{"id":13033,"date":"2022-08-19T08:15:29","date_gmt":"2022-08-19T08:15:29","guid":{"rendered":"https:\/\/www.megaserverstore.com\/mcsmutualaid\/?page_id=13033"},"modified":"2025-04-09T10:00:55","modified_gmt":"2025-04-09T10:00:55","slug":"personal-loan","status":"publish","type":"page","link":"https:\/\/www.megaserverstore.com\/mcsmutualaid\/personal-loan\/","title":{"rendered":"Personal Loan"},"content":{"rendered":"\t\t
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Personal Loan<\/div>\r\n\t\t\t\t\r\n\t\t\t<\/div>\r\n\t\t\t\t

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Fly on the wings of your dreams with our Personal Loan!<\/strong><\/em><\/p>

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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.<\/p><\/div>\r\n\t\t\t \r\n <\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Know more about:<\/div>\r\n\t\t\t\t\r\n\t\t\t<\/div> \r\n <\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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FAQ<\/div>\r\n\t\t\t\t\r\n\t\t\t<\/div> \r\n <\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Who can apply for a loan?<\/span> \t\t\r\n\t\t\t\t\t\t\r\n\t\t\t\t<\/i><\/span>\r\n\t\t\t\t<\/i><\/span>\r\n\t\t\t\t<\/span><\/div>

Only members of the Mutual Aid can apply for a loan.<\/p><\/div><\/div>

Who can be a member of the Association?<\/span> \t\t\r\n\t\t\t\t\t\t\r\n\t\t\t\t<\/i><\/span>\r\n\t\t\t\t<\/i><\/span>\r\n\t\t\t\t<\/span><\/div>

Any individual who is on the permanent and pensionable basis from the Civil Service\/Local Authorities and in the list of approved institutions<\/a>.<\/p><\/div><\/div>

Why ex-employee of Government above 60 years cannot be a member?<\/span> \t\t\r\n\t\t\t\t\t\t\r\n\t\t\t\t<\/i><\/span>\r\n\t\t\t\t<\/i><\/span>\r\n\t\t\t\t<\/span><\/div>

As per our Constitution, only individual below the age of 60 years can be a member of the Association.<\/p><\/div><\/div>

What amount of loan can be obtained?<\/span> \t\t\r\n\t\t\t\t\t\t\r\n\t\t\t\t<\/i><\/span>\r\n\t\t\t\t<\/i><\/span>\r\n\t\t\t\t<\/span><\/div>

Loan amount depends on the age, salary, repayment capacity of the borrower and guarantors where applicable.<\/p><\/div><\/div>

What documents are needed to obtain a loan?<\/span> \t\t\r\n\t\t\t\t\t\t\r\n\t\t\t\t<\/i><\/span>\r\n\t\t\t\t<\/i><\/span>\r\n\t\t\t\t<\/span><\/div>

Recent salary payslip or pension slip and NID (for loanees and guarantors), proof of address, bank account details, letter of not under report, etc.<\/p><\/div><\/div>

How long it takes for a loan to be disbursed?<\/span> \t\t\r\n\t\t\t\t\t\t\r\n\t\t\t\t<\/i><\/span>\r\n\t\t\t\t<\/i><\/span>\r\n\t\t\t\t<\/span><\/div>

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.<\/p><\/div><\/div>

What will be my monthly payment?<\/span> \t\t\r\n\t\t\t\t\t\t\r\n\t\t\t\t<\/i><\/span>\r\n\t\t\t\t<\/i><\/span>\r\n\t\t\t\t<\/span><\/div>

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.<\/p><\/div><\/div>

Who can be my guarantors?<\/span> \t\t\r\n\t\t\t\t\t\t\r\n\t\t\t\t<\/i><\/span>\r\n\t\t\t\t<\/i><\/span>\r\n\t\t\t\t<\/span><\/div>

Anyone who is a member of the Association. Conditions apply. No guarantor is needed for Quick loan.<\/p><\/div><\/div>

What should be the salary of guarantor(s)?<\/span> \t\t\r\n\t\t\t\t\t\t\r\n\t\t\t\t<\/i><\/span>\r\n\t\t\t\t<\/i><\/span>\r\n\t\t\t\t<\/span><\/div>

More or less same as applicant but depends on net disposable income.<\/p><\/div><\/div>

