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Educational Loan

Educational Loan

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 SICOM_Study Easy _Sep 2018

Product Details Description

Product Name

SICOM StudyEasy Loan

 

Description

SICOM Study Easy Loan is a low pricing loan to assist parents and students to pursue further studies on full time or part time, locally or abroad with the possibility of financing up to 100% of study expenses including lodging.

Where part-financing is required, client should give documentary evidence of available funds for the remaining amount.

Features

Loan Amount - Will be based on repayment capacity, security provided and cost of studies

Security - The loan will have to be secured by a first rank fixed charge/mortgage on an immovable property and an adequate life assurance cover

Benefits
  • Moratorium period of maximum 5 years, depending on years of study period
  • Long period of reimbursement
  • Competitive rates of interest
  • Relatively low processing charges
Eligibility
  • Both salaried and self employed individuals
  • Non -SICOM customers may also apply
Required documents
  • Certified Copy of National Identity Card(s) (borrower(s) and/or guarantor(s))
  • Certified Copy of Marriage/Birth Certificate (borrower(s) and guarantor(s),if applicable
  • Certified copy of Trade License & Business Registration Card, if applicable
  • A recent Utility Bill (CEB or CWA or Mauritius Telecom)- not more than three months
  • Certified copy of bank statements of applicants for last six months.
  • Certified copy of pay slips for last three months of applicant(s)
  • Original certificate of liabilities of applicants with full details
  • Documentary evidence of any additional income(s) as declared.
  • Copy of title deed of the property to be given as security
  • Affidavit of property owner, if deceased
  • Copy of Layout Plan of building, if applicable;
  • Copy of Site & Location Plan or copy of land surveyor’s report
  • Documents evidencing acceptance to university or training centre and fees payable, if applicable.
Apply Now

Simply complete the ONLINE LOAN APPLICATION and kindly ensure that all required information are filled in before submission for processing purposes

For more details

Do you want to have an idea of your repayment amount based on your Loan amount? You can now have an estimate of your monthly repayment by entering your loan details in our  Loan Calculator.

Call us on 203 8425 or email us at sicom.loan@sicom.intnet.mu  and we shall guide you through the application process

GENERAL CONDITIONS

  • The loan repayment period will depend on age.
  • The repayment of the loan in capital and interest/interest and premium(s) payable in respect of life assurance policy(ies) will normally not exceed 40% of applicant(s)’ net income(s) and/or will be subject to the company's appraisal. 
  • The property to be given as security, if applicable, should have an adequate value and be duly registered in your name(s) or parent(s) and should not emanate from an affidavit of prescription unless thirty years have elapsed from the date of prescription and should be legally in order and/or be subject to approval by the company.
  • All relevant costs and expenses including valuation, administrative costs and registration fees as well as processing and documentation fees involved in the making of the loan will be borne by applicants.
  • All loans should be secured by a residential property except for fixed deposit loans and professional loans. In the latter case ,a commercial building or office space may be given as security.
  • All loans should also be secured by a life insurance cover with the Company except for fixed deposit loan.

 

 (Terms & Conditions Apply)