SPICE FAQ’s

Leasing Solutions

Yes, we provide leases being sold by individuals or at second-hand dealerships.

Each lease agreement attracts fees, some of which are charged by the lessor and others are imposed by regulatory bodies (Registrar General, NTA, …) A Facility Fee 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.

It is compulsory that each leased asset is insured under a fully 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.

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 local and imported vehicles:

   4 years for vehicles registered since 5 years

   5 years for vehicles registered since 4 years

Minimum deposit of VAT + a minimum deposit of 10% of the value of the vehicle

Individual clients:

  • National Identity Card or a valid Passport – Recto -Verso
  • Proof of residential address (dated less than 3 months old)
  • Last Payslip (original document) – (if variable salaries, please provide for the last 3 months)
  • Original Bank statements (last 6 months as at application date)
  • Quotation/ Proforma Invoice from supplier/seller
  • Birth certificate for applicant(s)
  • Marriage Certificate and National Identity Card (recto and verso) or Passport of Spouse (where applicable)
  • Business Registration Card (if self-employed)
  • Trade License (if self-employed)
  • Declaration of income form (if self-employed)
  • Proof of source of deposit
  • Copy of horse power of vehicle (2nd hand)

Corporate clients:

  • Certificate of Incorporation
  • Extract of File – From the Registrar of Companies (dated less than 3 months) or MNS Report
  • Business registration Card
  • Trade Licence
  • VAT Registration card (if Company is VAT Registered)
  • ID Card of all Directors, Shareholders (>20%), other authorized signatories and beneficial owners(recto-Verso)
  • Proof of residential address of persons listed in (6) above (dated less than 3 months)
  • Board Resolution (to be submitted on date of signature of lease contracts)
  • Signed last audited accounts and financial statements including notes duly signed (if applicable)
  • Beneficial owner(s) declaration form
  • Last management accounts (if available – signed document)
  • Forecast (if available – signed document)
  • Quotation/ Proforma Invoice from supplier
  • Bank statements (original documents)
  • Last 6 months as at application date for Turnover less than Mur 25m/year as per last Financial Statements
  • Last 3 months for Turnover as at application date between Mur 25m and Mur 50m as per last Financial Statements
  • Not applicable for Turnover above Mur 50m
  • Additional bank statements may be requested by the Credit Committee.

SPICE will inform you in writing at least two months prior to the expiry date and provide you with the options and details available to you.

  • 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;
  • Insurance certificate
  • 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.

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.

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 Relationship Officer or Relationship Executive for advice on the way forward.

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 Relationship Executive before such payments are made, so your lease agreement will be adjusted accordingly. Please note that this may entail applicable fees.

Term Deposits

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 varies 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).

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”.

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. You may contact your SPICE relationship executive for more details.

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.

We have two interest payment by direct credit to your nominated bank account.

Please check our website for more information about our services: www.spicefinance.mu

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