COVID-19: Customer support and our action plan

The Support Programme has taken effect from 23 March 2020 and will run up to the 30th June 2021

Applicants availing of these funds must demonstrate that they are being adversely affected by COVID- 19. Payment of rent for those impacted sectors is also included.

Economic operators benefitting from the scheme should use their best efforts not to lay off their employees.

After the due diligence process, banks will disburse the funds to the applicants.

Rate of interest and repayment

• The facilities are for a period of 48 months, out of which there will be a moratorium of 9 months on capital and interest payments.

• For the special relief amount, the funds being lend to customer will be at the fixed rate of 1.50 per cent per annum.

• Repayment under the special relief amount shall be effected on a monthly basis.

Moratoriums

The moratoriums announced by the Bank of Mauritius on the repayment of capital and interest, where applicable, on loans granted by commercial banks aim at temporarily alleviating the financial constraints of those businesses currently experiencing difficulties over the scheduled repayment of loans as a direct result of the COVID-19 pandemic. The moratoriums are as follows:

Maximum amount to be disbursed per applicant

Indicative amounts that can be disbursed to any customer in the undermentioned sectors are as follows:

• The caps give an indication of how much can be disbursed for these respective sectors and banks should use these indications as a guide and should be reasonable in the amount that they exceed those indicative amounts.

• Banks should conduct their usual due diligence prior to granting those facilities and should not unreasonably withhold approval if they are satisfied that the borrower has been affected by COVID-19.

• If a borrower is a customer of several banks, the amount that will be made available by each of the banks should be based on the exposure of the customer to that bank.