MQL Loan
 

MQL Loan

 

Mutual Aid Quick Loan is the quickest path to realizing your dreams. You can borrow up to Rs 4000,000 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!

 

Know more about:

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Based on Interest Rate of 9.55% 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

935

468

2,050,000

38,351

19,176

100,000

1,871

935

2,100,000

39,287

19,643

150,000

2,806

1,403

2,150,000

40,222

20,111

200,000

3,742

1,871

2,200,000

41,158

20,579

250,000

4,677

2,338

2,250,000

42,093

21,046

300,000

5,612

2,806

2,300,000

43,028

21,514

350,000

6,548

3,274

2,350,000

43,964

21,982

400,000

7,483

3,742

2,400,000

44,899

22,450

450,000

8,419

4,209

2,450,000

45,835

22,917

500,000

9,354

4,677

2,500,000

46,770

23,385

550,000

10,289

5,145

2,550,000

47,705

23,853

600,000

11,225

5,612

2,600,000

48,641

24,320

650,000

12,160

6,080

2,650,000

49,576

24,788

700,000

13,096

6,548

2,700,000

50,512

25,256

750,000

14,031

7,015

2,750,000

51,447

25,723

800,000

14,966

7,483

2,800,000

52,382

26,191

850,000

15,902

7,951

2,850,000

53,318

26,659

900,000

16,837

8,419

2,900,000

54,253

27,127

950,000

17,773

8,886

2,950,000

55,189

27,594

1,000,000

18,708

9,354

3,000,000

56,124

28,062

1,050,000

19,643

9,822

3,050,000

57,059

28,530

1,100,000

20,579

10,289

3,100,000

57,995

28,997

1,150,000

21,514

10,757

3,150,000

58,930

29,465

1,200,000

22,450

11,225

3,200,000

59,866

29,933

1,250,000

23,385

11,692

3,250,000

60,801

30,400

1,300,000

24,320

12,160

3,300,000

61,736

30,868

1,350,000

25,256

12,628

3,350,000

62,672

31,336

1,400,000

26,191

13,096

3,400,000

63,607

31,804

1,450,000

27,127

13,563

3,450,000

64,543

32,271

1,500,000

28,062

14,031

3,500,000

65,478

32,739

1,550,000

28,997

14,499

3,550,000

66,413

33,207

1,600,000

29,933

14,966

3,600,000

67,349

33,674

1,650,000

30,868

15,434

3,650,000

68,284

34,142

1,700,000

31,804

15,902

3,700,000

69,220

34,610

1,750,000

32,739

16,369

3,750,000

70,155

35,077

1,800,000

33,674

16,837

3,800,000

71,090

35,545

1,850,000

34,610

17,305

3,850,000

72,026

36,013

1,900,000

35,545

17,773

3,900,000

72,961

36,481

1,950,000

36,481

18,240

3,950,000

73,896

36,948

2,000,000

37,416

18,708

4,000,000

74,832

37,416

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 4,000,000 subject to repayment capacity.
     

     

  • For members paid by PSEA (salary below Rs30, 000 monthly) the loan limit is 1,000,000
  • Employees of all organisations that apply 50% deduction on salary the loan limit is Rs 850,000.
     

     

     

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 9.55 % p.a for Civil servants and 9.90 % 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 & 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 21 days.
  • Completed Emailing of Statement of Accounts; Borrowers Declaration and Loan Deduction Authority (LDAF) forms.
  • Loan offset form/Letter of undertaking (where applicable).

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