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My Loans - StudyEasy Loan
SICOM StudyEasy Loan is low pricing loan to assist parents and students to pursue further studies on full time or part time basis at an interest rate of 2% p.a for the first year and 4.5% p.a as from second year [valid up to 30 June 2021].
Here's what you can expect
Features
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.
Interest Rate
Interest rate of 2% p.a for the first year and 4.5% p.a as from second year [valid up to 30 June 2021].
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
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This product is offered by
State Insurance Company Of Mauritius Ltd
BRN: C07007065
FSC License No.: IS10000020
Useful info
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.
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)
