SBM Achiever was devised to meet the financial requirements of students studying in universities and training centres of Mauritius and abroad.100% financing is offered at very competitive interest rates.
- Open to both SBM and NON - SBM customers
- Minimum of Rs 50,000 and maximum depends on repayment capacity, security provided by applicant and field of study
- Up to 100% financing
- Term of up to 20 years, inclusive of a moratorium of 5 years on capital repayment for secured loans.
- Term up to 10 years, inclusive of a moratorium of 3 years on capital repayment for unsecured loans.
- Flexible security option available
- Waived fees for the first prepaid card
- Preferential foreign currency rates offered to students for study-related expenses
- Possibility of an internship at the SBM for best candidates based on loan amount, field of study and results
- Customers have the choice to provide the security they can afford
Who can borrow?
- Full-time course: The 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 Achiever finance all the expenses?
Yes, the SBM provides up to 100% financing for the studies and will cover expenses such as fees and accommodation (subject to supporting documentation).
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.
Until what age can the loan amount be repaid?
The loan maturity date (a maximum of 10 years for unsecured loan or a maximum of 20 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. 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, the 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 security options?
- For unsecured loans one acceptable guarantor may be required in some instances
- For secured loans tangible security namely fixed deposits,immovable property or nay other collaterals acceptable to the bank is required.