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.

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Interest Rate 11.85 % p.a

LOAN AMOUNT	MINIMUM SALARY PER MONTH	MONTHLY INSTALMENT - 60 MONTHS
Rs	Rs	Rs
15,000	665	333
20,000	887	443
25,000	1,108	554
30,000	1,330	665
35,000	1,552	776
40,000	1,773	887
45,000	1,995	998
50,000	2,217	1,108
55,000	2,439	1,219
60,000	2,660	1,330
65,000	2,882	1,441
70,000	3,104	1,552
75,000	3,325	1,663
80,000	3,547	1,773
85,000	3,769	1,884
90,000	3,990	1,995
95,000	4,212	2,106
100,000	4,434	2,217

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 11.85 % p.a for Civil servants and 12.10 % 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.