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Unsecured Loan
Are you in need of a quick loan and you are a civil servant, an employee of a parastatal body, a state-owned company, a public entity or a pensioner of a statutory body whose occupational pension scheme* is administered by SICOM? (*Terms & Conditions apply)
About this product
SICOM My SpeedyLoan is the solution for a quick and easy unsecured loan facility and can be used to finance your personal projects such as: Refurbishment or renovation of your home, Refinancing of an existing loan, Educational purposes, Wedding expenses, Medical expenses etc.
Special Offer for Public Sector Nursing Officers
SICOM Educloan, developed in collaboration with Uniciti International Education Hub (UIEH), is intended for nursing officers in the public sector who hold a diploma, are registered with the Nursing Council, and seek to advance their careers in the health sector.
Click here for more details.
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Competitive Interest Rate
Attractive interest rate as from 8% p.a to 8.7% p.a (fixed) depending on credit rating
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Loan Amount
As from Rs 50,000 and up to Rs 1,000,000
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Guarantors
No guarantor required for a Loan up to Rs 300,000
Product Features
Choose SICOM MySpeedy Loan & benefit from:
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Interest Rate - Speedy Loan
Attractive interest rate as from 8% p.a to 8.7% p.a (fixed) depending on credit rating
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Interest rate- Educloan for Nursing Officers
Fixed interest rate of 8.0% p.a for all applicants (effective rate is 8.30 %)
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Loan Amount
Minimum Loan amount is Rs 50,000 and Maximum Loan is Rs 1,000,000.
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Period
Up to 7 years, repayable by check-off
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Guarantors
No guarantors for loan up to Rs300,000, 1 guarantor for loan up to Rs500,000 & 2 guarantors for loan up to Rs1,000,000
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SICOM Pensioners
No guarantor required for Pensioners of Schemes administered by SICOM
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Security
Check-Off Mandatory and an adequate life assurance cover
( Terms and conditions apply)*
Useful Information
Applicants
Individuals up to 64 years at time of enrollment with the following professional background:
- Civil servant
- Employees of parastatal bodies
- Employees of state-owned companies & public entities
- Pensioners of schemes administered by SICOM
Guarantors
- Personal guarantors must be civil servants or working in Parastatal Bodies or State Owned Enterprises
- Guarantors must also satisfy the 50% repayment capacity
- Guarantor(s) cannot opt out once the application has been processed
Pensioners of Statutory bodies administered by SICOM
- No guarantor required for Pensioners of Statutory bodies administered by SICOM
- Pensioners will be eligible for personal loan only if their pension is paid by SICOM Ltd through Occupational Pension Scheme only
- Pensioners should subscribe to Group Life Protection Scheme
- At time of application pensioners must not be 65 years old and maximum repayment
term will be 5 years
- Certified copy of National Identity Card(s) of applicant(s) and/or guarantor(s)
- Certified copy of last month payslip of applicant(s) and guarantor(s)
- A recent Utility Bill (CEB or CWA or Mauritius Telecom)- not more than 3 months of applicant(s) and/or guarantor(s)
- Letter of Comfort from Employer
- Certified Copy of Marriage/Birth Certificate applicant(s) and guarantor(s), if applicable
- The maximum loan repayment period will be 7 years.
- The monthly repayment of the loan in capital and interest will normally not exceed 50% of applicant(s)’ income(s) and/or will be subject to the company's appraisal.
- A front end fee of one (1%) of the loan is payable and will be deducted from the loan amount upon disbursement.
- Check-Off is mandatory
- All loans should also be secured by a life insurance cover with the Company.
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Competitive Interest Rate
Attractive interest rate as from 8% p.a to 8.7% p.a (fixed) depending on credit rating
-
Loan Amount
As from Rs 50,000 and up to Rs 1,000,000
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Guarantors
No guarantor required for a Loan up to Rs 300,000
This product is offered by: SICOM Financial Services Ltd
BRN:C07023531
FSC License No: LC06000053