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EWF Covid-19 Relief Scheme

THE SCHEME

The EWF has set up a relief scheme known as “EWF COVID-19 RELIEF SCHEME”, in an attempt to lighten the burden of loan servicing of borrowers who have been adversely affected by Covid-19 pandemic, especially due to

(I) Loss of Income

(II) Reduced Salary

(III) Loss of job / temporary redundancy

1.Eligible members may benefit from one of the following payment facilities:

(I) PF01 – Moratorium on loan payment (both capital and Interest) up to 6 months

(II) PF02 – Payment of Interest only for period not exceeding 6 months and Extension of initial loan period by equivalent number of months

(III)PF02 – Payment of interest only for period not exceeding 6 months while maintaining the initial maturity date.

2.Application criteria

Eligible clients can apply for the EWF COVID-19 Relief Scheme by filling EWF application form available on the EWF Website together with supporting documents, as stated below, provided that their Loan account was up to date before COVID-19:

Salaried clients

  • Latest salary slip
  • Relevant letter from employer confirming termination of contract or reduction in income

Self-employed clients

  • Latest MRA return
  • Bank statements for the past 6 months where personal income is credited
  • Supporting letter to explain reduction in income

The duly filled application form and supporting documents as listed above should be sent to us via email at empwelfund@intnet.mu or submitted at the EWF, 6th Floor, Moorgate House, Sir William Newton Street, Port Louis, 11328.

You may contact us on 208 8353 for any additional information you may require.

Frequently Asked Questions (FAQs)

1.Am I eligible for a payment facility on my loan repayments?

This scheme is designed for any borrower at EWF who:

I)Has lost his/her job

II)Is experiencing a loss of income

III)Has had his/her financial situation negatively impacted as a result of Covid-19

You will have to submit justification and supportive documents to prove that you have been impacted by Covid-19 pandemic.

2.What are the possible repayment facilities I can apply?

Based on your request and your prevailing financial situation, a period of relief will be granted to you which will not exceed 6 months as from the month of April 2020.

You will have to choose one among the following repayment facilities that most suit your requirements:

(I) PF01 – Moratorium on loan re-payment (both capital and Interest) up to 6 months

(II) PF02 – Payment of Interest only for a period not exceeding 6 months and Extension of initial loan period by equivalent number of months

(III) PF02 – Payment of interest only for a period not exceeding 6 months while maintaining the initial maturity date.

3.How does each of these payment facilities works?

>PF01 – Moratorium on loan payment (both capital and Interest) up to 6 months

  • You will repay no instalment during the moratorium period.
  • Unpaid interest during the moratorium period will be capitalised to the loan account. Your loan will be rescheduled after the moratorium period.
  • The loan period will be extended by the same period to catch up the repayment not done.
  • Your monthly instalment will increase in subsequent months to account for the unpaid interest during the moratorium period

For example, if a moratorium of 6 months is granted to you, the loan will be extended by 6 months and your monthly instalment will increase.

>PF02 – Payment of Interest only for a period not exceeding 6 months and Extension of initia loan period by equivalent number of months

  • You will pay only interest during the period of payment facility granted to you.
  • Initial loan period will be extended by the number of months granted to you as payment facility.
  • Normal monthly repayment restarts after the facility period.
  • There would be no change in the monthly instalment after the facility period.

For example, if a pause of 6 months is granted to you, the loan period will be extended by the same period to catch up the repayment not done and your monthly instalment will not change.

>PF03 – Payment of interest only for a period not exceeding 6 months while maintaining the initia maturity date

  • You will pay only interest during the period of payment facility granted to you.
  • The initial loan period will remain the same, i.e. there will be no extension of loan period.
  • The outstanding loan balance will be rescheduled within the remaining loan period after the payment facility period.
  • Monthly instalment will therefore increase.

For example, if the maturity date of your loan is let say Dec 2022 and you opted to pay interest only during 6 months as from April 2020, the outstanding loan balance on date of resuming payment, will be rescheduled over remaining period i.e. 27 months (from Oct 2020 to Dec 2022). As a result, the monthly instalment will increase.

4.What will happen once my request has been approved?

Upon approval, a variation letter to your existing facility agreement (including the terms and conditions under this scheme) will be issued. You will have to call at the office to sign the document. If there were guarantors linked to the loan, the guarantors will also have to call at the office for signature of the relevant document

5.Do I need to sign any documents?

Yes. After EWF has approved your request, you will need to sign a document summarising the new terms and conditions. In case of third-party property as security, the guarantor will also need to intervene on the document.

6.Will there be any penalty or fees applicable under this scheme?

No penalty or fees will be applicable apart from interest being accrued during the moratorium period and capitalised.

7.Am I eligible to benefit from refund of interest for 3 months under the BOM Covid-19 support to households’ programme?

NO.EWF is not under the purview of the Bank of Mauritius.

8.How do I apply for this scheme?

If you have been adversely impacted by COVID-19 and wish to apply for this scheme, please download the Application Form from EWF’s website.

Once the form has been duly filled and signed, you can submit same along with your supporting documents to the following email address empwelfund@intnet.mu or submitted at the EWF, 6th Floor, Moorgate House, Sir William Newton Street, Port Louis, 11328.

Once we receive your complete application, our team will conduct an assessment exercise to determine eligibility before acceding to your request. Customers are strongly advised to fill in all the required information, details and submit all relevant documents to avoid delays in the processing and approval procedures.

9.Do I need to submit any document?

Yes. You need to submit documentary evidences justifying the decrease in income or loss of job.

Salaried clients

  • Latest salary slip
  • Relevant letter from employer confirming termination of contract or reduction in income

Self-employed clients

  • Latest MRA return
  • Bank statements for the past 6 months where personal income is credited
  • Supporting letter to explain reduction in income

10.How can I get an update on my request?

We will get in touch with you once your request has been processed. Please bear with us if this takes a bit longer than usual as we are currently handling an increased volume of requests.

11.Who should I contact in case I need assistance to proceed with my request?

Please us on 208 8353 or send us an email to empwelfund@intnet.mu

12.Will I be eligible if my loan is currently in arrears?

No, but you can send us your request with justification and supporting documents so that we can get back to you with a solution in line with our existing collections and recovery process.

EMPLOYEES WELFARE FUND
Mauritius Branch
6th Floor, Moorgate House, Sir William
Newton Street, Port-Louis, 11328
T 230 208 8353 – F 230 208 8399