What happens to the loan in case of death?<\/span> \t\t\r\n\t\t\t\t\t\t\r\n\t\t\t\t<\/i><\/span>\r\n\t\t\t\t<\/i><\/span>\r\n\t\t\t\t<\/span><\/div>

Remaining loan amount will be written off on submission of death certificate.<\/p><\/div><\/div>

Is the Mutual Solidarity Contribution (MSC) payable every month or one off?<\/span> \t\t\r\n\t\t\t\t\t\t\r\n\t\t\t\t<\/i><\/span>\r\n\t\t\t\t<\/i><\/span>\r\n\t\t\t\t<\/span><\/div>

The MSC is a one off payment.<\/p><\/div><\/div>

What are the interest rates and charges?<\/span> \t\t\r\n\t\t\t\t\t\t\r\n\t\t\t\t<\/i><\/span>\r\n\t\t\t\t<\/i><\/span>\r\n\t\t\t\t<\/span><\/div>

Please refer to table of interest and charges (Available in Loan Information Sheet and on the website).<\/p><\/div><\/div>

What is MCIB?<\/span> \t\t\r\n\t\t\t\t\t\t\r\n\t\t\t\t<\/i><\/span>\r\n\t\t\t\t<\/i><\/span>\r\n\t\t\t\t<\/span><\/div>

The Mauritius Credit Information Bureau (MCIB) at the Bank of Mauritius is a body where all contracted loans are registered.<\/p><\/div><\/div>

Can documents from last application be used?<\/span> \t\t\r\n\t\t\t\t\t\t\r\n\t\t\t\t<\/i><\/span>\r\n\t\t\t\t<\/i><\/span>\r\n\t\t\t\t<\/span><\/div>

Each application should contain a fresh set of required documents.<\/p><\/div><\/div>

Why people from private sector cannot take loan or stand as guarantor?<\/span> \t\t\r\n\t\t\t\t\t\t\r\n\t\t\t\t<\/i><\/span>\r\n\t\t\t\t<\/i><\/span>\r\n\t\t\t\t<\/span><\/div>

Only individual from the approved list can be granted loan facilities and can stand as guarantor.<\/p><\/div><\/div>

Can Mutual Aid offset my loans held with other institutions?<\/span> \t\t\r\n\t\t\t\t\t\t\r\n\t\t\t\t<\/i><\/span>\r\n\t\t\t\t<\/i><\/span>\r\n\t\t\t\t<\/span><\/div>

Yes, provided a recent statement of balance is submitted.<\/p><\/div><\/div>

Is there any penalty if loan is paid before maturity?<\/span> \t\t\r\n\t\t\t\t\t\t\r\n\t\t\t\t<\/i><\/span>\r\n\t\t\t\t<\/i><\/span>\r\n\t\t\t\t<\/span><\/div>

No penalty is applied for payment of loan before term.<\/p><\/div><\/div>

Can the loan advice be sent by email?<\/span> \t\t\r\n\t\t\t\t\t\t\r\n\t\t\t\t<\/i><\/span>\r\n\t\t\t\t<\/i><\/span>\r\n\t\t\t\t<\/span><\/div>

Yes, we can send loan advice via email upon request.<\/p><\/div><\/div>

Can existing loans be re-scheduled?<\/span> \t\t\r\n\t\t\t\t\t\t\r\n\t\t\t\t<\/i><\/span>\r\n\t\t\t\t<\/i><\/span>\r\n\t\t\t\t<\/span><\/div>

It depends on the financial situation of the loanee.<\/p><\/div><\/div>

When deduction at source is effected after disbursement of a loan?<\/span> \t\t\r\n\t\t\t\t\t\t\r\n\t\t\t\t<\/i><\/span>\r\n\t\t\t\t<\/i><\/span>\r\n\t\t\t\t<\/span><\/div>

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.<\/p><\/div><\/div>\r\n <\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Loan Table<\/span> \t\t\r\n\t\t\t\t\t\t\r\n\t\t\t\t<\/i><\/span>\r\n\t\t\t\t<\/i><\/span>\r\n\t\t\t\t<\/span><\/div>

