the Tertiary Education Commission or Mauritius Qualifications Authority; or
  • a seat in an overseas institution acceptable to the bank.

Procedures for Loan Application

4. Any interested candidate is invited to call at any branch of one of the following commercial banks for further information and to complete the loan application formalities:

 

Banks

Contact Numbers

Name of Contact Persons

E-mail Address

1

ABC Banking Corporation Ltd

206-8000

Mrs Brinda Chinniah

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2

Bank of Baroda

208-1504

Mr Gopalen

 

3

Bank One Limited

202-9250

Mrs Anne Marie Koo

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4

Banque des Mascareignes Ltée

207-8651

Ms Davina Narrainen

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5

Barclays Bank PLC

404-1603

Mr Kush Poonith

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6

Bramer Banking Corporation Ltd

405-4424

Mr Mohammed Nehalkhan

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7

Habib Bank Limited

217-7600

Mrs N.U. Goolam Hossen

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8

Mauritius Post & Cooperative

Bank Ltd

207-9844

Mr Kushal Rampadaruth

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9

SBI(Mauritius) Ltd

404-9920

Mr Pravind Appanah

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10

State Bank of Mauritius

202-1654

Mr Percy Philips

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11

The Hong Kong and Shanghai Banking Corporation Limited

403-0759

Mr Darren Ajoodha

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