Personal Loan
 

Personal Loan

 

Our Personal Loan is an all-purpose loan which caters for any project that you wish to pursue like educational expenses, house construction, purchase of land, wedding expenses, overseas travel, health care, purchase of car etc.

Fly on the wings of your dreams with our Personal Loan!

 

Know more about:

Click for Loan Table

Interest Rate 8.55% (not applicable for pensioners)

MINIMUM SALARY

LOAN AMOUNT

MONTHLY INSTALMENT

216 MONTHS

Rs

Rs

Rs

1,817

100,000

909

3,634

200,000

1,817

5,451

300,000

2,726

7,268

400,000

3,634

9,085

500,000

4,543

10,902

600,000

5,451

12,719

700,000

6,360

14,537

800,000

7,268

16,354

900,000

8,177

18,171

1,000,000

9,085

21,805

1,200,000

10,902

25,439

1,400,000

12,719

29,073

1,600,000

14,537

32,707

1,800,000

16,354

36,341

2,000,000

18,171

39,976

2,200,000

19,988

43,610

2,400,000

21,805

47,244

2,600,000

23,622

50,878

2,800,000

25,439

54,512

3,000,000

27,256

58,146

3,200,000

29,073

63,539

3,500,000

31,799

 

New Loan Application

  • New Loan may be applied after having refunded six monthly instalments.

Security

  • Up to 6 personal guarantors are required (personal guarantors must be members of the Mutual Aid Association) depending on loan amount as per table below.
Sn. Amount Minimum number of guarantor (s)
1 Up to Rs 1.0 m One
2 > Rs 1.0m ≤ Rs 2.0m Two
3 > Rs 2.0m ≤ Rs 3.0m Three
4 > Rs 3.0m ≤ Rs 4.0m Four

 

  • For loan of Rs1.5m and above, guarantors need to come and sign in person in the presence of Officer of the Mutual Aid Associaiton.
  • No guarantor is required for pensioners

The following conditions shall apply if the loan is secured by a single guarantor:

  • In case the guarantor is a loanee, the net pay into bank of the guarantor excluding bonuses, overtime and allowances other than travelling, rent and risk allowance should be at least equal to the monthly loan instalment of the loanees.
  • In case the guarantor is not a loanee, the net pay into bank excluding bonuses, overtime and allowances other than travelling, rent and risk allowance should be at least twice the loan instalment of the loanees.
  • The guarantor should be eligible for the loan amount.
  • The guarantor should also sign an undertaking that he is agreeable to be sole guarantor.

The following conditions shall apply if the loan is secured by two guarantors:

  • The net pay into bank of each guarantor excluding bonuses, overtime and allowances other than travelling, rent and risk allowance should be at least half of the monthly instalment of the members.
  • In case one guarantor is not a members, his/her net pay into bank excluding bonuses, overtime and allowances other than travelling, rent and risk allowance should be at least equal to the monthly instalment of the members.
  • Guarantors can stand as surety for a total liability limit (loan balance) of Rs2m for monthly salary less than Rs50,000 and Rs3m for those earning above Rs50,000 monthly. .
  • Please check if your guarantors are eligible to stand as your guarantor before signing the form. ID card and recent payslip should be submitted for eligibility test.

Rate of Interest

  • Interest rate is currently at 8.55% p.a
  • Interest rate for pensioners is currently at 8.80% p.a
  • The interest is tagged to the Mutual Aid Base Rate (MBR) and will be automatically adjusted in case of a change in the MBR.

Charges / Fees

  • A one off processing fee of 0.75% (pensioners 0.90%) 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.
  • Applicant will be charged Rs 50 as Bank of Mauritius (MCIB) fee.
  • The amount disbursed will be net of the charges/fees

Documents Required

Your application in the prescribed form should be supported by the following documents:

  • Original of your recent payslip / pension slip (not more than two months old)
  • Originals & Photocopies of recent payslips of guarantors (not more than two months old).
  • Original & Photocopies of National Identity Card (NIC) of applicant and guarantors (NIC with initials should be supported by Birth Certificate).
  • Certificate as per approved format from your Ministry /Institution stating that you are not under report, not on leave without pay; not involved in a police case (valid for 15 days)
  • 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 as well as the original and photocopy of his NIC).
  • Completed Emailing of Statement of Accounts and the Borrowers Declaration Forms.
  • Loan Deduction Authority Form (LDAF) by members/guarantor/s.
  • Loan offset form/letter of undertaking (where applicable).

