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Bank Drafts
Bank drafts offer a convenient and secure means of payment, and are more easily negotiated than postal money orders and are less vulnerable than cash to loss or theft.
SME LokalBoost a scheme specially designed for Small and Medium Entrepreneurs, both individuals and companies, operating either in Mauritius and/or Rodrigues.
It comes with a panoply of products, namely Term Loans, Leasing and Working Capital for businesses operating in all sectors, at concessionary interest rates and flexible terms.
SME LokalBoost Campaign is valid from 17 July to 31 October 2024 close of business, both dates inclusive (’Campaign Period’).
For the duration of the campaign, the scheme will carry Zero Processing Fees for all credit applications taken, and 1 year issuance fee waived for Credit Cards applied for.
The following terms and conditions (‘Terms and Conditions’) will apply solely to the MauBank SME LokalBoost scheme.
1. Details of the scheme
The scheme consists of the following different products:
- Working capital facilities:
- Import Loan limit (MUR/FCY) of up to MUR 5M
- Bills discounting limit of up to MUR 1M
- Revolving Loan limit of up to MUR 3M
- Overdraft limit of up to MUR 1M
- Business Loan of up to MUR 10M
- Finance Lease facility of up to MUR 5M for financing a Vehicle or Equipment.
2. Eligibility
a. The Scheme is applicable to:
- Small and Medium Entrepreneurs who already have an established business.
- Businesses being operation for a min of 12 months.
- SMEs Individuals, self-employed Professionals and Companies.
- MauBank customers and non MauBank Customers.
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 are required.
3. Main Features of the SME LOKALBOOST scheme are as follows:
3.1 Working Capital Facilities
Type of facility |
Working Capital facility |
Import Loan |
|
Bill Discounting |
|
Revolving Loan |
|
Overdraft |
|
Interest rate |
8.30% p.a PLR+0.5% (PLR=7.8% p.a.) |
Purpose of facility |
For working capital requirement |
Processing fee |
|
Security |
|
3.2 Business Loan
Type of facility |
Business Loan |
Amount |
Up to MUR 10,000,000/- (Rupees Ten Million only) depending on projects
|
Interest rate |
8.30% p.a PLR+0.5% (PLR=7.8% p.a.)
|
Moratorium period |
Up to 12 months moratorium depending on nature of project
|
Repayment period/Tenor |
Up to 10 years including moratorium period |
Purpose of facility |
Business purposes Financial assistance to SMEs to expand their business. |
Processing fee |
1% on facility amount. (Zero processing fee during campaign period) |
Security |
Or any other security acceptable to the Bank. |
*APR: 8.78%
3.3 Asset Financing
Type of facility |
Finance Lease |
Amount |
Vehicle - Up to a maximum of MUR 5,000,000/- (Rupees Five Million only) Equipment- Up to a maximum of MUR 5,000,000/- (Rupees Five Million only) |
Interest rate |
Fixed interest rate of 5.50% for first 2 yrs, Fixed Interest rate of 7.50% for remaining period
|
Period of lease |
|
Residual Value |
|
Purpose of facility |
To finance the following: -
|
Financing |
|
Security |
|
Registration Fees |
|
Processing Fee |
|
*APR: 5 years: 6.24% | 8 years: 6.65%
3.4 Credit Card
A Corporate Credit Card will be issued.
- Minimum MUR 25,000/-
- First year issuance fee waived*
4. Exclusions
- The scheme will NOT be applicable for startups.