Interest Rate 9.55% (not applicable for pensioners)<\/strong><\/p>

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LOAN AMOUNT
\nRs<\/th>		MINIMUM SALARY PER MONTH
\nRs<\/th>		MONTHLY INSTALMENT - 240 MONTHS
\nRs<\/th>\n<\/tr>\n<\/thead>\n
100,000<\/td>1,701<\/td>935<\/td>\n<\/tr>\n
200,000<\/td>3,401<\/td>1,871<\/td>\n<\/tr>\n
300,000<\/td>5,102<\/td>2,806<\/td>\n<\/tr>\n
400,000<\/td>6,803<\/td>3,742<\/td>\n<\/tr>\n
500,000<\/td>8,504<\/td>4,677<\/td>\n<\/tr>\n
600,000<\/td>10,204<\/td>5,612<\/td>\n<\/tr>\n
700,000<\/td>11,905<\/td>6,548<\/td>\n<\/tr>\n
800,000<\/td>13,606<\/td>7,483<\/td>\n<\/tr>\n
900,000<\/td>15,307<\/td>8,419<\/td>\n<\/tr>\n
1,000,000<\/td>17,007<\/td>9,354<\/td>\n<\/tr>\n
1,100,000<\/td>18,708<\/td>10,289<\/td>\n<\/tr>\n
1,200,000<\/td>20,409<\/td>11,225<\/td>\n<\/tr>\n
1,300,000<\/td>22,109<\/td>12,160<\/td>\n<\/tr>\n
1,400,000<\/td>23,810<\/td>13,096<\/td>\n<\/tr>\n
1,500,000<\/td>25,511<\/td>14,031<\/td>\n<\/tr>\n
1,600,000<\/td>27,212<\/td>14,966<\/td>\n<\/tr>\n
1,700,000<\/td>28,912<\/td>15,902<\/td>\n<\/tr>\n
1,800,000<\/td>30,613<\/td>16,837<\/td>\n<\/tr>\n
1,900,000<\/td>32,314<\/td>17,773<\/td>\n<\/tr>\n
2,000,000<\/td>34,014<\/td>18,708<\/td>\n<\/tr>\n
2,100,000<\/td>35,715<\/td>19,643<\/td>\n<\/tr>\n
2,200,000<\/td>37,416<\/td>20,579<\/td>\n<\/tr>\n
2,300,000<\/td>39,117<\/td>21,514<\/td>\n<\/tr>\n
2,400,000<\/td>40,817<\/td>22,450<\/td>\n<\/tr>\n
2,500,000<\/td>42,518<\/td>23,385<\/td>\n<\/tr>\n
2,600,000<\/td>44,219<\/td>24,320<\/td>\n<\/tr>\n
2,700,000<\/td>45,920<\/td>25,256<\/td>\n<\/tr>\n
2,800,000<\/td>47,620<\/td>26,191<\/td>\n<\/tr>\n
2,900,000<\/td>49,321<\/td>27,127<\/td>\n<\/tr>\n
3,000,000<\/td>51,022<\/td>28,062<\/td>\n<\/tr>\n
3,100,000<\/td>52,722<\/td>28,997<\/td>\n<\/tr>\n
3,200,000<\/td>54,423<\/td>29,933<\/td>\n<\/tr>\n
3,300,000<\/td>56,124<\/td>30,868<\/td>\n<\/tr>\n
3,400,000<\/td>57,825<\/td>31,804<\/td>\n<\/tr>\n
3,500,000<\/td>59,525<\/td>32,739<\/td>\n<\/tr>\n
3,600,000<\/td>61,226<\/td>33,674<\/td>\n<\/tr>\n
3,700,000<\/td>62,927<\/td>34,610<\/td>\n<\/tr>\n
3,800,000<\/td>64,628<\/td>35,545<\/td>\n<\/tr>\n
3,900,000<\/td>66,328<\/td>36,481<\/td>\n<\/tr>\n
4,000,000<\/td>68,029<\/td>37,416<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p><\/div><\/div>
New Loan Application<\/span> \t\t\r\n\t\t\t\t\t\t\r\n\t\t\t\t<\/i><\/span>\r\n\t\t\t\t<\/i><\/span>\r\n\t\t\t\t<\/span><\/div>

New Loan may be applied after having refunded six monthly instalments.<\/p><\/div><\/div>

Security<\/span> \t\t\r\n\t\t\t\t\t\t\r\n\t\t\t\t<\/i><\/span>\r\n\t\t\t\t<\/i><\/span>\r\n\t\t\t\t<\/span><\/div>