MQL Loan

Mutual Aid Quick Loan is the quickest path to realizing your dreams. You can borrow up to Rs 7,000,000 without having to provide any security. With a speedy loan approval process, disbursement is made possible on the same day. (Terms & conditions applies)

Take the path of fast forward to realize your dreams!

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Based on Interest Rate of 10.50% 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	908	499	2,050,000	37,212	20,467
100,000	1,815	998	2,100,000	38,120	20,966
150,000	2,723	1,498	2,150,000	39,028	21,465
200,000	3,630	1,997	2,200,000	39,935	21,964
250,000	4,538	2,496	2,250,000	40,843	22,464
300,000	5,446	2,995	2,300,000	41,750	22,963
350,000	6,353	3,494	2,350,000	42,658	23,462
400,000	7,261	3,994	2,400,000	43,566	23,961
450,000	8,169	4,493	2,450,000	44,473	24,460
500,000	9,076	4,992	2,500,000	45,381	24,959
550,000	9,984	5,491	2,550,000	46,289	25,459
600,000	10,891	5,990	2,600,000	47,196	25,958
650,000	11,799	6,489	2,650,000	48,104	26,457
700,000	12,707	6,989	2,700,000	49,011	26,956
750,000	13,614	7,488	2,750,000	49,919	27,455
800,000	14,522	7,987	2,800,000	50,827	27,955
850,000	15,430	8,486	2,850,000	51,734	28,454
900,000	16,337	8,985	2,900,000	52,642	28,953
950,000	17,245	9,485	2,950,000	53,549	29,452
1,000,000	18,152	9,984	3,000,000	54,457	29,951
1,050,000	19,060	10,483	3,050,000	55,365	30,451
1,100,000	19,968	10,982	3,100,000	56,272	30,950
1,150,000	20,875	11,481	3,150,000	57,180	31,449
1,200,000	21,783	11,981	3,200,000	58,088	31,948
1,250,000	22,690	12,480	3,250,000	58,995	32,447
1,300,000	23,598	12,979	3,300,000	59,903	32,947
1,350,000	24,506	13,478	3,350,000	60,810	33,446
1,400,000	25,413	13,977	3,400,000	61,718	33,945
1,450,000	26,321	14,477	3,450,000	62,626	34,444
1,500,000	27,229	14,976	3,500,000	63,533	34,943
1,550,000	28,136	15,475	3,550,000	64,441	35,442
1,600,000	29,044	15,974	3,600,000	65,349	35,942
1,650,000	29,951	16,473	3,650,000	66,256	36,441
1,700,000	30,859	16,972	3,700,000	67,164	36,940
1,750,000	31,767	17,472	3,750,000	68,071	37,439
1,800,000	32,674	17,971	3,800,000	68,979	37,938
1,850,000	33,582	18,470	3,850,000	69,887	38,438
1,900,000	34,489	18,969	3,900,000	70,794	38,937
1,950,000	35,397	19,468	3,950,000	71,702	39,436
2,000,000	36,305	19,968	4,000,000	72,609	39,935

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 7,000,000 subject to repayment capacity.
For members paid by PSEA (salary below Rs50, 000 monthly) the loan limit is 1,500,000
Employees of all organisations that apply 50% deduction on salary the loan limit is Rs 1,500,000.

Disbursement

With a quick loan approval process, disbursement is made possible on the same day, subject to the amount of applications received. (Terms & conditions applies)

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 10.50 % 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 % - 6.00% for all loan applications will apply to write off the loan in case of death.
Applicants will be charged Rs 150 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 one month).
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).