E-commerce transaction limits waived

All SBM branches to open as from Wednesday 13 May 2020

SBM Group SBM Group

Branch opening and operations on Saturday 9 May 2020

SBM e-secure: Additional level of security

COVID-19 Household Support Programme


COVID-19 Household Support Programme
BZ1627
Wed, 04/22/2020 – 14:35

Dear Valued Customers, 
In line with the Public Notice issued by the Bank of Mauritius on 20 April 2020 entitled “Measures to support Local Economic Operators, SMEs and Households in the COVID-19 Context and Modus Operandi for the disbursement of funds under the Support Programme (Special Relief Amount and Special Account)”, SBM Bank is pleased to present to you the Terms and Conditions applicable to the BOM COVID-19 Support to Households Programme.

The Terms and Conditions to benefit from this programme are as follows: 

Two categories of customers adversely impacted by COVID-19 falling under the scope of this support programme have been identified as follows: 

Category 1:  Borrowers eligible under the BOM scheme 
 

 
Category 1C (Households)
Category 1D (Individuals)
Eligibility   

The combined monthly basic salary of the household (husband and wife jointly or single parent) should not exceed MUR 50,000* AND
Household adversely impacted by COVID-19 (e.g. loss of job, technical holiday, reduced salary).
The customer’s loan has been well serviced as at date in our books with no arrears.

The monthly basic salary of the individual should not exceed MUR 50,000* AND
Individual adversely impacted by COVID-19 (e.g. loss of job, technical holiday, reduced salary).
The customer’s loan has been well serviced as at date in our books with no arrears.
 

Moratorium

6 months on capital repayments as from the month in which complete request along with all required documents is submitted to the bank.  The Bank of Mauritius will also pay interest on the outstanding household loans for the period 1st of April 2020 to 30th of June 2020 (subject that the complete request along with supporting documents is submitted to the bank in the month of April). If complete request is submitted after April but before end of June, interest will be refunded from the month in which request is made up to 30th June.  This will not take into account any arrears on the capital repayments and interest accrued on household loan prior to the 1st of April 2020. 

6 months on both capital and interest repayments as from the month in which complete request along with all required documents is submitted to the bank.
 

 

 

Facilities concerned

All consumer loans disbursed in Mauritian Rupee excluding overdrafts, credit cards and leasing facilities. Consumer loans falling under the scope are thus: Home Loans, Boost Loans, Personal Loans, Achiever Loans and Eco Loans.

Required documents

The latest salary/pay slip.
Letter from employer indicating that the employee’s salary has been reduced or that the employee is otherwise impacted by COVID-19. 
Self-employed households will be required to provide documentary evidence to that effect. The bank will make its own assessment based on statement of accounts and income patterns. 
Important: Please note that the above-mentioned documents are mandatory to benefit from the interest relief. 

 

Category 2:  Other borrowers not meeting BOM scheme criteria but impacted by COVID-19

Eligibility: 
Household adversely impacted by COVID-19 (e.g. loss of job, technical holiday, reduced salary).
The customer’s loan has been well serviced as at date in our books with no arrears.
Moratorium Period: 
Not to exceed 6 months on capital repayment only, effective as from the month in which complete request along with all required documents is submitted to the bank 
Facilities concerned: 
All consumer loans disbursed in Mauritian Rupee excluding overdrafts and credit cards.  Consumer loans falling under the scope are thus: Home Loans, Boost Loans, Personal Loans, Achiever Loans, Eco Loans and Leases.
Required documents:
Latest payslip 
Letter from employer indicating that the employee’s salary has been reduced or that the employee is otherwise impacted by COVID-19 or any other evidence acceptable to the bank.
 
Note: For self-employed clients, household income eligibility will be determined based on existing criteria for assessing credit worthiness of customers; i.e.; salary, turnover or MRA return (if available).How to apply? 

Please download the APPLICATION FORM COVID-19 Support Programme: CLICK HERE
 
After duly filling and signing the application form, please submit same, along with the required supporting documents to SBM either by email at [email protected] or at any SBM branch currently open as prescribed above but not later than  30th June 2020. 
 
Once the bank approves the customer’s request, the applicable moratorium will be applied and the loan shall be rescheduled after the moratorium period. A variation letter to the loan agreement will hence be issued.
You may also wish to consult the list of Frequently Asked Questions in relation to this programme.

