{"id":13069,"date":"2022-08-22T09:05:27","date_gmt":"2022-08-22T09:05:27","guid":{"rendered":"https:\/\/www.megaserverstore.com\/mcsmutualaid\/?page_id=13069"},"modified":"2025-04-10T09:03:14","modified_gmt":"2025-04-10T09:03:14","slug":"rss-loan","status":"publish","type":"page","link":"https:\/\/www.megaserverstore.com\/mcsmutualaid\/rss-loan\/","title":{"rendered":"R.S.S Loan"},"content":{"rendered":"\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
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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 as from 7.00% p.a<\/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>1,410<\/td>755<\/td>\n<\/tr>\n
200,000<\/td>2,819<\/td>1,551<\/td>\n<\/tr>\n
300,000<\/td>4,229<\/td>2,326<\/td>\n<\/tr>\n
400,000<\/td>5,639<\/td>3,101<\/td>\n<\/tr>\n
500,000<\/td>7,048<\/td>3,876<\/td>\n<\/tr>\n
600,000<\/td>8,458<\/td>4,652<\/td>\n<\/tr>\n
700,000<\/td>9,867<\/td>5,427<\/td>\n<\/tr>\n
800,000<\/td>11,277<\/td>6,202<\/td>\n<\/tr>\n
900,000<\/td>12,687<\/td>6,978<\/td>\n<\/tr>\n
1,000,000<\/td>14,096<\/td>7,753<\/td>\n<\/tr>\n
1,100,000<\/td>15,506<\/td>8,528<\/td>\n<\/tr>\n
1,200,000<\/td>16,916<\/td>9,304<\/td>\n<\/tr>\n
1,300,000<\/td>18,325<\/td>10,079<\/td>\n<\/tr>\n
1,400,000<\/td>19,735<\/td>10,854<\/td>\n<\/tr>\n
1,500,000<\/td>21,145<\/td>11,629<\/td>\n<\/tr>\n
1,600,000<\/td>22,554<\/td>12,405<\/td>\n<\/tr>\n
1,700,000<\/td>23,964<\/td>13,180<\/td>\n<\/tr>\n
1,800,000<\/td>25,373<\/td>13,955<\/td>\n<\/tr>\n
1,900,000<\/td>26,783<\/td>14,731<\/td>\n<\/tr>\n
2,000,000<\/td>28,193<\/td>15,506<\/td>\n<\/tr>\n
2,100,000<\/td>29,602<\/td>16,281<\/td>\n<\/tr>\n
2,200,000<\/td>31,012<\/td>17,057<\/td>\n<\/tr>\n
2,300,000<\/td>32,422<\/td>17,832<\/td>\n<\/tr>\n
2,400,000<\/td>33,831<\/td>18,607<\/td>\n<\/tr>\n
2,500,000<\/td>35,241<\/td>19,382<\/td>\n<\/tr>\n
2,600,000<\/td>36,650<\/td>20,158<\/td>\n<\/tr>\n
2,700,000<\/td>38,060<\/td>20,933<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>

The above figures have been rounded off to the nearest rupee and actual figures may differ slightly.<\/p><\/div><\/div>

Loan Amount<\/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>

100% of Retirement Saving Scheme (RSS) accrued benefits.<\/p>

Repayment period up to 240 months depending on the applicant\u2019s age.<\/p><\/div><\/div>

Repayment<\/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>

Repayment period up to 240 months depending on the applicant\u2019s age.<\/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>

RSS account to be pledged by the loan applicant.<\/p><\/div><\/div>

Rate of Interest<\/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 is currently at 7.00% p.a and is calculated daily based on the outstanding capital and is tagged to the Mutual Aid Base Rate (MBR). It will be automatically adjusted in case of any change in the MBR<\/p><\/div><\/div>

Charges\/Fees<\/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>

One-off processing fee of 1% is applicable on the loan amount.<\/p>

A loan coverage fee of 4.50% - 6.00% for all loan applications will apply to write off the loan in case of death.<\/p>

Applicants will be charged Rs 150 as Bank of Mauritius (MCIB) fee.<\/p>

The amount disbursed will be net of the charges\/fees.<\/p><\/div><\/div>

Documents Required<\/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>

Original & Photocopies of\u00a0National Identity Card (NIC)<\/u><\/strong>\u00a0of applicant. (NIC with initials should be supported by\u00a0Birth Certificate<\/u><\/strong>) and your recent payslip.<\/p>

Original & Photocopies of Birth Certificates of applicant and guarantors (KYC record). Online Birth Certificate is acceptable.<\/p>

Certificate from your Department<\/u><\/strong>\u00a0stating that you are not under report, not on leave without pay not involved in a police case (valid for 1 month).<\/p>

Bank Statement<\/u><\/strong>\u00a0showing name and address \/\u00a0Utility Bill (Central Electricity Board or Central Water Authority or Mauritius Telecom)<\/u><\/strong>\u00a0- not more than 3 months. (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).<\/p>

Photocopy of\u00a0bank document<\/u><\/strong>\u00a0showing bank account number and name of applicant.<\/p>

Completed Emailing of Statement of Accounts and the Borrowers Declaration<\/u><\/strong>\u00a0Forms.<\/p>

Loan Deduction Authority Form (LDAF) by members<\/u><\/strong>.<\/p><\/div><\/div>

Conditions<\/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>

In no case shall the total Mutual Aid deduction exceed 5% of the monthly eligible income \/ 40% of total monthly income of pensioners.<\/p><\/div><\/div>

Click to download forms<\/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>