FREQUENTLY ASKED QUESTIONS

Leases

  • What are the fees applicable for a lease request?

    Each lease request attracts fees, some of which are charged by the lessor and others are imposed by regulatory bodies (Registrar General, NTA, …) A Facility Fee of 1% is charged by the lessor for each lease request and a registration fee + stamp duty is charged by the Registrar General for the registration of the lease contract.

  • How should I insure the leased asset?

    It is compulsory that each leased asset is insured under a full comprehensive cover for its full value during the whole lease period. Depending on the type of asset leased, a specific insurance cover may be requested.

  • What is the maximum period for a lease?

    For new vehicles:

    • 5 years with a minimum deposit equivalent to the VAT amount
    • 7 years with a minimum deposit of VAT + a minimum deposit of 10% of the value of the vehicle

    For second hand/reconditioned vehicles:

    • 4 years for vehicles registered since 5 years
    • 5 years for vehicles registered since 4 years
  • What is the minimum deposit required for a leasing facility?

    For new vehicles:

    • Minimum deposit equivalent to the VAT amount

    For Second hand/reconditioned vehicles:

    • Minimum deposit of VAT + a minimum deposit of 10% of the value of the vehicle
  • What are the documents I need to provide when purchasing a second-hand vehicle?

    For Individual:

    • ID card recto-verso of vendor
    • Copy of horse power of vehicle
    • Letter of intent from vendor

    For Corporate:

    • Certificate of Incorporation
    • BRN and VAT number if applicable
    • Letter of intent from vendor
    • ID card recto-verso of Directors

    NB: Please refer to the full list of documents detailed on this website for an individual or corporate lease application.

  • What are the steps to follow when my lease expires?

    Ensure the residual amount is paid and follow up with your client executive to check when sale deeds are ready for collection in order to transfer the asset on your name.

  • My lease has expired and sale deeds collected, what's the next step?
    • You will need to go to the NTA to remove the “gage” on vehicle;
    • Thereafter go to the Registrar of Companies (General) at Emmanuel Anquetil Building, Port Louis to register the sale deeds;

    And finally return to the NTA with all documents (i.e. original horse power, registered sale deeds and insurance certificate to register the vehicle and obtain new horse power certificate) as the final step to bringing your lease to an end.

  • What happens in case of an accident or a total loss?

    It is important for you to follow the current legislation in terms of police reporting and/or insurance requirements. You should promptly inform SPICE of the accident so that we may follow-up with the insurance company.

  • What should I do if I want to sell my asset?

    Should you wish to sell your asset, there are several aspects of the lease contract that you will need to take into consideration, as well as possible VAT implications and registration duty charges on the asset. We recommend that you contact one of our Front Officers or Client Executives for advice on the way forward.

  • Balloon payments & re-scheduling options

    At any point in time during the lease period, a client may at his discretion make balloon payments to his lease account. Such payments will either reduce the existing monthly repayments over the original lease period or shorten the lease period whilst maintaining the same monthly instalments. Please ensure that you inform your Client Executive before such payments are made. Please note that this may entail applicable fees.

Deposits

  • What are the different types of interest rates offered?

    SPICE currently offers fixed and variable interest rates term deposits. Fixed interest rate deposits carry the same rate from the inception to the maturity of the deposit irrespective of changes in the monetary policy. On the other hand, variable interest rate deposits carry an interest rate which fluctuates with changes in the Repo Rate. The rate applied to a variable deposit is calculated as SPICE’s, Base Deposit Rate (BDR) + x.xx% (margin).

  • What is the interest rate frequency?

    Interest rate payments are usually made at fixed intervals. These intervals are chosen by the client at the start of the deposit. These intervals range between the most frequent "Monthly" through "Quarterly", "Half-yearly", "Yearly" and to "Maturity".

  • Should I wish to encash my deposit prior to maturity?

    You may encash your deposit at any point in time, however it is subject to applicable fees.  It is important for you to advise us in writing and remit to us your original deposit certificate in order to process your request.

  • I wish to renew my deposit, what do I do?

    Two weeks prior to the maturity of your deposit, you will need to notify us in writing. We will then assist you to complete the deposit renewal form and you will be requested to return the original deposit certificate in order to process your request.

  • Interest payment methods

    We have two interest payment modes namely by cheque or by direct credit to your nominated bank account. The latter is a preferred one as it eliminates the risk of loss through the post, and any delay in accessing the funds. The interest received could also be reinvested on special request.