Section 13: Interest

13. Interest (1) (a) Subject to paragraph (b), the rate of interest chargeable on any loan by a moneylender shall be the appropriate rate specified in the Fifth Schedule. (b) The Fifth Schedule may provide for different rates of interest in respect of different categories of loans. (c) Notwithstanding any other enactment or agreement, where the rate of interest chargeable on any loan is varied, the rate of interest shall be varied as from the date of the variation. (2) Where several sums are lent to the same person, whether at one or different times, the rate of interest on the aggregate sum lent or owing at the date the last sum is lent, shall be that authorised as if the whole amount then owing had been lent as one transaction. (3) The interest shall constitute a comprehensive charge to include all discounts, commissions, bonuses, expenses, and any amount by any name called, in excess of the principal, paid or payable to the lender in consideration of or otherwise in respect of a loan, but does not include charges, expenses or costs in respect of— (a) stamp duties; (b) registration of any document in accordance with any enactment; [Issue 1] M66 – 6 Revised Laws of Mauritius (c) preparation of any document by a qualified legal practitioner; (d) investigation of title to any property; (e) insurance or property; (f) obtaining a copy of the record of the judgment of any Court; (g) inspection of any property by the mortgagee prior to the mortgage; (h) any costs specifically allowed by any Court before which the matter may come for adjudication.