SBM Group SBM Group

COVID-19 Support to Households Programme


COVID-19 Support to Households Programme
BZ1627
Wed, 04/22/2020 – 14:35

Dear Valued Customers, 
In line with the Public Notice issued by the Bank of Mauritius on 20 April 2020 entitled “Measures to support Local Economic Operators, SMEs and Households in the COVID-19 Context and Modus Operandi for the disbursement of funds under the Support Programme (Special Relief Amount and Special Account)”, SBM Bank is pleased to present to you the Terms and Conditions applicable to the BOM COVID-19 Support to Households Programme.

The Terms and Conditions to benefit from this programme are as follows: 

Two categories of customers adversely impacted by COVID-19 falling under the scope of this support programme have been identified as follows: 

Category 1:  Borrowers eligible under the BOM scheme 
 

 
Category 1C (Households)
Category 1D (Individuals)
Eligibility   

The combined monthly basic salary of the household (husband and wife jointly or single parent) should not exceed MUR 50,000* AND
Household adversely impacted by COVID-19 (e.g. loss of job, technical holiday, reduced salary).
The customer’s loan has been well serviced as at date in our books with no arrears.

The monthly basic salary of the individual should not exceed MUR 50,000* AND
Individual adversely impacted by COVID-19 (e.g. loss of job, technical holiday, reduced salary).
The customer’s loan has been well serviced as at date in our books with no arrears.
 

Moratorium

6 months on capital repayments as from the month in which complete request along with all required documents is submitted to the bank.  The Bank of Mauritius will also pay interest on the outstanding household loans for the period 1st of April 2020 to 30th of June 2020 (subject that the complete request along with supporting documents is submitted to the bank in the month of April). If complete request is submitted after April but before end of June, interest will be refunded from the month in which request is made up to 30th June.  This will not take into account any arrears on the capital repayments and interest accrued on household loan prior to the 1st of April 2020. 

6 months on both capital and interest repayments as from the month in which complete request along with all required documents is submitted to the bank.
 

 

 

Facilities concerned

All consumer loans disbursed in Mauritian Rupee excluding overdrafts, credit cards and leasing facilities. Consumer loans falling under the scope are thus: Home Loans, Boost Loans, Personal Loans, Achiever Loans and Eco Loans.

Required documents

The latest salary/pay slip.
Letter from employer indicating that the employee’s salary has been reduced or that the employee is otherwise impacted by COVID-19. 
Self-employed households will be required to provide documentary evidence to that effect. The bank will make its own assessment based on statement of accounts and income patterns. 
Important: Please note that the above-mentioned documents are mandatory to benefit from the interest relief. 

 

Category 2:  Other borrowers not meeting BOM scheme criteria but impacted by COVID-19

Eligibility: 
Household adversely impacted by COVID-19 (e.g. loss of job, technical holiday, reduced salary).
The customer’s loan has been well serviced as at date in our books with no arrears.
Moratorium Period: 
Not to exceed 6 months on capital repayment only, effective as from the month in which complete request along with all required documents is submitted to the bank 
Facilities concerned: 
All consumer loans disbursed in Mauritian Rupee excluding overdrafts and credit cards.  Consumer loans falling under the scope are thus: Home Loans, Boost Loans, Personal Loans, Achiever Loans, Eco Loans and Leases.
Required documents:
Latest payslip 
Letter from employer indicating that the employee’s salary has been reduced or that the employee is otherwise impacted by COVID-19 or any other evidence acceptable to the bank.
 
Note: For self-employed clients, household income eligibility will be determined based on existing criteria for assessing credit worthiness of customers; i.e.; salary, turnover or MRA return (if available).How to apply? 

Please download the APPLICATION FORM COVID-19 Support Programme: CLICK HERE
 
After duly filling and signing the application form, please submit same, along with the required supporting documents to SBM either by email at [email protected] or at any SBM branch currently open as prescribed above but not later than  30th June 2020. 
 
Once the bank approves the customer’s request, the applicable moratorium will be applied and the loan shall be rescheduled after the moratorium period. A variation letter to the loan agreement will hence be issued.
You may also wish to consult the list of Frequently Asked Questions in relation to this programme.

SBM Group SBM Group