Emergency Loan
 

Emergency Loan

 

Our Emergency loan is eligible to those who have urgent financial needs like unexpected medical expense, natural disaster, security bond for higher education and urgent need of funds.

 

Know more about:

Click for Loan Table

Interest Rate 9.60 % p.a

LOAN AMOUNT

MINIMUM SALARY PER MONTH

MONTHLY INSTALMENT - 60 MONTHS

Rs

Rs

Rs

15,000

632

316

20,000

842

421

25,000

1,053

526

30,000

1,263

632

35,000

1,474

737

40,000

1,684

842

45,000

1,895

947

50,000

2,105

1,053

55,000

2,316

1,158

60,000

2,526

1,263

65,000

2,737

1,368

70,000

2,947

1,474

75,000

3,158

1,579

80,000

3,368

1,684

85,000

3,579

1,789

90,000

3,789

1,895

95,000

4,000

2,000

100,000

4,210

2,105

 

Loan amount

  •  Loan amount is limited to Rs 100,000. There should be no arrears in loan repayment and Emergency Loans are not provided to those who are under report.  The disbursement, as far as possible, will be made within 1 working day.

Disbursement

  • Within 1 working day.

Repayment

  • Loans can be refunded in a maximum period of 60 months depending on the age of the applicant.  There is no renewal for this loan.

Security

  • No guarantor required.

Rate of Interest

  • Interest rate is currently at 9.60 % p.a for Civil servants and 9.85 % p.a for Non Civil Servant (excluding private sectors employees) and is tagged to the Mutual Aid Base Rate (MBR). It will be automatically adjusted in case of any change in the MBR.

Charges / Fees

  • One off processing fee of 1.25 % on the loan amount.
  • A loan coverage fee of 4.50% - 5.50% for all loan applications will apply to write off the loan in case of death.
  • Applicants will be charged Rs50 as Bank of Mauritius (MCIB) fee.
  • The amount disbursed will be net of the charges / fees.

Documents Required

Your application should be supported by the following documents:

  • Original & photocopy of your recent payslip/pension slip (not more than two months).
  • Original & photocopy of NID card of applicant (NIC with initials should be supported by Birth Certificate).
  • Photocopy of bank document showing account number and name of applicant.
  • Bank statement showing name and address / Utility Bill (Central Electricity Board or Central Water Authority or Mauritius Telecom) - not more than 3 months. (If utility bill is not in name of applicant, a written confirmation and NIC should be secured from the utility bill account holder and the original and copy of NIC of signatory).
  • Certificate from your Department stating that you are not under report, not on leave without pay and not involved in a police case. (Valid for 21 days).
  • Quotation / Invoice for payment.
  • Completed Emailing of Statement of Accounts and the Borrowers Declaration Forms.
  • Loan Deduction Authority Form (LDAF) by members.
  • Loan offset form/ letter of undertaking (where applicable).

Main Conditions

  • Members of the following institutions are not eligible for Emergency Loans: Cargo Handling Corporation Ltd, Casino de Maurice, and National Transport Corporation (under NRB conditions of service).
  • In no case shall the total Mutual Aid deduction exceed 50% of the monthly eligible income / 40% of the total monthly income of pensioners.  However, this is not applicable to institutions where there is 50% restriction on salary deduction.
  • There should be no arrears in loan repayment.
  • Emergency Loans are not provided to those who are under report.

For other conditions, please refer to Loan Information Sheet.

Factsheet for Guarantors

Click to download forms

Popular products

What's new

fees

Latest Events

Latest news and events

fees

Notices

Notices for Stakeholders.

fees

Careers

Check our page for available vacancies and join our team...