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Mutual Aid Association

Educational Loan Scheme
The Educational Loan Scheme is meant to finance the tertiary education of a member, his wards or
spouse.

TERMS AND CONDITIONS

1. (i) Only one educational loan will be disbursed per course.
(ii) A couple (husband and wife) may apply jointly for an educational loan of upto Rs 600,000 for one ward.
(iii) A member will be eligible to a maximum of two educational loans, for himself and his ward depending on his repayment capacity.
(iv) Each loan will be disbursed in a lump sum up to a maximum of Rs 600,000 depending upon the undermentioned criteria :
(a) LOCAL INSTITUTIONS – Full tuition fees + 25 % as ancillary expenses.
(b) ABROAD – twice full tuition fees up to a maximum of Rs 600,000 per loan.
(c) If an applicant has already reached the age of 48 years, the loan amount or period of refund will be based on his/her future pension.
(d) The applicant may opt to offset his existing loan balance to get the maximum amount by signing
an undertaking
(v) A recast of loan may be granted after having refunded 12 instalments.

For more information, please click on the link below

Website: http://www.mcsmutualaid.mu/loans.htm