Directory of Education & Career : The Educational Value Proposition by Bank One

CEO: Mark Watkinson

Address: Bank One Waterfront, Astrolabe Building, Port Louis Waterfront

Tel: (230) 202 9200

Fax: (230) 212 8883

Email: contactcentre@nullbankone.mu

Website: www.bankone.mu

Education and training form part of the main values of Mauritius, an island country with virtually no natural resources. It remains key to the development and progress of the country and it is with this vision in mind that Bank One provides tailor-made financing solutions to help make education more accessible.

Indeed, Bank One offers several financing plans, including one dedicated to tertiary studies in Mauritius and abroad. These types of loans are generally very attractive and are designed to give a better chance to students. In most cases, the borrower is a parent or any other close relative of the student who would be employed or self-employed.

A student wishing to study abroad must provide a certificate demonstrating acceptance at a university or other foreign training institution. In addition, a detailed list of education fees will also be required, including registration fees, accommodations, transportation and more.

Depending on individual cases, Bank One finances the full tuition fee and other expenses such as accommodation and airline tickets, up to a ceiling of Rs 2 million. Applications for unsecured student loans are processed taking into account several criteria and are studied on a case-by-case basis; whereas secured loans mainly depend on the repayment capacity as well as the value of the asset that has been put as security.

The disbursement is normally carried out either by semester or annually, depending on the criteria applicable to the tertiary institution. Generally, the interest rates are based on the risks associated with the loan. Thus, two schemes are currently in effect; one for secured loans (with a security) which is around 5.45% p.a. and a rate for unsecured loans which varies in the range of 7.60% to 9.60% p.a.

In the case of a secured loan, the client will have to offer as guarantee either a property or a fixed deposit, whereas for an unsecured loan, a salary pledge will be required. The repayment is done monthly over a period of up to 15 years. Student Loans may also include a moratorium on capital repayment for the duration of the studies plus an additional period of six months.

Bank One has seen a steady rise in student loan applications during the past few years reflecting students’ continued desire to pursue post-secondary education; which bodes well for the country in general and reflects a rise in skills.

Bank One is a joint venture between CIEL Finance Limited in Mauritius and Kenya-based I&M Group PLC. Over the last decade, it has built a client base of over 50,000, a dedicated team of over 425 experienced collaborators and an asset base exceeding MUR 45 billion. Bank One provides a wide range of banking products and services to its clients through a geographic footprint spread across the island of Mauritius, comprising of 7 branches and a well-distributed ATM network.