Monday 23 March 2020
- What is the definition of a ‘household’?
A household comprises husband and wife jointly, or a single parent.
- What is household loan?
Household loans include all existing rupee loans which have been disbursed to a Household by a commercial bank. Overdrafts, credit cards and other credit facilities are not included. Other credit facilities would include, amongst others, leasing facilities and other such facilities that do not reckon as a loan.
- What is the effective date of the measure to households?
This measure is effective as from 1st of April 2020. Capital repayments and interest payments remain operational for March 2020.
- What is the eligibility income criterion?
The combined monthly basic salary of households should not exceed Rs50,000. A bank should be in a position to identify these who show proof that they have been adversely impacted by COVID-19. Such a screening is to be done at the level of banks.
- How will banks claim interest rate relief from Bank of Mauritius?
The Bank of Mauritius will bear the interest payable for the period 1st of April 2020 to 30th of June 2020. Commercial banks will claim the funds from the Bank and specify the period for which the claim is being made. The claim should be supported by a list of the clients concerned with relevant details on interest payable, amongst others.
- What is the process to benefit from the 6-month moratorium and interest rate relief?
Both businesses and households have to apply to their respective commercial banks. Banks will have the responsibility of assessing the situation of businesses and targeted households to analyse whether they have been hit by COVID-19 before granting the moratoriums of 6 months and applying for the interest rate relief for households to the Bank of Mauritius.
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