Mauritius | Finances

February 14, 2014

Loans for Studies: Banks Unveil Their Offers

Mauritius banks designed financing plans for students wishing to study abroad.

Dominic Provençal, Business Development Manager of Mauritius Commericial Bank (MCB) said that the amount disbursed to student loans has grown steadily in recent years to about 400 million rupees in December 2013.

In MCB, three financing offers have been adapted to suit those wishing to pursue tertiary education. First, the 'Student Loan Scheme has been designed to provide funding for undergraduate students. "The loan is offered to the Repo rate, currently 4.65%, + 3%. The loan is underwritten by the student and guaranteed by a parent and the state, "says Dominic Provençal. The loan amount is capped at Rs 100 000 per year and includes tuition and other education-related expenses.

The loan MCB Campus is also proposed. "This loan provides up to 100% financing of studies and other associated costs. The minimum amount that can be borrowed is Rs 100,000 and the maximum amount is dictated by the repayment capacity of the borrower, "he said. The loan unsecured MCB Campus was developed funding from Rs 100,000 to Rs 500,000.

However, the question arises: how much does it to study abroad in Mauritius? "In Mauritius, the cost of education depends primarily on the training selected and the choice of the institution. As the cost of overseas studies, adds to these variables, the choice of destination and the cost of living, "he said. However, according to their information, the total cost for undergraduate studies in Australia is approximately between Rs 2.5 m and Rs 4m. "In Malaysia, this amount appears between Rs 1.5m and Rs 2.5 million while in France, the cost is approximately Rs 400,000 annually," is it out.

Although Barclays Bank Mauritius Limited does not have a specific offer educational loan, the bank has set up the necessary framework to give access to the Mauritians 'Student Scheme', introduced by the government last year. A source of Barclays Bank indicates that requests for 'Barclay loans' for educational purposes represent between 15-20% of loan applications received. "It is certain that the trend is increasing over the years," he said. Regarding studies abroad, said part, South Africa, Australia, Russia, France and the United Kingdom are on the list of destinations.

Anne Marie Koo Ton Fah, Head of Retail Banking at Bank One Limited shows that the amount for the student loan 'Bank One Graduates' starts from a minimum of Rs 50,000 up to a maximum, dependent customer revenue. "There are two options for repayment, including a period of 20 years, including a maximum moratorium period of 10 years and not more than one year after the period of study or a refund for a maximum period of 10 years of capital more interest from the release of the first payments, "says she.

Note that Bank One offers a rate of 7.40%. The 'Hongkong and Shanghai Banking Corporation Limited (HSBC) Education Loan' is a study loan whose repayment up to 13 years, including a moratorium on capital up to 4 years. In addition to the loan, the bank source indicates that a free credit card for the first year and a free additional cards are available.

 

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