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 as from 9.55% p.a (not applicable for pensioners)

MAXIMUM LOAN AMOUNT	MINIMUM SALARY PER MONTH	; MONTHLY INSTALMENT	MAXIMUM LOAN AMOUNT	MINIMUM SALARY PER MONTH	MONTHLY INSTALMENT
MAXIMUM LOAN AMOUNT	MINIMUM SALARY PER MONTH	240 MONTHS	MAXIMUM LOAN AMOUNT	MINIMUM SALARY PER MONTH	240 MONTHS
Rs	Rs	Rs	Rs	Rs	Rs
100,000	1,701	935	2,100,000	35,715	19,643
200,000	3,401	1,871	2,200,000	37,416	20,579
300,000	5,102	2,806	2,300,000	39,117	21,514
400,000	6,803	3,742	2,400,000	40,817	22,450
500,000	8,504	4,677	2,500,000	42,518	23,385
600,000	10,204	5,612	2,600,000	44,219	24,320
700,000	11,905	6,548	2,700,000	45,920	25,256
800,000	13,606	7,483	2,800,000	47,620	25,282
900,000	15,307	8,419	2,900,000	49,321	27,127
1,000,000	17,007	9,354	3,000,000	51,022	27,127
1,100,000	18,708	10,289	3,100,000	52,722	28,997
1,200,000	20,409	11,225	3,200,000	52,722	29,933
1,300,000	22,109	12,160	3,300,000	56,124	29,797
1,400,000	23,810	13,096	3,400,000	57,825	31,804
1,500,000	25,511	13,544	3,500,000	57,460	32,739
1,600,000	27,212	14,031	3,600,000	61,226	33,674
1,700,000	28,912	15,902	3,700,000	62,927	34,610
1,800,000	30,613	16,837	3,800,000	64,628	35,545
1,900,000	32,314	17,773	3,900,000	66,328	36,481
2,000,000	34,014	18,708	4,000,000	68,029	37,416

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 Rs3m and above, guarantors need to come and sign in person in the presence of Officer of the Mutual Aid Association.
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 Rs3.5m for monthly salary less than Rs50,000 and Rs4.5m for those earning above Rs50,000 monthly. Guarantors shall not be more than 5 years older than loanees.
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 9.55% p.a for Civil servants / premium non govt and 9.80 % p.a for non-civil servant (excluding private sector employees).
Interest rate for pensioners is currently at 9.80% 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 1% is applicable 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.
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 one month old)
Original & Photocopies of Birth Certificates of applicant and guarantors (KYC record). Online Birth Certificate is acceptable.
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 from your department stating that you are not under report, not on leave without pay; not involved in a police case (valid for 1 month).
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 Rs3.5m for monthly salary less than Rs50,000 and Rs4.5m for those earning above Rs50,000 monthly. Guarantors shall not be more than 5 years older than loanees.
Husband and wife can stand as guarantor for each other and for other members, subject to eligibility and other conditons.
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.

Please refer to the Loan Information Sheet for additional conditions.

Factsheet for Guarantors

Click here to access factsheet

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.
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.