Compare the best loans on the market and choose an alternative that best meets your daily needs with minimum constraints.
Further Below: Our Guide to Best Loans in Mauritius, Everything you need to know.
Hongkong and Shanghai Banking Corporation Limited (HSBC)
- Borrow up to Rs. 2.5 million
- Loan tenure of up to 7 years
- Low-interest rates
- Zero monthly service fee
- Fast loan approval
- No security required
- Available to non-HSBC customers
- Fast disbursement
- Loan amount of up to Rs 1.75 million
- Repayment period of up to 8 years
- Attractive interest rates
- Available to non-Bank One customers
- Tailor-made financing
- Unsecured loan
- Credit life insurance
- Quick approval
BCP Bank Mauritius
- Maximum amount of MUR 500,000
- Maximum repayment term of five years
- Flexible interest rates
- Decreasing Term Assurance
- No charge for early repayment
- No capital contributions required
- Choose the preferred monthly payment day
- Fast application process
Loans in Mauritius, All You Need To Know:
Read through our guide on how to get finances in a few minutes with this type of consumer credit presented to you. At FUNDGECKO, you are guided on how the loan works, current trending offers, and what to put into consideration before choosing any option.
- Mini online loans in Mauritius have low credit limits for first-time applicants and keep increasing over time.
- Best loan reimbursement is paid in one month, in a single payment, and with fixed interest rates.
- The application process is simple and easy, does not involve much paperwork and the payout terms are within a day.
- The loan is multi-purpose as it is given for different purposes including; debt reconciliation, business funding, and home refurnishing among others.
To avoid sinking into bankruptcy or other huge debts, you should only apply for this credit when you are sure of your ability to repay the loan when it falls due. However, let your loan be purposeful enough to generate a financial impact.
What Are Loans and How Do They Work?
An online mini-loan refers to the amount of money that you request from a bank or other lending institutions. When you want to finance your business, or big projects, or carry out debt reconciliation and you lack enough funds, the best loans are here to settle your needs. These mini loans chipped into financial markets in Mauritius presenting diverse financial products. Currently, consumers have changed their tastes and preference toward these credits.
In Mauritius, the best loan acquisition process is super fast as all the facilitation given by the lenders is done online. This reduces workload as there is no use for paperwork. Both parties will transact in the comfort of their homes as the establishment of online platforms has made all this flexible.
One outstanding aspect of online loans is creditworthiness is gained out of customers’ discipline. Once you make timely repayment and other loan terms compliance, your loan limit keeps growing over time. You will also end up getting additional favors such as increased repayment terms with reduced interest rates.
According to the Mauritius Credit Registration Bureau of standards, more than 2 million Mauritian citizens have one or more online loans. This is majorly due to their attractive terms and conditions including; fixed interest, small amounts, and fast payout.
What We Should Know About Mini-credits
- They have short repayment conditions of up to 30 days
- Are purposefully used for financial emergencies
- Loan limit grows according to the salary amount
- The funds have no limit of purpose and can be used for any need
- Have a fast payout hence funds are disbursed on approval
- Mini credits have high-interest rates compared to other types of funding
- Repayment terms are stringent for consumers
When is it Advisable to Apply For Loans?
An online mini loan is a sure way to get a quick financial fix during an emergency. Everything from the application to granting of the money suits a borrower that’s faced with an emergency. However, that’s not enough to make you get this type of credit. Hence, let’s look at when you’d need to get the loan.
When is it/ is it not advisable to take out a mini loan?
- It’s an emergency economic need
- The need is not recurring
- You can repay without constraints
- We do not take loans regularly
- We know the terms and conditions of the loan
- We know how much we expect to pay
- The purpose can be postponed to a future date
- There are other methods of financing
- We are not aware of the final amount to repay
- We don’t know how they work
- We want to borrow regularly
- It is a habitual expense
- We are not sure if we can repay the sum borrowed
It’s wise to use the ASTM standards to decide whether you require this kind of credit. Make sure to choose wisely so that you don’t have an excessive amount to return.
