Bank loans in Mauritius

Last activity 28 August 2018 by nansha

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PriscillaViP22 August 2018 09:42:32

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Hello,

Finances and banking can sometimes be a headache for many expats, especially when it comes to taking out bank loans.

Is it difficult for an expat to get approved for a bank loan in Mauritius?

What are the types of bank loans available for expats (mortgage/bonds; business loans; car loans; personal loans; student loans)?

What are the general conditions for expats to take out bank loans (interest rates; timeframe to repay loans, etc.)?

Which bank in Mauritius is the most popular or accessible for expats regarding loans?

Would you normally require the services of an accounts manager at the bank in order to facilitate the process of taking out a loan? Is this service free of charge?

What would happen in the case of an unpaid loan if you have to repatriate back to your home country or move somewhere else?

Are there any other options for loans aside from the bank in Mauritius, such as taking out a loan from your bank in your home country, or other types of companies not affiliated with banks, that give out loans?

Thank you for sharing your experience.

Priscilla

amrinder1188New member27 August 2018 13:39:57

To my personal experience BANK ONE is providing the best support to expats and locals as well. Their services are way better than that of other banks (wont be mentioning names), rate of interests are good. Especially whats best they do their level best to understand the requisition and do not confuse the needy people. On a personal note do contact Mr. Nicolas Jean and Mr. Vivex Reetun at Bank One head office :-).

Good luck :-)

nanshaMember28 August 2018 08:19:16

Hello

It depends on the terms of expatriation.
Banks normally lend to a maximum term not exceeding the date of the expiry of the work permit.
On case to case basis, renewal of the permit is taken into consideration to consider the loan term.
The loan monthly installments should not exceed 40% of the the total monthly net salary/revenue.
Depending on the object of the request of facility, security/guarantee vary.

I work in a bank. I may be of help if further information is needed.

Regards
Nansha

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