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DBM Sets Up Loan Scheme For Grant-Aided Private Secondary Schools

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The Development Bank of Mauritius (DBM) Ltd will set up a loan scheme for grant-aided Private Secondary Schools for the construction of new educational units and infrastructure facilities, upgrading/improvement/embellishment pertaining to the physical condition of the school building/premises and school infrastructural facilities including repairs and maintenance.

The following terms and conditions would apply:

(a) the maximum loan amount would be Rs 15M at an interest rate of 2.75 percent per annum for a maximum repayment period of seven years;

(b) the repayment of the loan would be made directly to the DBM by the Private Secondary Education Authority through a deduction at source;

(c) all application for loan would be made directly to the DBM. After processing the applications, the DBM would seek the endorsement of the Private Secondary Education Authority prior to sanctioning the loan; and

(d) the loan would be disbursed by the DBM in a phased manner upon verification of the relevant documentary evidence by that institution.

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