
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).
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