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)

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Based on Interest Rate of 10.75% 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	923	508	2,050,000	37,840	20,812
100,000	1,846	1,015	2,100,000	38,763	21,320
150,000	2,769	1,523	2,150,000	39,686	21,827
200,000	3,692	2,030	2,200,000	40,609	22,335
250,000	4,615	2,538	2,250,000	41,532	22,843
300,000	5,538	3,046	2,300,000	42,455	23,350
350,000	6,461	3,553	2,350,000	43,378	23,858
400,000	7,383	4,061	2,400,000	44,301	24,365
450,000	8,306	4,569	2,450,000	45,224	24,873
500,000	9,229	5,076	2,500,000	46,147	25,381
550,000	10,152	5,584	2,550,000	47,070	25,888
600,000	11,075	6,091	2,600,000	47,993	26,396
650,000	11,998	6,599	2,650,000	48,916	26,904
700,000	12,921	7,107	2,700,000	49,839	27,411
750,000	13,844	7,614	2,750,000	50,761	27,919
800,000	14,767	8,122	2,800,000	51,684	28,426
850,000	15,690	8,629	2,850,000	52,607	28,934
900,000	16,613	9,137	2,900,000	53,530	29,442
950,000	17,536	9,645	2,950,000	54,453	29,949
1,000,000	18,459	10,152	3,000,000	55,376	30,457
1,050,000	19,382	10,660	3,050,000	56,299	30,964
1,100,000	20,305	11,168	3,100,000	57,222	31,472
1,150,000	21,228	11,675	3,150,000	58,145	31,980
1,200,000	22,150	12,183	3,200,000	59,068	32,487
1,250,000	23,073	12,690	3,250,000	59,991	32,995
1,300,000	23,996	13,198	3,300,000	60,914	33,503
1,350,000	24,919	13,706	3,350,000	61,837	34,010
1,400,000	25,842	14,213	3,400,000	62,760	34,518
1,450,000	26,765	14,721	3,450,000	63,683	35,025
1,500,000	27,688	15,228	3,500,000	64,605	35,533
1,550,000	28,611	15,736	3,550,000	65,528	36,041
1,600,000	29,534	16,244	3,600,000	66,451	36,548
1,650,000	30,457	16,751	3,650,000	67,374	37,056
1,700,000	31,380	17,259	3,700,000	68,297	37,563
1,750,000	32,303	17,767	3,750,000	69,220	38,071
1,800,000	33,226	18,274	3,800,000	70,143	38,579
1,850,000	34,149	18,782	3,850,000	71,066	39,086
1,900,000	35,072	19,289	3,900,000	71,989	39,594
1,950,000	35,994	19,797	3,950,000	72,912	40,102
2,000,000	36,917	20,305	4,000,000	73,835	40,609

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 10.75 % p.a for Civil servants / premium non govt and 11.90 % 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 % - 6.25 % 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).