Finance for vehicles for expats

Tash, this is what ABSA, one of the Mauritian banks says about car loans (they say nothing about granting / denying lo expats).

source:
https://www.absabank.mu/en/premier-and- … e-banking/

Car loan
We're here to help you to get in the driving seat of the car you want.

What you get

The option of choosing between a secured or unsecured loan
Flexible repayment periods of up to 7 years
Hassle-free application with no early repayment fees
Loan approval within 2 working days
What you need to know

Available for Absa and non-Absa customers
If you opt for an unsecured loan, we finance you up to Rs2 million
In case you choose the secured loan option, we finance up to 80% of your car value
We provide secured car loans for new vehicles purchased through authorised dealership only
The loan amount you qualify for will vary according to your salary and other facilities that you might already have
Flexible repayment periods of up to 7 years
The percentage we finance will vary based on certain conditions
What to bring when you apply

National identity document, passport or driving licence
Utility bill not older than 3 months
Last 3 months' bank account statements
Your latest salary slip (new customers) or a copy of the latest salary slip (fixed income only)
12 latest salary slips and last 12 months' bank statements (if regular overtime/commissions are earned)
Letter of outstanding balance from other banks/financial institutions (where applicable)
Work contract if employed less than one year
Quote from the vendor, which should not be older than 15 days
All documents are required in their original form. The list of required documents mentioned above is indicative only. The bank may at any time request additional documents or information to process your application(s).

Many thanks, out of interest do you have First National Bank on the island?  What I make use of both in Botswana and South Africa.  Natasha

FNB are not in Mauritius, Tash - does someone know whether they maybe have a co-operation agreement with one of the other banks ?


the list below is from the official website of bank of Mauritius (the national banking regulator)
https://www.bom.mu/financial-stability/ … rticipants

Below the list of banks, is a list of the 9 registered Leasing companies, which I know is something you also enquired about Tash

MCB is probably the bank that currently has the most clients and branches, with SBM being the second biggest.

The 3 banks that you'll recognise from Botswana / South Africa are Standard, Investec, and ABSA (formerly called Barclays)


BANKS

Bank of Mauritius
ABC Banking Corporation Ltd
Absa Bank (Mauritius) Limited
AfrAsia Bank Limited
Bank of Baroda
Bank One Limited
BanyanTree Bank Limited (Under Administration)
BCP Bank (Mauritius) Ltd
Century Banking Corporation Ltd
Habib Bank Limited
Investec Bank (Mauritius) Ltd
MauBank Ltd
SBI (Mauritius) Limited
Standard Bank (Mauritius) Limited
Standard Chartered Bank (Mauritius) Ltd
SBM Bank (Mauritius) Ltd
The Hongkong and Shanghai Banking Corporation Limited
The Mauritius Commercial Bank Ltd


LEASING COMPANIES

Cim Finance Ltd
Dölberg Asset Finance Limited (Under Receivership)
Expert Leasing Ltd
La Prudence Leasing Finance Co. Ltd
Mauritian Eagle Leasing Company Limited
MCB Leasing Limited
SICOM Financial Services Ltd
SPICE Finance Ltd
Tshusho Capital (Mauritius) Limited


INSURANCE COMPANIES

Afi Life Insurance Ltd
Indian Ocean General Assurance Co Ltd
Island Life Assurance Co Ltd
La Prudence Mauricienne Assurances Ltée
LAMCO International Insurance Ltd
MUA Life Insurance
National Insurance Co. Ltd
State Insurance Company of Mauritius Ltd (SICOM)
Swan Life Ltd


MICROFINANCE COMPANIES

MCB Microfinance Ltd


OTHER PARTICIPANTS

Development Bank of Mauritius Ltd
Employees Welfare Fund
Mauritius Housing Company Ltd
National Housing Development Co Ltd
Rogers Capital Finance Ltd
The Mauritius Civil Service Mutual Aid Association Ltd


UTILITY BODIES

Central Electricity Board
Central Water Authority
Mauritius Telecom Ltd
Wastewater Management Authority

Available as :    
Key Repo Rate
1.85 %
23 September 2020

Yield on 91-Day BOM/GMTB
0.18 %
29 January 2021


RUPEE EXCHANGE RATE

Consolidated Indicative Rates
29 January 2021
Buy (Notes)
Sell

EUR 1
46.8481
48.5614

GBP 1
53.0334
54.9960

JPY 100
36.5748
38.6203

USD 1
38.9319
40.0600

Many thanks, sent an enquiry to Absa so lets see what they have to say.  Natasha

Ceresiet wrote:

RUPEE EXCHANGE RATE

Consolidated Indicative Rates
29 January 2021
Buy (Notes)
Sell

EUR 1
46.8481
48.5614

GBP 1
53.0334
54.9960

JPY 100
36.5748
38.6203

USD 1
38.9319
40.0600

—————————————————-

UPDATE 6 months later:



RUPEE EXCHANGE RATE

Consolidated Indicative Rates
28 July 2021

Buy (Notes)
Sell

USD 1
41.8794
43.0521

EUR 1
49.2211
51.0447

GBP 1
57.7700
59.8669

JPY 100
37.3782
39.5173

tashwilmot wrote:

Many thanks, sent an enquiry to Absa so lets see what they have to say.  Natasha

Any feedback on whether Absa offer car finance to newly-arrived Expats ?

Hi

No never got a response for my email for this question.  However currently dealing with them to open a standard current account and so far so good.  Natasha