MauBank announces the introduction of a support plan to relieve its customers, housing loan and student loan holders, as well as entrepreneurs with SME loans from Monday July 3, 2023.
Recent increases in bank interest rates have resulted in a significant increase in monthly loan repayments. Coupled with the impact of inflation on household budgets, some loan holders are experiencing financial difficulties.
To come to their aid by alleviating their monthly debts, MauBank is introducing a moratorium on home loans and a reduced interest rate – at the key rate + 1%. The moratorium is valid regardless of the initial amount of the housing loan, while the preferential rate on repayment applies to loans not exceeding Rs 5M. Open to households with a monthly income of up to Rs 100,000, the moratorium or preferential rate can last up to twelve months.
As for the study loan, regardless of the initial loan amount and household income, the customer can also benefit from a lower interest rate, i.e. the key rate +1%, for a period of one year. SMEs can reduce their monthly payments by rescheduling their loan with a two-year extension.
“Our customers are always at the heart of our concerns. As we are always attentive to their needs, we have noticed that many of them are finding it difficult to repay their bank loans, as their monthly payments have been impacted by recent increases in the key interest rate. As announced by the Governor of the Central Bank, MauBank is moving forward with a support plan that will provide relief for Home Loan holders. The aim is to enable them to pay less than they owe every month, thanks to a preferential interest rate, or a moratorium on principal repayments. That said, in addition to raising the loan limit to Rs 5 M, we have also extended the scheme to include study loans, as well as facilities for SMEs. We are convinced that this Scheme will bring great relief to an important segment of our clientele,” supports Premchand Mungar, Chief Executive of MauBank.
New loans are not left out. MauBank customers and non-customers alike who would like a new home or student loan can also take advantage of the MauBank Financial Support Scheme, where preferential conditions will also apply.
“During the Covid pandemic, we supported our customers to help them through this difficult time. The support measures were a great help at that time. Today, the context is different but still connected, and we need to help once again to sustain the recovery that was made possible, in households and businesses alike, thanks to the support plans put in place when the pandemic was in full swing,” adds Premchand Mungar.
This support plan is valid for one year, from Monday July 3, 2023.
MauBank invites its customers and the public interested in taking advantage of its Financial Support Scheme to visit its 19 branches across Mauritius and Rodrigues.