 

Other Conditions

  • Guarantors must sign an undertaking of acceptance if applicant is under report.
  • The loan repayment period may not exceed the retirement age of a guarantor, unless the latter’s future pension is sufficient to repay the loan in case of default of payment.
  • Guarantors can stand as surety for a total liability limit (loan balance) of Rs2m for monthly salary less than Rs50,000 and Rs3m for those earning above Rs50,000 monthly.
  • Whenever a spouse stands as guarantor for a loan, a second guarantor must be provided as additional security and the latter’s net pay must cover the full loan instalment.
  • Husband and wife cannot stand as guarantors for the same members.
  • Whenever a spouse stands as guarantor for a loan, a second guarantor must be provided as additional security. The following conditions shall apply to the second guarantor:
    • In case the second guarantor is not a loanee, the net pay into bank excluding bonuses, overtime and allowances other than travelling and rent should exceed 200 %the abatement of the loanee and the second guarantor should be eligible for the loan that the loanee has applied for.
    • In case the second guarantor is a loanee, his/her net pay into bank excluding bonuses, overtime and allowances other than travelling & rent should exceed at least 100 % the abatement of the loanee and the second guarantor should be eligible for the loan that the member has applied for.
  • In case the applicant bears the same surname as any of the guarantors or in case both guarantors bear the same surname, their relationship must be disclosed on the loan application form.
  • Net disposable income Rs 3000

Please refer to the Loan Information Sheet for additional conditions.

 

Factsheet for Guarantors

FAQ

  • Who can apply for a loan?
    • Only members of the Mutual Aid can apply for a loan.
  • Who can be a member of the Association?
    • Any individual who is on the permanent and pensionable basis from the Civil Service / Local Authorities and in the list of approved institutions.
  • Why ex -employee of Government above 60 years cannot be a member?
    • As per our Constitution, only individual below the age of 60 years can be a member of the Association.
  • What amount of loan can be obtained?
    • Loan amount depends on the age, salary, repayment capacity of the borrower and guarantors where applicable.
  • What documents are needed to obtain a loan?
    • Recent salary payslip or pension slip and NID (for loanees and guarantors), proof of address, bank account details, Letter of not under report, etc.
  • How long it takes for a loan to be disbursed?
    • It depends on peak periods and types of loan. It is usually as follows- Emergency loan-disbursement by next working day, Quick loan-within 2/3 days from application and Personal loan-within 7/8 days.
  • What will be my monthly payment?
    • It depends on loan amount, period, age, etc. Please visit us or call on 212 4000 with Recent Pay slip or pension slip and NID.
  • Who can be my guarantors?
    • Anyone who is a member of the Association .Conditions apply. No guarantor is needed for Quick loan.
  • What should be the salary of guarantor(s)?
    • More or less same as applicant but depends on net disposable income.
  • What happens to the loan in case of death?
    • Remaining loan amount will be written off on submission of death certificate.
  • Is the Mutual Solidarity Contribution (MSC) payable every month or one off?
    • The MSC is a one off payment
  • What are the interest rates and charges?
    • Please refer to table of interest and charges (Available in Loan Information Sheet and on the website).
  • What is MCIB?
    • The Mauritius Credit Information Bureau (MCIB) at the Bank Of Mauritius is a body where all contracted loans are registered.
  • Why spouse cannot stand as Guarantor?
    • Spouse can stand as guarantor provided another guarantor is submitted and should cover 100% of the abatement.
  • Can documents from last application be used?
    • Each application should contain a fresh set of required documents.
  • Why people from Private sector cannot take loan or stand as guarantor?
    • Only individual from the approved list can be granted loan facilities and can stand as guarantor.
  • Can Mutual Aid offset my loans held with other institutions?
    • Yes provided a recent statement of balance is submitted.
  • Is there any penalty if loan is paid before maturity?
    • No penalty is applied for payment of loan before term.
  • Can the loan advice be sent by email?
    • Yes, we can send loan advice via email upon request.
  • Can existing loans be re-scheduled?
    • It depends on the financial situation of the loanee.
  • When deduction at source is effected after disbursement of a loan?
    • When a loan ( new or renewal ) is granted to a member, the first Equated Monthly Instalment (EMI) of the loan will be deducted after two months. In the case of a loan renewal, the two instalments receivable of the previous loan will be deducted from the capital balance of the new loan. For example, if the new loan is granted in March, the first EMI will be demandable in May. However, the EMI for March and April receivable for the previous loan will be deducted from the capital balance of the new loan.

 

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