There will always be times in life when you need money – and it helps to know what your options are, and what’s the best choice for you at your particular stage in life.

Our aim is to help you get ahead financially, regardless of the point you’re starting from.

No matter who you are, where you’re at in life, or where you want to be – we can promise you a willing ear and simple, practical suggestions.

  1. All loans shall be governed by the Society’s Loan Regulation.
  2. On applying for a loan, members must meet the CEO or the Accountant with the following documents :
    • Identity Card
    • Marriage Certificate/ Birth Certificate/ Divorce Certificate (where applicable)
    • Recent Utility Bill
    • Payslip for the last 3 months
    • Bank Statement for the last 6 months (applicable mainly to self-employed)
    • Documentary evidence of additional income
    • Copy of Trade License / Business Registration Card (applicable mainly for self-employed)
    • Balance certificate of any amount due at other Financial Institutions
    • Any other document as may be required
  3. Guarantors should provide the following:-
    • Identity Card
    • Recent Utility Bill
    • Latest Payslip
    • Bank Statement for the last 6 months (applicable mainly to self-employed)
    • Copy of Trade License / Business Registration Card (applicable mainly for self-employed)
    • No Withdrawal can be made from a life savings account if the member has stood as guarantor/s for loans taken by another member(s)
  4. Effective as from 1st July 2012 Processing Fee shall be charged as follows:-
    Range Rate
    Rs. 50,001 to Rs. 200,000 0.20%
    Rs. 200,001 to Rs. 2,000,000 0.25%
    Above Rs. 2,000,000 0.35%
  5. An early disbursement fee of 0.5% will be applicable on any additional deposit made on Life savings just before application. Such fee will be waived if the disbursement of the loan is made six months after the additional deposit.
  6. A penalty on 5% on each instalment unpaid when due shall be charged.
A member is eligible to apply for a loan under this specific account up to a maximum of five times of his Life Savings balance.

The maximum loan that can be borrowed will be MUR 2,000,000.

As security for the loan, member may be required to provide guarantee from two active members of the Society.

However, the security may in certain cases be varied in which case a floating charge or fixed charge will be taken.

Note: Management and Loan (Credit) Committee reserve the right to decide on the most appropriate guarantee to cover the loan.

A very interesting feature is that the said loan is insured, free of charge, i.e. in case of death the balance outstanding gets fully repaid by the insurance; provided that the member is regular in his loan repayments.

Be the owner of your own home.

This loan will be disbursed to finance the following:
(i) Purchase of a freehold land to be used for construction
(ii) Purchase of house, flat, apartments
(iii) Financing the construction works

Fixed charge will be required as security and capacity of repayment will be assessed first.

This loan has been tailored to allow members to borrow money for the purchase of home appliances.

To benefit from the loan a routine assessment is carried to ascertain members’ repayment capacity and a pro forma invoice should be presented.

Disbursement shall be made in favor of the dealer.
Depending of the amount borrowed a maximum repayment of 3 years can be granted.
Interest rate is much fairer than hire purchase interest (applicable on the market).

2 clear guarantor members of the Society will be required.

Many families do have difficulties to pay the SC/HSC exams fees for their children.
As usual the VPMPCS is here with a solution through its Exams Fees Loans.

This loan is given on a reasonable term to allow members who form part of the Solidarity plan to pay the exams fees of their children.

This loan facility is extended for the repayment of University Fees or any academic/professional fees. In this case the amount of loan shall not exceed MUR 15,000.

Proof of course/examination fee should be provided.

A routine assessment is carried to ascertain his repayment capacity.

At VPMPCS we value the importance of Education and this is the primary reason why an Educational Loan has been specially designed to meet the needs of our members.

This loan is granted to finance Tertiary education of a member or his children.

A Fixed charge is normally taken to secure this loan.

Loans of greater amount which are mainly used for business purposes can be borrowed under this account.

Eligibility assessment criteria are:
(i) Capacity to repay
(ii) Provision of collaterals to secure the loan, and
(iii) Any other condition required by the Society.

Fixed charge should be provided to secure this type of loan.

Members should take an insurance cover for their loan account.

Open Account

Membership is open to every honest Mauritian, regardless of sex, class, creed or political beliefs. All you have to do is to be recommended by 2 existing members of the society.
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