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:

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Interest Rate 10.85 % p.a

MINIMUM

SALARY

LOAN AMOUNT

MONTHLY INSTALMENT

120 MONTHS

Rs

Rs

Rs

1,369

50,000

685

2,738

100,000

1,369

5,476

200,000

2,738

8,214

300,000

4,107

10,952

400,000

5,476

13,690

500,000

6,845

16,428

600,000

8,214

19,166

700,000

9,583

20,535

750,000

10,268

Loan amount

  • You can borrow up to Rs 750,000 subject to repayment capacity.

Disbursement

  • Within 1 working day.

Repayment

  • Up to 10 years depending on applicant’s age.

Security

  • No guarantor required.

Rate of Interest

  • Interest rate is currently at 10.85 % p.a 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 4.0% 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 15 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).
  • The total deduction shall not exceed 52% of the monthly salary (62% for pensioners).
  • 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

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