MauBank Ltd is launching ‘ElleBoost’ a scheme specially designed for Women Entrepreneurs, on the occasion of the International Women’s Day 2024, celebrated on 8th March. ElleBoost comes with concessionary interest rates, low processing fees and many other preferential features.
The following terms and conditions (“Terms and Conditions”) shall apply solely to the MauBank Entrepreneur Scheme (ElleBoost).
1. Details of the scheme
This scheme consists of three different products as per below:
- An Overdraft limit of up to MUR200k.
- A Term Loan of up to MUR500k
- A Finance Lease facility of up to MUR1M for business purposes.
1.1 Overdraft facility
|
Details |
Overdraft facility |
|
Amount |
Up to a maximum of MUR200,000/- (Rupees two hundred thousand only) |
|
Interest rate |
*PLR-1.00%, with a current effective interest rate of 8.05% p.a. ** |
|
Repayment period/Tenor |
Capital on demand. Interest is payable monthly. Account is renewable yearly, subject to satisfactory performance.
|
|
Purpose of facility |
To meet working capital needs |
|
Processing fee |
MUR1,000/-flat |
|
Security |
|
1.2 Term loan
|
Details |
Term loan facility |
|
Amount |
Up to a maximum of MUR500,000/- (Rupees five hundred thousand only)
|
|
Interest rate |
PLR-1.00%, with a current effective interest rate of 8.05% p.a. ** |
|
Moratorium |
Up to 6 months of capital repayment is allowed. Interest to be serviced during the moratorium period.
|
|
Repayment period/Tenor |
Up to 7 years, including a moratorium period if any. |
|
Purpose of the facility |
For business purposes only.
|
|
Processing fee |
1% with a maximum of MUR2,500/- |
|
Security |
|
1.3 Finance Lease facility
|
Type of facility |
Finance Lease |
|
Amount |
Vehicle - Up to a maximum of MUR1,000,000/- (Rupees One Million only) Equipment - Up to a maximum of MUR500,000/- (Rupees five hundred thousand only) |
|
Interest rate |
PLR-1.00%, with a current effective interest rate of 8.05% p.a. ** |
|
Period of lease |
Up to 7 years for new vehicles and equipment Up to 5 years for reconditioned/second-hand vehicles and equipment |
|
Residual Value |
MUR 1,000 for each lease contract |
|
Purpose of the facility |
To finance the following: -
Purchase of brand new/second-hand/reconditioned vehicle for business purposes only. Purchase of brand new/second-hand equipment in line with the business activity of the borrower.
|
|
Financing |
100% Financing Ex VAT for new/reconditioned vehicles and new equipment. 80% Financing Ex VAT for second-hand equipment.
|
|
|
|
|
Security |
Ownership of leased assets. Floating charge on all assets of the borrower on a case-by-case basis.
|
|
Registration Fees |
|
|
Processing Fee |
|
2. Eligibility
a. This scheme applies to:
- Women Entrepreneurs who already have an established business.
- Existing and/or established companies where there are women as majority shareholders.
- MauBank customers and new onboarding, meeting any of the above 2 criteria.
b. It is applicable for business purposes only.
c. A past track record, inclusive of but not limited to MCIB, Search report and Bank Statement is required.
3. Other fees & charges
|
Management fees on loans and overdrafts |
Nil |
|
Ledger fee |
Nil |
|
Commitment Fee on Loans |
Nil |
|
Site visit fee |
Nil |
|
Early repayment fee |
NIL |
|
MCIB and search fee |
As per the tariff |
|
Penalty rate on both Overdraft and Term Loan for both individuals and non-individuals |
2% above applicable rate |
|
All other fees and charges |
As per the usual tariff guide |
4. Exclusions
- The scheme will NOT be applicable for startups.