Take the path of fast forward to realize your dreams!
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)
Based on Interest Rate of 10.50% p.a and maximum repayment period of 240 months
| LOAN AMOUNT Rs | MINIMUM SALARY PER MONTH Rs | MONTHLY INSTALMENT - 240 MONTHS Rs |
|---|---|---|
| 50,000 | 908 | 499 |
| 100,000 | 1,815 | 998 |
| 150,000 | 2,723 | 1,498 |
| 200,000 | 3,630 | 1,997 |
| 250,000 | 4,538 | 2,496 |
| 300,000 | 5,446 | 2,995 |
| 350,000 | 6,353 | 3,494 |
| 400,000 | 7,261 | 3,994 |
| 450,000 | 8,169 | 4,493 |
| 500,000 | 9,076 | 4,992 |
| 550,000 | 9,984 | 5,491 |
| 600,000 | 10,891 | 5,990 |
| 650,000 | 11,799 | 6,489 |
| 700,000 | 12,707 | 6,989 |
| 750,000 | 13,614 | 7,488 |
| 800,000 | 14,522 | 7,987 |
| 850,000 | 15,430 | 8,486 |
| 900,000 | 16,337 | 8,985 |
| 950,000 | 17,245 | 9,485 |
| 1,000,000 | 18,152 | 9,984 |
| 1,050,000 | 19,060 | 10,483 |
| 1,100,000 | 19,968 | 10,982 |
| 1,150,000 | 20,875 | 11,481 |
| 1,200,000 | 21,783 | 11,981 |
| 1,250,000 | 22,690 | 12,480 |
| 1,300,000 | 23,598 | 12,979 |
| 1,350,000 | 24,506 | 13,478 |
| 1,400,000 | 25,413 | 13,977 |
| 1,450,000 | 26,321 | 14,477 |
| 1,500,000 | 27,229 | 14,976 |
| 1,550,000 | 28,136 | 15,475 |
| 1,600,000 | 29,044 | 15,974 |
| 1,650,000 | 29,951 | 16,473 |
| 1,700,000 | 30,859 | 16,972 |
| 1,750,000 | 31,767 | 17,472 |
| 1,800,000 | 32,674 | 17,971 |
| 1,850,000 | 33,582 | 18,470 |
| 1,900,000 | 34,489 | 18,969 |
| 1,950,000 | 35,397 | 19,468 |
| 2,000,000 | 36,305 | 19,968 |
| 2,050,000 | 37,212 | 20,467 |
| 2,100,000 | 38,120 | 20,966 |
| 2,150,000 | 39,028 | 21,465 |
| 2,200,000 | 39,935 | 21,964 |
| 2,250,000 | 40,843 | 22,464 |
| 2,300,000 | 41,750 | 22,963 |
| 2,350,000 | 42,658 | 23,462 |
| 2,400,000 | 43,566 | 23,961 |
| 2,450,000 | 44,473 | 24,460 |
| 2,500,000 | 45,381 | 24,959 |
| 2,550,000 | 46,289 | 25,459 |
| 2,600,000 | 47,196 | 25,958 |
| 2,650,000 | 48,104 | 26,457 |
| 2,700,000 | 49,011 | 26,956 |
| 2,750,000 | 49,919 | 27,455 |
| 2,800,000 | 50,827 | 27,955 |
| 2,850,000 | 51,734 | 28,454 |
| 2,900,000 | 52,642 | 28,953 |
| 2,950,000 | 53,549 | 29,452 |
| 3,000,000 | 54,457 | 29,951 |
| 3,050,000 | 55,365 | 30,451 |
| 3,100,000 | 56,272 | 30,950 |
| 3,150,000 | 57,180 | 31,449 |
| 3,200,000 | 58,088 | 31,948 |
| 3,250,000 | 58,995 | 32,447 |
| 3,300,000 | 59,903 | 32,947 |
| 3,350,000 | 60,810 | 33,446 |
| 3,400,000 | 61,718 | 33,945 |
| 3,450,000 | 62,626 | 34,444 |
| 3,500,000 | 63,533 | 34,943 |
| 3,550,000 | 64,441 | 35,442 |
| 3,600,000 | 65,349 | 35,942 |
| 3,650,000 | 66,256 | 36,441 |
| 3,700,000 | 67,164 | 36,940 |
| 3,750,000 | 68,071 | 37,439 |
| 3,800,000 | 68,979 | 37,938 |
| 3,850,000 | 69,887 | 38,438 |
| 3,900,000 | 70,794 | 38,937 |
| 3,950,000 | 71,702 | 39,436 |
| 4,000,000 | 72,609 | 39,935 |
The above figures have been rounded off to the nearest rupee and actual figures may differ slightly.
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 Rs 50,000 monthly) the loan limit is Rs 1,500,000
- Employees of all organizations that apply 50% deduction on salary, the loan limit is Rs 1,500,000.
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 periods up to 240 months depending on the applicant’s age.
New Loan may be applied after having refunded six monthly instalments.
No security is required.
- Interest rate is currently at 10.50% p.a for civil servants/premium non-government and 11.65% p.a for non-civil servants (excluding private sectors employees).
- It will be automatically adjusted in case of any change in the Mutual Aid Base Rate (MBR).
- A one-off processing fee of 1% on the loan amount.
- A loan coverage fee of 4.50% - 6.00% 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.
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).