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!

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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).