How Much Money Can I Get With Mini-credits?
Because mini loans are quick to approve and disburse, you can utilize one to get yourself out of a little financial bind. Compared to other forms of credit, the first application offers less funding and keeps growing with the level of trust gained from a lending organization. First-time applicants can receive a lower loan limit depending on salary range and it keeps growing over time.
With first-time applicants, lower amounts are given as there is no relationship of trust and loyalty between the two parties. Due to the risk of fraud and money loss, they cannot receive huge funds at first.
Due to the established trust, the lender will continue to extend loans to new applicants who consistently repay them within the agreed-upon parameters. Some lenders will reduce the interest rates while simultaneously raising the borrowing limit.
Requirements to access loans
Small loan amounts are granted with lesser terms and conditions as compared to the requirements of issuing huge loans. However, it is mandatory to always ensure compliance with the required conditions to increase your chance of approval. These requirements differ from one entity to the other hence you should keenly consider the specific organization you’re applying to.
- Should be a Mauritanian citizen or an eligible resident
- Have a stable income source of about MUR 20,000 p.m
- Be of legal age. Some lenders prefer 18 years while others go beyond 21 years
- Should possess a personal number for legality
As online loans have no paper application, borrowers will be expected to fill out online forms with the required personal details and signatures where necessary.
Documents to be submitted when requesting a loan
For online mini loans, the documents required by lenders are much less compared to other loans. Lenders will however give you various options to send this document which can either be by sending photos, emailing, or scanning the documents. Let us have a quick check on the documents submitted:
- A copy of your passport or national identification card for identity
- Bank statement for income flow examination
- Income tax compliance proof or self-tax assessment
- Paychecks for some previous periods to show income stability
The bank statement might be left out if the applicant is taking a loan he has an account. The entity will only analyze your records in their banks hence reducing more paperwork.
How to take out loans online step by step?
Listed below are the steps for taking a loan online:
- Select the desired loan amount considering repayment terms
- Read and fill out the online form sent from the lender
- Send back the required documents attached to the form for verification
- Read through the contracting document before signing up for the contract.
- Receive funds
One advantage of this kind of loan is how quickly applications are processed and how quickly applicants can receive their funds. It will take roughly 20 minutes for the money to be released after an application is approved. We can easily and quickly obtain mini-credits without payroll thanks to your comprehensive online application and automatic data analysis. There are only four actions required:
- Selection of the loan amount and repayment terms: The borrower should have a specific loan amount target with a specific period of repayment.
- Filling out the application form: In this form, we fill our profile information which includes our full names, date of birth, marital status, address, and telephone numbers among other details required. This information should always be accurate enough for transparency.
- Verification of documents: The lending entity does the verification of the documents submitted, the bank profile, and the application form. if found eligible you will be sent a contractual form.
- Contract signing: The borrower should read through all the contractual terms and policies before signing the contract. If in agreement with the contractual terms, you are required to sign the contract electrically through a code sent to you.
- The lending entity will also sign the contract to seal the agreement and give approval for the loan amount applied.
- The money is disbursed to your account per the terms of payment.
About this page, our methodology
What this page is for: We are a website that provides you with information about the wide range of financial products available to you as a credit consumer. As a result, before you apply for a loan, we teach you how to compare various economic factors such as interest rates, repayment periods, and additional fees involved. Additionally, we equip you with the analytical skills you need to become financially stable.
Source: The information herein regarding consumer credit and in particular personal loans has been sourced from the Bank of Mauritius website, Banking institutions among other reliable sources.
Methodology: The data relating to the conditions of these products (amount, term, interest, etc.) have been obtained through online research and consultation of the official statistics of the aforementioned reference sources.
About FUNDGECKO: We are a group of experts who are dedicated to assisting you in making straightforward financial decisions that will see you meet your financial goals. You can compare the best financial options by using the information we provide herein, which has been verified and is reliable. Additionally, we provide simpler methods for selecting the option that best meets your requirements and preferences.
Note: the services we offer are totally free for the user, as FUNDGECKO obtains its income from advertising and its featured products.