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AfricaMoney | August 20, 2017

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Mauritius: Banks approve students loans of Rs 505.43 million

Mauritius: Banks approve students loans of Rs 505.43 million

Of this amount, Rs 448.28 million was approved under normal banking terms, whereas only Rs 57.15 million was sanctioned under the Government Guaranteed Scheme. (Image: Financial Aid Finder)

Banks in Mauritius have approved a cumulative Rs 505.43 million worth of student loans over almost a year’s duration between April 15, 2013 and November 30, 2014, according to central bank data.

Data released by the Bank of Mauritius showed that, of this amount, Rs 448.28 million was approved under normal banking terms, whereas only Rs 57.15 million was sanctioned under the Government Guaranteed Scheme.

The three banks which have approved the maximum student loans under normal banking terms are the Mauritius Commercial Bank (MCB) Limited, State Bank of Mauritius (SBM), and the Mauritius Post and Cooperative Bank (MPCB).

Mauritius’ largest bank MCB has sanctioned loans worth Rs 251.03 million while the SBM lags far behind with only Rs 84.42 million worth of student loans being sanctioned from April 15, 2013 to November 30, 2014.

Finally, MPCB is a close third with Rs 52.96 million worth of student loans under normal banking terms.

Under the Government Guaranteed Scheme, once again MCB approved the most student loans, for an amount of Rs 22.56 million. The SBM lags far behind with only Rs 16.64 million worth of student loans having been approved by the second largest bank in Mauritius, while MPBC tags SBM’s coattails at Rs 5.98 million.

Moreover, the outstanding amount of student loans sanctioned by all banks in Mauritius till date came to Rs 937 million as at 30 November 2014, with Rs 949.74 million being sanctioned under the normal banking terms and a mere Rs 29.80 million under the Government Guaranteed Scheme.

MCB surpassed other banks with Rs 427.50 million outstanding in its books for student loans sanctioned till date under the normal banking scheme and Rs 13.38 million under the Government Guaranteed Scheme.

On the other hand, SBM has Rs 249.08 million outstanding for student loans sanctioned till date under normal banking terms and Rs 9.95 million under the Government Guaranteed Scheme.

Finally, MPCB has Rs 186.28 million outstanding under the normal banking terms and Rs 1.80 million under the Government Guaranteed Scheme.

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