SICOM

Multipurpose Loan

Multipurpose Loan

You have some relatively small personal projects to complete and in need of financement to start the projects?

About this product

SICOM Multipurpose Loan provides the solution for fulfilling your personal projects at an interest rate of 2% p.a for the first year and 4.5% p.a as from second year.

Highlighted features
  • Competitive Interest Rate

    Interest rate of 2% p.a for the first year and 4.5% p.a as from second year

  • Security

    Residential property or residential land may be given as security

  • Repayment Period

    Long period of reimbusement up to 30 years

Product Features

Why opt for SICOM Multipurpose Loan?

  • Interest Rate

    Interest rate of 2% p.a for the first year and 4.5% p.a as from second year.

  • Loan Amount

    Will depend on repayment capacity and security provided

  • Security

    First rank fixed charge/mortgage on a residential property and an adequate life assurance cover

  • Processing Fees

    Will depend on loan amount

( Terms and conditions apply)*

Useful Information

Both salaried and self employed individual
Non -SICOM customers may also apply

  • 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
  • Certified copy of building permit ( if applicable)  
  • Details of renovation works, if applicable

  • 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.

Highlighted features
  • Competitive Interest Rate

    Interest rate of 2% p.a for the first year and 4.5% p.a as from second year

  • Security

    Residential property or residential land may be given as security

  • Repayment Period

    Long period of reimbusement up to 30 years

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This product is offered by: State Insurance Company Of Mauritius Ltd

BRN:C07007065

FSC License No: IS10000020