We make your business grow

Following the measures announced in the Budget 2012 by the Minister of Finance and Economic Development with regards to the grant of new as well as the renewal of existing fund based credit facilities to Small and Medium Enterprises (SMEs), with effect from 01st December 2011, the features of our SME scheme are as follows:
 

Interest rate

The facility shall be fund based and shall bear interest of 8.5% p.a
Applicable interest rate will be a maximum of REPO plus 3% margin (currently 5.5% + 3% = 8.5%)
Processing fees Fully waived
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Registration Fee No registration fees applicable on facilities below MUR 1million
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Security

Government guarantee of 35% of the loan exposure under the scheme
Additional Security to be provided by borrower
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(Terms and Conditions apply)

Credit facilities under the SME scheme will be extended to small and medium enterprises which satisfy the following criterias:

  • Small Enterprise: An enterprise which has an annual turnover of not more than Rs10 million
  • Medium enterprise: An enterprise which has an annual turnover of more than Rs 10 million but not more than Rs 50 million

As such the term ‘Enterprise’

  • mean any form of manufacture, craft by hand or foot, cultivation of fruits, vegetables or flowers, livestock breeding;
  • include a service ; and a co-operative society; but
  • does not include employment, religious or charitable institutions.

However, it is understood that the fund will not be used to finance any luxury items inclusive of luxury vehicles.