The MauBank Financial Support Scheme has been introduced to bring relief to customers facing difficulty to repay their current loans, as a result of the recent increases in the rate of interest which have impacted their monthly loan repayment amount. The support scheme applies to Home, Education and SME loans.
Effective 3rd July 2023, existing customers will be able to apply for either a moratorium, or a rebate on the interest rate of their current Home Loans, a rebate on interest on Education Loans, and an extension on the repayment period of SME loans.
Customers interested in applying for new Home Loans, Education Loans and SME Loans may also benefit from special rates and conditions under the Support Scheme.
Visit any MauBank Business Centre to apply.
Home Loan - Moratorium
- Moratorium on capital repayment
- Duration: 12 months
- Loan Amount: Needs based
- Eligibility: Household income not exceeding Rs 100,000 monthly
- Processing Fee: 0.5% of loan balance, to a maximum of Rs 5,000
- This scheme allows existing home loan customers to temporarily suspend their housing loan capital repayments for a period of 1 year, offering them some relief from financial obligations.
- Interest continues to be serviced on a monthly basis.
- The contractual Rate of interest applies
- The security on the loan remains unchanged.
- The Insurance cover will be extended in case the loan tenor is extended.
- A Processing fee of 0.5% of the loan balance, with a maximum of Rs 5,000, applies.
- After the 12-month moratorium period, capital and interest repayment will resume.
- Applications can be made from 3 July 2023 to 02 July 2024.
Eligibility:
- Customers whose Household income does not exceed Rs 100,000 per month.
- Evidence of financial constraint should be provided
Home Loan – Rebate on Interest
- Reduced rate of interest: Key rate + 1%
- Duration: 12 months
- Original Loan Amount: Up to Rs 5,000,000
- Eligibility: Household income not exceeding Rs 100,000 monthly
- Processing Fee: Flat Rs 500
- The Interest applicable is Key Rate + 1% for a period of 12 months.
- The security on the loan remains unchanged.
- The Insurance Cover on the loan continues to apply
- The tenor of the loan remains unchanged.
- A flat fee of Rs 500/ as processing fees applies.
- The contractual Rate of interest is reinstated after the 12 months.
- Applications can be made from 3 July 2023 to 2 July 2024
Eligibility:
- The original Loan amount should not be more than Rs 5 million.
- The Household income should not exceed Rs 100,000 per month
- Evidence of financial constraint should be produced.
Education Loan
- Reduced rate of interest: Key rate + 1%
- Duration: 12 months
- Loan Amount: Needs based
- Eligibility: Open
- Processing Fee: Flat Rs 500
- The Interest applicable on Education loans will be at Key Rate + 1% for a period of 12 months.
- The security on the loan remains unchanged.
- The insurance Cover on the loan continues to apply.
- The Tenor of the loan remains unchanged.
- A flat fee of Rs 500/- as processing fees applies.
- The Contractual Rate of interest is reinstated after the 12 months.
- Applications can be made from 3 July 2023 to 2 July 2024
Eligibility:
- The rebate on interest applies irrespective of the original loan amount. Evidence of financial constraint should be provided.
SME Loan
- Extended Repayment Period
- Duration of extension: Up to 24 months
- Loan Amount: Needs based
- Eligibility: Open
- Processing Fee: 0.5% of loan balance with a maximum of Rs 5,000
- This scheme is designed to support small and medium-sized enterprises (SMEs) by allowing eligible existing customers to extend the tenor of their SME facilities up to 24 months. This extension aims reduce the monthly repayment and to provide additional breathing space for SMEs facing financial challenges.
- Contractual Rate of interest
- Insurance cover for extended loan tenor.
- Processing fees at 0.5% of loan balance with a maximum of Rs 5,000.
- Applications can be made from 3 July 2023 to 2 July 2024
Eligibility:
- The extention of tenor applies to SME Loans, irrespective of the original amount.Evidence of financial constraint should be provided.
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Open your account and enjoy the many services at MauBank.
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Car Loan
Education Loan
Personal Loan
Housing loan