Banks in Mauritius have approved a cumulative Rs 168 million worth of student loans over almost a year’s duration between April 15, 2013 and March 31, 2014, according to central bank data. Data released by the Bank of Mauritius showed that, of this amount, Rs 141 million was approved under normal banking terms, whereas only Rs 27 million was sanctioned under the Government Guaranteed Scheme.
The three banks which have approved the maximum student loans under normal banking terms are State Bank of Mauritius (SBM), the Mauritius Post and Cooperative Bank (MPCB) and the Hongkong and Shanghai Banking Corporation (HSBC). Mauritius’ second largest bank SBM has sanctioned loans worth Rs 55 million while the MPCB follows at a distance with Rs 33 million worth of student loans being sanctioned from April 15, 2013 to March 31, 2014. Finally, HSBC is a close third with Rs 26 million sanctioned by the MNC financial services major under normal banking terms.
Under the Government Guaranteed Scheme, once again SBM approved the most student loans, for an amount of Rs 10 million. The Mauritius Commercial Bank (MCB) lags far behind with only Rs 5.7 million worth of student loans having been approved by the largest bank in Mauritius, while MPCB tags MCB’s coattails at Rs 5 million.
Moreover, the outstanding amount of student loans sanctioned by all banks in Mauritius till date came to Rs 937 million as at 31 March 2014, with Rs 923 million being sanctioned under the normal banking terms and a mere Rs 14 million under the Government Guaranteed Scheme.
MCB surpassed other banks with Rs 396 million outstanding in its books for student loans sanctioned till date under the normal banking scheme and Rs 6 million under the Government Guaranteed Scheme.
SBM on the other hand has Rs 254 million outstanding for student loans sanctioned till date under normal banking terms and Rs 4 million under the Government Guaranteed Scheme.
Finally, MPCB has Rs 189 million outstanding under the normal banking terms and Rs 1 million under the Government Guaranteed Scheme.
Image (Cable Education): Of this amount, Rs 141 million was approved under normal banking terms, whereas only Rs 27 million was sanctioned under the Government Guaranteed Scheme.
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