Terms and Conditions Zero Interest Medical Loan Scheme

Definitions:

• Beneficiary means the person receiving treatment in a private hospital in Mauritius which is funded from the Zero Interest Medical Scheme.
• Borrower means the beneficiary who takes the Zero Interest Medical Scheme or any person who agrees to take the zero-interest loan on behalf of the beneficiary.
• Household means husband and wife jointly, or a single parent.
• Licensed private hospital means a private hospital duly licensed and registered with the Ministry of Health and Wellness.
• Medical Practitioner means a medical practitioner registered with the Medical Council of Mauritius.
  
  

1.0 The Scheme

This Scheme shall be known as the Zero Interest Medical Scheme.

2.0 The Application of the Scheme

• This Scheme will be applicable to households, whose gross income does not exceed Rs 200,000/- per month, and who chooses to undergo treatment in a licensed private hospital in Mauritius.
• This Scheme will be applied to the Beneficiary or to the Borrower.
• This Scheme shall apply to Mauritian Citizens residing in the Republic of Mauritius for at least six months prior to the treatment, unless he has been away for treatment, vacation, business or education.
• The onus to provide factual information on the reasons for overseas travel within the 6 months period prior to the treatment, rests with the Beneficiary/Borrower.
  
  

Operations of the scheme

• A Beneficiary shall obtain a medical certificate from a Medical Practitioner certifying that the Beneficiary requires to undergo a treatment.
• The Beneficiary shall obtain a quotation from a Licensed private hospital. The Licensed private hospital shall ensure that the proposed treatment is eligible to be financed under this Scheme and shall specify same in the said quotation.
• The Beneficiary or the Borrower shall submit the quotation to the Bank for loan under this Scheme.
• The Bank shall disburse the loan amount to the Licensed private hospital/s directly upon submission of the final certified bills by the Beneficiary or the Borrower and subject to all disbursement conditions being met.
• The Beneficiary or the Borrower shall start paying the loan/s after the treatment as agreed with their Lending Institution.
  
  

3.0 Loan Amount

• The loan amount shall be determined by the Bank based on the credit worthiness of the Borrower and as per the Bank’s credit policy on a case-to-case basis, up to a maximum of Rs 1,000,000.
• A Beneficiary may be eligible for the special zero-interest loan, for more than one (1) treatment, subject to the Borrower’s credit worthiness and as per the Bank’s credit policy.
• In the event, the final amount of the treatment exceeds the loan amount as stipulated in the loan facility agreement, the Borrower may:
  • Either pay the excess amount; or
  • Request the Lending Institution to review the loan amount, which should be reassessed by the latter subject that the maximum loan amount does not exceed Rs 1,000,000 and that all criteria are met as per the Lending Institution¡¦s credit policy.
    
    

4.0 Fees and Commission

• All fees external to the Bank such as insurance, valuation of property, registration fees, MCIB fees, or such other applicable fees which shall be borne by the Borrower/Beneficiary prior to disbursement of the loan.
  
  

5.0 Repayment period

• The maximum repayment period for the purpose of this scheme shall be seven (7) years (i.e., eighty-four (84) months) inclusive of the moratorium period.
• A moratorium period of up to one (1) year may be applied on the capital repayment only.
• A borrower can repay the loan amount earlier, if so desires
• In the event a Borrower has opted to repay the loan within less than seven (7) years and subsequently, requests for an extension of the repayment period, consideration may exceptionally be given, on a case-to-case basis. In such case, the interest rate applicable would have to be recalculated on the new tenure.
  
  

6.0 Interest Rate

6.1 Interest Rate Payable by Borrower

The interest rate payable by the borrower under this scheme is zero (0) % per annum.

6.2 Penalty Interest on Default

• In the event of:
  a. default by the Borrower to repay on the respective due date, the instalment of the capital or interests; and /or
  b. the said facility becomes due and demandable.
• The Borrower shall have to pay additional interest at the penal rate not exceeding two (2) % per annum on the unpaid capital.
  
  

6.3 Events of Default

In event the Borrower exceeds ninety (90) days of default, the Borrower shall be indebted to the Bank in terms of capital, interest and any other applicable charges that may be applied at the sole discretion of the Bank. The Bank shall also exercise its right as per the facility agreement.

7.0 Type of treatment

• The loan under this Scheme shall be used solely to finance treatments/ operations in Licensed private hospital except for items listed under Schedule 1, which may be amended from time to time.
  
  

8.0 Cost of accompanying person

• The Scheme shall not cover cost of any accompanying persons except for patients under the age of 12 years.
• The onus to provide documentary evidence relies with the Guardian/Parent/Accompanying person.