The SBM Zero Interest Medical Loan is a special scheme which has been designed in collaboration with the Ministry of Health & Wellness and select Private Hospitals to provide relief to citizens of Mauritius undergoing treatment in private hospitals in Mauritius. The key feature of this product is that it is interest-free throughout the entire tenor of the loan. Processing fees and ledger fees are also waived on this special scheme. The Zero Interest Medical Loan can be secured against a Personal Guarantee or against any other collateral acceptable by the Bank.
Key Features
- 0% interest rate applicable throughout the whole tenor of the loan
- Minimum loan amount of MUR 50,000
- Up to 100% financing of cost of treatment with a maximum of MUR 1,000,000 per treatment
- Loan Repayment period of up to 7 years including an optional moratorium period of 1 year
- Waiver on processing fees and ledger fees
Who can benefit from the Zero Interest Medical Loan?
This scheme is open to individuals meeting the following eligibility criteria:
- Mauritian citizens residing in the Republic of Mauritius for at least six months prior to the treatment unless he/she has been away for treatment, vacation, business, or education, AND
- Total household (husband and wife jointly, or single parent) gross income of Beneficiary does not exceed MUR 200,000 per month.
Terms & Conditions specific to the Zero Interest Medical Loan (Click here)
General Terms and Conditions for Loan Facilities (Click here)
Beneficiary (the person undergoing the treatment):
- Original Medical certificate from a Certified Medical Practitioner certifying that the Beneficiary requires to undergo a treatment
- Original Quotation for treatment from one of the Licensed Private Hospitals participating in this scheme
- National Identity Card of Beneficiary or Birth Certificate of Beneficiary if Beneficiary is a minor
- Evidence that total household (husband and wife jointly, or single parent) gross income of Beneficiary does not exceed MUR 200,000 per month
- Original Final Certified Bill from Licensed Private Hospital participating in the scheme (upon completion of treatment at concerned Private Hospital)
Borrower (the person(s) taking the loan on behalf of the beneficiary):
- National Identity Card of Borrower(s)/Personal Guarantor
- Recent proof of address of Borrower(s)/Personal Guarantor (utility bill – MT, CWA or CEB), not older than 3 months
- Bank statements of the last 3 months for existing Borrower(s)/Personal Guarantor / Bank statements of the last 6 months for new-to-bank customers
- For Salaried Borrower(s) /Personal Guarantor: Salary slips of Borrower(s) of the last 3 months
- For self-employed Borrower(s) /Personal Guarantor:
- Latest tax returns and receipts / confirmation of income tax filing
- Details of trading income and expenditure
- Life Insurance policy in the name of Borrower(s) (will be requested following loan approval, prior to disbursement)
Additional documents required if loan is secured by a Fixed Charge on property:
- National Identity Card of owners
- Birth Certificate of owners
- Marriage Certificate of owners (if applicable)
- Divorce Certificate of owners (if applicable)
- Site plan of property offered as security
- Affidavit (duly registered and transcribed)
- Title Deed (duly registered and transcribed)