Fly on the wings of your dreams with our 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.
Only members of the Mutual Aid can apply for a loan.
Any individual who is on the permanent and pensionable basis from the Civil Service/Local Authorities and in the list of approved institutions.
As per our Constitution, only individual below the age of 60 years can be a member of the Association.
Loan amount depends on the age, salary, repayment capacity of the borrower and guarantors where applicable.
Recent salary payslip or pension slip and NID (for loanees and guarantors), proof of address, bank account details, letter of not under report, etc.
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.
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.
Anyone who is a member of the Association. Conditions apply. No guarantor is needed for Quick loan.
More or less same as applicant but depends on net disposable income.
Remaining loan amount will be written off on submission of death certificate.
The MSC is a one off payment.
Please refer to table of interest and charges (Available in Loan Information Sheet and on the website).
The Mauritius Credit Information Bureau (MCIB) at the Bank of Mauritius is a body where all contracted loans are registered.
Each application should contain a fresh set of required documents.
Only individual from the approved list can be granted loan facilities and can stand as guarantor.
Yes, provided a recent statement of balance is submitted.
No penalty is applied for payment of loan before term.
Yes, we can send loan advice via email upon request.
It depends on the financial situation of the loanee.
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.
Interest Rate 9.55% (not applicable for pensioners)
| LOAN AMOUNT Rs | MINIMUM SALARY PER MONTH Rs | MONTHLY INSTALMENT - 240 MONTHS Rs |
|---|---|---|
| 100,000 | 1,701 | 935 |
| 200,000 | 3,401 | 1,871 |
| 300,000 | 5,102 | 2,806 |
| 400,000 | 6,803 | 3,742 |
| 500,000 | 8,504 | 4,677 |
| 600,000 | 10,204 | 5,612 |
| 700,000 | 11,905 | 6,548 |
| 800,000 | 13,606 | 7,483 |
| 900,000 | 15,307 | 8,419 |
| 1,000,000 | 17,007 | 9,354 |
| 1,100,000 | 18,708 | 10,289 |
| 1,200,000 | 20,409 | 11,225 |
| 1,300,000 | 22,109 | 12,160 |
| 1,400,000 | 23,810 | 13,096 |
| 1,500,000 | 25,511 | 14,031 |
| 1,600,000 | 27,212 | 14,966 |
| 1,700,000 | 28,912 | 15,902 |
| 1,800,000 | 30,613 | 16,837 |
| 1,900,000 | 32,314 | 17,773 |
| 2,000,000 | 34,014 | 18,708 |
| 2,100,000 | 35,715 | 19,643 |
| 2,200,000 | 37,416 | 20,579 |
| 2,300,000 | 39,117 | 21,514 |
| 2,400,000 | 40,817 | 22,450 |
| 2,500,000 | 42,518 | 23,385 |
| 2,600,000 | 44,219 | 24,320 |
| 2,700,000 | 45,920 | 25,256 |
| 2,800,000 | 47,620 | 26,191 |
| 2,900,000 | 49,321 | 27,127 |
| 3,000,000 | 51,022 | 28,062 |
| 3,100,000 | 52,722 | 28,997 |
| 3,200,000 | 54,423 | 29,933 |
| 3,300,000 | 56,124 | 30,868 |
| 3,400,000 | 57,825 | 31,804 |
| 3,500,000 | 59,525 | 32,739 |
| 3,600,000 | 61,226 | 33,674 |
| 3,700,000 | 62,927 | 34,610 |
| 3,800,000 | 64,628 | 35,545 |
| 3,900,000 | 66,328 | 36,481 |
| 4,000,000 | 68,029 | 37,416 |
New Loan may be applied after having refunded six monthly instalments.
- 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 | Loan Amount | Minimum number of guarantor(s) |
|---|---|---|
| 1 | Up to Rs 1m | One |
| 2 | > Rs 1m ≤ Rs 2m | Two |
| 3 | > Rs 2m ≤ Rs 3m | Three |
| 4 | > Rs 3m ≤ Rs 4m | Four |
- For loan of Rs 3m 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 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 and overtime should be at least half of the monthly instalment of the loanee.
- In case one guarantor is not a loanee, his/her net pay into bank excluding bonuses and overtime should be at least equal to the monthly instalment of the loanee.
- Guarantors can stand as surety for a total liability limit (loan balance) of Rs 3.5m for monthly salary less than Rs 50,000 and Rs 4.5m for those earning above Rs 50,000 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.
- Guarantor(s) cannot opt out once the application has been processed.
- Pensioners cannot act as guarantor.
- Interest rate is currently at 9.55% p.a for civil servants/Premium Non Governments and 9.80% p.a for non-civil servants (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.
- A one off processing fee of 1% is applicable 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.
- Applicant will be charged Rs 150 as Bank of Mauritius (MCIB) fee.
- The amount disbursed will be net of the charges/fees.
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).
- 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 Rs 3.5m for monthly salary less than Rs 50,000 and Rs 4.5m for those earning above Rs 50,000 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.