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 10.00% 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	877	483	2,050,000	35,969	19,783
100,000	1,755	965	2,100,000	36,846	20,265
150,000	2,632	1,448	2,150,000	37,724	20,748
200,000	3,509	1,930	2,200,000	38,601	21,230
250,000	4,386	2,413	2,250,000	39,478	21,713
300,000	5,264	2,895	2,300,000	40,355	22,195
350,000	6,141	3,378	2,350,000	41,233	22,678
400,000	7,018	3,860	2,400,000	42,110	23,161
450,000	7,896	4,343	2,450,000	42,987	23,643
500,000	8,773	4,825	2,500,000	43,865	24,126
550,000	9,650	5,308	2,550,000	44,742	24,608
600,000	10,528	5,790	2,600,000	45,619	25,091
650,000	11,405	6,273	2,650,000	46,496	25,573
700,000	12,282	6,755	2,700,000	47,374	26,056
750,000	13,159	7,238	2,750,000	48,251	26,538
800,000	14,037	7,720	2,800,000	49,128	27,021
850,000	14,914	8,203	2,850,000	50,006	27,503
900,000	15,791	8,685	2,900,000	50,883	27,986
950,000	16,669	9,168	2,950,000	51,760	28,468
1,000,000	17,546	9,650	3,000,000	52,638	28,951
1,050,000	18,423	10,133	3,050,000	53,515	29,433
1,100,000	19,300	10,615	3,100,000	54,392	29,916
1,150,000	20,178	11,098	3,150,000	55,269	30,398
1,200,000	21,055	11,580	3,200,000	56,147	30,881
1,250,000	21,932	12,063	3,250,000	57,024	31,363
1,300,000	22,810	12,545	3,300,000	57,901	31,846
1,350,000	23,687	13,028	3,350,000	58,779	32,328
1,400,000	24,564	13,510	3,400,000	59,656	32,811
1,450,000	25,441	13,993	3,450,000	60,533	33,293
1,500,000	26,319	14,475	3,500,000	61,410	33,776
1,550,000	27,196	14,958	3,550,000	62,288	34,258
1,600,000	28,073	15,440	3,600,000	63,165	34,741
1,650,000	28,951	15,923	3,650,000	64,042	35,223
1,700,000	29,828	16,405	3,700,000	64,920	35,706
1,750,000	30,705	16,888	3,750,000	65,797	36,188
1,800,000	31,583	17,370	3,800,000	66,674	36,671
1,850,000	32,460	17,853	3,850,000	67,552	37,153
1,900,000	33,337	18,335	3,900,000	68,429	37,636
1,950,000	34,214	18,818	3,950,000	69,306	38,118
2,000,000	35,092	19,300	4,000,000	70,183	38,601

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 10.00 % p.a for Civil servants / premium non govt and 11.15 % 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 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).