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MauBank Ltd (“Bank”) Leasing Campaign – June to September 2022

MauBank Ltd is running a three-month Vehicle Leasing Campaign starting from 8 June 2022, with a special offer on the rate of interest. Every approved lease facility will be entitled to a complimentary credit card, free for the first year. Salaried customers can get an instant approval by applying for their lease online at any time convenient to them, and from the comfort of their home, on www.maubank.mu/leasing/. Applications may also be made by visiting any MauBank Business Centre in Mauritius and Rodrigues.

Terms and Conditions of the Campaign

Validity:

  • The Leasing Campaign will start on 8 June 2022 and will end on 8 September 2022.

Rates Applicable:

  • A fixed interest rate of 3.75% will be applicable for the first 6 months.
  • As from the 7th month, the rate of interest will be floating, at Prime Lending Rate (PLR) + 0.20% until the maturity of the lease. The actual PLR rate being 5.30%.
  • The Annual Percentage Rate (APR) will be 5.67% over 7 years.

Financing Criteria:

  • Up to 90% financing of the purchase price, inclusive of VAT for new vehicles.
  • Up to 75% financing of the purchase price, inclusive of VAT for second hand vehicles and reconditioned.

Tenor:

  • The maximum duration of a lease (for new vehicles) will be 84 months (7 years).
  • The maximum duration of a lease (for reconditioned/second hand vehicles of less than 5 years) will be 60 months (5 years).

Eligibility Criteria:

  • The applicant should have the minimum age of 18 years and maximum of 65 years.
  • The applicant should be a Mauritian citizen, or a non-Mauritian citizen, holder of a resident permit.
  • The applicant’s total repayment should satisfy the bank’s internal credit assessment criteria.

Complimentary Feature:

  • Every approved lease facility will be entitled to a complimentary credit card, free for the first year. 

Other Terms & Conditions:

  • A processing fee of 1% of the financed amount will be applicable for new customers and 0.5% for existing customers.
  • The minimum lease amount will be Rs 100,000 over 3 years.
  • Minimum duration of the lease will be 36 months.
  • After receiving the online in-principle approval, applicants will be required to submit original documents in any Business Centre of MauBank Ltd for validation of their lease approval.

Documents required to Apply Online:

  • National Identity Card or Valid Passport.
  • Birth Certificate.
  • Marriage Certificate (if applicable).
  • Proof of Address of less than 3 months (CEB, CWA, Fixed Line MT Bill).
  • Bank Statements – Last 6 months.
  • Salary Slip – Last 3 months.
  • A vehicle Quotation or Invoice.

The Bank reserves the right to terminate the campaign at any moment at its own discretion without the need to provide any clarification and shall not be liable for the early termination of the campaign.