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 SBM Achiever - Your Passport to Education
 
Description
 

SBM Achiever, our educational loan, has been enhanced to meet the financial requirements of students following courses at universities and training centres in Mauritius and abroad. You may now borrow up to a maximum loan amount of Rs 5,000,000 with 100% financing at very competitive interest rates, starting from 7.15% per annum (SBM PLR).  

The new SBM Achiever offer is now even more appealing and offers exclusive discounts from select partners namely: Air Mauritius, Cathay Tours, Silver Wings Travels Ltd, DHL Express, Le Bookstore, Librarie Le Cygne Ltee, Orange and Samsung.

Discounts and offers at these partners will be valid until 31 December 2014.

For more info, please download our SBM Achiever brochure.

 
 Features
 
  • Attractive interest rate, as from 7.15% per annum (SBM PLR)
  • Loan ranging from a minimum of Rs 50,000 to a maximum of Rs 5,000,000
  • Up to 100% financing
  • Term of up to 15 years, inclusive of a moratorium of 5 years on capital repayment for secured loan
  • Term of up to 8 years, inclusive of a moratorium of 3 years on capital repayment for unsecured loan
  • Flexible security option available
  • Loan disbursed in tranches
  • Discounts on legal and processing fees for Ex-Amigos customers
  • Free supplementary credit card, with the annual fee waived for 1st year
  • Waived fees for first prepaid card
  • Preferential foreign currency rates offered to students for study-related expenses
  • Possibility of internship at SBM for best candidates based on loan amount, field of study and results
 
 Benefits
 
  • Lower interest payable
  • Wider loan range to suit each customer’s individual needs
  • Improved cash flow
  • Customers have the choice to provide the security they can afford
  • Concessions on legal & processing fees for SBM Ex-Amigos members
  • Free Supplementary Credit Card for the first year
  • Waived fees for first prepaid card
  • Covers local and overseas educational requirements
 
 Eligibility Criteria
 
  • The student should have a secured seat in a university or training centre
  • Full-time course: Borrower should be the parents/relatives of the student
  • Part-time course: Student can be the borrower or co-borrower with parents/relatives
 
 Documents Required
 
  • Letter of offer from a university or training centre
  • Proof of cost and duration of studies
  • Proof of employment and salary or source of monthly income for the applicant
  • National Identity Card / passport of student and borrower
  • Latest utility bill
 
 FAQs
 
  • Who can borrow - the student and/or the parents/relatives?
    • Full-time course: Borrower should be the parents/relatives of the student
    • Part-time course: The student can be the borrower or co-borrower with parents/relatives
  • Will SBM finance all the expenses?

Yes, SBM provides up to 100% financing for the studies and will cover expenses such as fees and accommodation (subject to supporting documentation). In specific cases, SBM will also finance expenses of accommodation, transport etc where university fees are free but related expenses are not.

  • What does a moratorium on capital repayment mean?

During the moratorium period, you will only pay interest on any amount disbursed thus easing your cash outflow.

  • On what would the moratorium period on capital repayment depend?

The moratorium period would depend on the duration of the study. In addition to the period of study, 6 months’ supplementary moratorium is offered to cater for the time until the student finds a job (total maximum moratorium period is 5 years).

  • Until what age can the loan amount be repaid?

The loan maturity date (maximum of 8 years for unsecured loan or maximum of 15 years for secured loan) should not exceed the retirement age of the borrower.

  • Can the parent give the child a credit card or a prepaid card?

SBM Achiever offers the customer the possibility to give the child a free supplementary credit card [no Membership Fee for the First Year].

A prepaid card can also be provided to the child whereby the fees for the first card shall be waived.

  • What do we mean by “loan will be disbursed in tranches”?

For example: If a customer takes a loan of Rs 300,000 for a period of 3 years and for each year of study he needs to pay the university Rs 100,000. In the first year SBM will disburse Rs 100,000, in the second year another Rs 100,000 and in the third year the last sum of Rs 100,000.

  • How does the customer end up paying less interest when the loan is disbursed in tranches?

Taking the above mentioned example into account, in the first year only Rs 100,000 is disbursed. Interest is therefore payable on the disbursed amount only, i.e. Rs 100,000 rather than on the whole loan amount of Rs 300,000.

  • What are flexible security options?
    • For loans of up to Rs 500,000, ONLY ONE ACCEPTABLE personal guarantor is required
    • Loans above Rs 500,000 require tangible security, namely fixed deposits or immovable property or any other guarantees acceptable by the Bank
 
   
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