Frequently asked questions

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 plus 10% of the value of the vehicle.

For second-hand local and imported vehicles: 4 years for vehicles registered for 5 years; 5 years for vehicles registered for 4 years.

For new vehicles: a minimum deposit equivalent to the VAT amount.

For second-hand local or imported vehicles: a minimum deposit of VAT plus 10% of the value of the vehicle.

Individual clients — please provide:

• National Identity Card or valid Passport (recto-verso)
• Proof of residential address (less than 3 months old)
• Last payslip (original) — if variable salary, the last 3 months
• Original bank statements (last 6 months as at application date)
• Quotation / proforma invoice from the supplier/seller
• Birth certificate for applicant(s)
• Marriage certificate and ID/Passport of spouse (where applicable)
• Business Registration Card, Trade Licence and income declaration form (if self-employed)
• Proof of source of deposit; copy of horse power of vehicle (2nd hand)

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.

Go to the NTA to remove the "gage" on the vehicle; then register the sale deeds at the Registrar of Companies (General), Emmanuel Anquetil Building, Port Louis; obtain the insurance certificate; and finally return to the NTA with all documents (original horse power, registered sale deeds, insurance certificate) to register the vehicle and obtain a new horse power certificate.

Follow the current legislation on police reporting and insurance requirements, and promptly inform SPICE of the accident so we may follow up with the insurance company.

There are several aspects of the lease contract to consider, as well as possible VAT implications and registration duty charges. We recommend you contact one of our Relationship Officers or Executives for advice on the way forward.

At any time during the lease period, a client may make balloon payments to their lease account. These payments will either reduce the existing monthly repayments over the original period or shorten the period while maintaining the same instalments. Please inform your Relationship Executive before such payments are made so your agreement can be adjusted; applicable fees may apply.

SPICE offers fixed and variable interest rate term deposits. Fixed deposits carry the same rate from inception to maturity, irrespective of monetary policy changes. Variable deposits carry a rate that varies with the Repo Rate, calculated as SPICE’s Base Deposit Rate (BDR) + margin.

Interest payments are made at fixed intervals chosen by the client at the start of the deposit — Monthly, Quarterly, Half-yearly, Yearly, or at Maturity.

You may encash your deposit at any time, subject to applicable fees. Please advise us in writing and remit your original deposit certificate to process the request. Contact your SPICE relationship executive for details.

Two weeks prior to maturity, notify us in writing. We will help you complete the renewal form and request the original deposit certificate to process your request.

Interest payments are made by direct credit to your nominated bank account.