MQL Loan
 

MQL Loan

 

Mutual Aid Quick Loan is the quickest path to realizing your dreams. You can borrow up to Rs 750,000 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 10.65% p.a and maximum repayment period of 216 months

MINIMUM SALARY PER MONTH

LOAN AMOUNT

MONTHLY INSTALMENT

216 MONTHS

Rs

Rs

Rs

329

15,000

164

548

25,000

274

1,042

50,000

521

2,084

100,000

1,042

4,168

200,000

2,084

6,252

300,000

3,126

8,336

400,000

4,168

10,420

500,000

5,210

12,504

600,000

6,252

14,588

700,000

7,294

15,630

750,000

7,815

16,672

800,000

8,336

17,714

850,000

8,857

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 Rs750,000 subject to repayment capacity.
     

     

  • For members paid by PSSA (salary below Rs30,000 monthly), SPWF, TUTF, MFPWA, MDFP, NICE and Institutions which apply 50% deduction limit of salary, the loan limit is Rs300,000.

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 192 Months depending on the applicant’s age.
  • For members eligible for the lower loan limit of Rs300, 000 (part 2 of loan amount above, the repayment period is limited to 10 years.

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 10.65 % p.a.
  • 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 4.0% 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 15 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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