MQL Loan

Mutual Aid Quick Loan is the quickest path to realizing your dreams. You can borrow up to Rs 5,000,000 without having to provide any security. With a speedy loan approval process, disbursement is made possible within one week.

Take the path of fast forward to realize your dreams!

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Based on Interest Rate of 11.00% p.a and maximum repayment period of 240 months

LOAN AMOUNT	MINIMUM SALARY PER MONTH	MONTHLY INSTALMENT – 240 MONTHS	LOAN AMOUNT	MINIMUM SALARY PER MONTH	MONTHLY INSTALMENT – 240 MONTHS
Rs	Rs	Rs	Rs	Rs	Rs
50,000	938	516	2,050,000	38,472	21,160
100,000	1,877	1,032	2,100,000	39,411	21,676
150,000	2,815	1,548	2,150,000	40,349	22,192
200,000	3,753	2,064	2,200,000	41,288	22,708
250,000	4,692	2,580	2,250,000	42,226	23,224
300,000	5,630	3,097	2,300,000	43,164	23,740
350,000	6,568	3,613	2,350,000	44,103	24,256
400,000	7,507	4,129	2,400,000	45,041	24,773
450,000	8,445	4,645	2,450,000	45,979	25,289
500,000	9,384	5,161	2,500,000	46,918	25,805
550,000	10,322	5,677	2,550,000	47,856	26,321
600,000	11,260	6,193	2,600,000	48,794	26,837
650,000	12,199	6,709	2,650,000	49,733	27,353
700,000	13,137	7,225	2,700,000	50,671	27,869
750,000	14,075	7,741	2,750,000	51,609	28,385
800,000	15,014	8,258	2,800,000	52,548	28,901
850,000	15,952	8,774	2,850,000	53,486	29,417
900,000	16,890	9,290	2,900,000	54,424	29,933
950,000	17,829	9,806	2,950,000	55,363	30,450
1,000,000	18,767	10,322	3,000,000	56,301	30,966
1,050,000	19,705	10,838	3,050,000	57,240	31,482
1,100,000	20,644	11,354	3,100,000	58,178	31,998
1,150,000	21,582	11,870	3,150,000	59,116	32,514
1,200,000	22,520	12,386	3,200,000	60,055	33,030
1,250,000	23,459	12,902	3,250,000	60,993	33,546
1,300,000	24,397	13,418	3,300,000	61,931	34,062
1,350,000	25,336	13,935	3,350,000	62,870	34,578
1,400,000	26,274	14,451	3,400,000	63,808	35,094
1,450,000	27,212	14,967	3,450,000	64,746	35,610
1,500,000	28,151	15,483	3,500,000	65,685	36,127
1,550,000	29,089	15,999	3,550,000	66,623	36,643
1,600,000	30,027	16,515	3,600,000	67,561	37,159
1,650,000	30,966	17,031	3,650,000	68,500	37,675
1,700,000	31,904	17,547	3,700,000	69,438	38,191
1,750,000	32,842	18,063	3,750,000	70,376	38,707
1,800,000	33,781	18,579	3,800,000	71,315	39,223
1,850,000	34,719	19,095	3,850,000	72,253	39,739
1,900,000	35,657	19,612	3,900,000	73,192	40,255
1,950,000	36,596	20,128	3,950,000	74,130	40,771
2,000,000	37,534	20,644	4,000,000	75,068	41,288

The above figures have been rounded off to the nearest rupee and actual figures may differ slightly

Loan Amount

The maximum exposure of total unsecured loans at the Mutual Aid shall not exceed Rs 5,000,000 subject to repayment capacity.
For members paid by PSEA (salary below Rs30, 000 monthly) the loan limit is 1,250,000
Employees of all organisations that apply 50% deduction on salary the loan limit is Rs 1,000,000.

Disbursement

With a quick loan approval process, disbursement is made possible within a week, subject to the amount of applications received.

Repayment

Repayment periods up to 240 Months depending on the applicant’s age.

New Loan Application

New Loan may be applied after having refunded six monthly instalments.

Security

No security is required.

Rate of Interest

Interest rate is currently at 11.00 % p.a for Civil servants / premium non govt and 11.65 % p.a for non-civil servant (excluding private sectors employees).
It will be automatically adjusted in case of any change in the Mutual Aid Base Rate (MBR).

Charges / Fees

A one-off processing fee of 1 % 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 Rs 50 as Bank of Mauritius (MCIB) fee.

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 & Photocopies of Birth Certificates of applicant and guarantors (KYC record). Online Birth Certificate is acceptable.
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 or Utility Bill (Central Electricity Board or Central Water Authority or Mauritius Telecom) – (not more than 3 months old); 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 1 month.
Completed Emailing of Statement of Accounts; Borrowers Declaration and Loan Deduction Authority (LDAF) forms.
Loan offset form/Letter of undertaking (where applicable).