Compare the best options on the market and choose the one which best adapts to your day to day needs.
Further Below: Our Guide to Personal 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
Personal loans in Mauritius, All you Need to Know:
Take a look at the short-term personal loans you can get as a Mauritius citizen for free. We at FUNDGECKO put in a lot of effort to provide you with trustworthy information about loans and to explain the various types of loans you can get to assist you in making the best financial choices possible.
The current market for personal loans
Information on consumer credit keeps on changing daily. For this reason, we provide you with the most recent information to keep you updated on the same. This is to help you make the right financial decisions. Here is what has been happening in the credit market in Mauritius:
- At the onset of COVID-19, two key things happened to the consumer market in Mauritius; there was a significant decrease, of 40%, in the demand for personal loans and a reduction in the supply of credit across all the lenders. This fall was driven by a decrease in consumer confidence as a result of economic uncertainty and job insecurity.
- In November, the inflation rate in Mauritius hit a rate of 12.1% from 11.9% in October. This rate is expected to rise to 12.3% by the end of the year according to analysts’ expectations.
- In September 2022, the prevailing bank lending rate in Mauritius was 7.25%. This rate is expected to remain unchanged by the end of the year 2022.
How to compare online loan offers
The number of lenders offering personal loans in Mauritius has skyrocketed in the credit market. If you are not careful, you might end up making the wrong decision and spending a lot of money on fees that aren’t necessary. As a result, before applying for a loan, we recommend that you evaluate the following aspects:
- The amount of the loan;
- The loan’s repayment term;
- The interest rate that is charged;
- Any additional charges, such as those for making a late payment or returning a check.
Perform simulations based on your project to determine which loan you must take out before making a decision. For best results, take the aforementioned factors into account.
How to use FUNDGECKO to get personal loans
Our mission at FUNDGECKO is to provide you with reliable and current information about the various financial products from which you can choose. We walk you through the terms and conditions of these financial products as well as their properties. This will help you choose the financial product that best meets your needs. The straightforward steps you want to follow are as follows:
- Receive a complimentary comparison of the various financial products that might pique your interest.
- Pay close attention to the fine print and the terms and conditions of the contract.
- If you have any questions, use the FUNDGECKO discussion to answer them and equally get assistance regarding them. By clicking “Contract,” you will be automatically taken to the bank’s website, where our experts and other users will help you with the application. You won’t have to worry about anything as a result of this, as everything will run smoothly throughout your application.
- You can leave a review of our services in the comment section to assist other customers who wish to use our services.
Why do you look for personal loans?
Whatever plans you have in mind, you can get the extra cash from a personal loan to bring them to reality. Personal loans can be used to fund several projects including:
- Home refurbishes
- Life events like anniversary
- Merging loans
- Purchase furniture
- Buy land
- Finance emergencies
- Pay for hospital bills
- Pay your children’s school fees
- Advance your studies
- Take a vacation
How to apply for a personal loan
Different lenders have different modes of loan application. For some, it can be purely online, for others it can be physical, while others allow you to download the application form online, print them, fill and then take them to the nearest branch with the supporting documents.
When applying for a personal loan, the most common procedures are as follows:
- You can compare loans from multiple companies online or in person. While noting the terms of the loans offered by each entity, be sure to go through the files. Contrast them then distinguish a deal that appears to suit your loan purpose.
- Fill in all of the empty fields on the application form, whether you’re applying in person or online, with personal information. Be careful to verify that the information you provide matches the information in the bank statements and other documents.
- Anticipate pre-approval. For the online application, you will receive a pre-approval message immediately if you meet all of the requirements, and for the physical mode, it will take 48 hours.
- Provide all of the requested supporting documents. Because the documents will help verify your application, make sure to send them all to the entity’s office or online.
- As you examine the terms of the offer and how the credit works, read through the pre-contractual information. After verifying your application, the lender will send you this information.
- If you agree with everything about the offer, sign up for it. You can sign in the office of the entity or use a digital signature.
- The lender will eventually send you the money, though the time frame varies depending on how you applied.
Requirements for personal loans in Mauritius
Several prerequisites have to be met before the loan lender can approve your loan application. This is to confirm your eligibility hence increasing the lender’s confidence in approving your loan and taking the process to the next step.
- Be a Mauritius resident
- Individuals must be between the age of 18 to 65 years.
- Earn a minimum monthly income of Rs25,000
- Source of income- an individual should be employed in the public sector, be a pensioner, or be self-employed. Self-employed clients need to provide their business registration requirements for proof of the same.
- One should not have any outstanding loan balances or be listed in any credit reference bureaus in Mauritius.
Documentation for applying for a personal loan
The documents serve as evidence of loan eligibility. Some organizations demand more documentation than others. If you are asked to provide documents, ensure that you do so and that they are accurate. The information provided on the application form and the information contained in these documents must be the same. The following documents may be required by the lender:
- Duly filled loan application form
- Proof of identity- national Id, a valid passport, or a driving license.
- Proof of income- last 3 months’ salary slips or the latest month’s salary slip if the salary is paid to an account with the particular lender for fixed-income earners. For variable income earners, the last 12 months’ salary slips.
- Recent utility bills for example Central Water Authority or Central Electricity Board.
- Bank statements for the last twelve months.
- Proof of employment- the lender may require you to provide a letter from your employer to prove that you are employed or valid business registration documents.
Who grants personal loans in Mauritius?
Personal loans have become an increasingly important option for credit consumers hence a rise in the demand for the same. An increase in demand leads to an increase in supply to meet the demand. For this reason, many personal loan lenders have come up in the recent past. Personal loans in Mauritius are generally offered by banks, private companies, P2P platforms, credit financial institutions, and online loan providers.
Financing through banking institutions
- Improves credit score
- More flexible
- Accounting and tax benefits
- Long-term commitment
- Increased compliance
- Guarantor required
Financing through Credit Financial Institutions (CFE)
- Financial guidance
- Pay in installments
- Managerial advice
- Security required
- Credit score considered
Financing from private companies
- Fixed rates
- Creditworthiness considered
- High interest rates
Financing through P2P platforms
- Flexible loan amount
- Instant approval
- Minimal paperwork
- Simplified process
- Application fees
- No interest tax shield
FAQ: Frequently Asked Questions
What is a personal loan?
A personal loan is an all-purpose financing solution for any personal project you wish to undertake. It comes to solving all your financial needs with no guarantor requirements. They are paid every month for an agreed period and interest rates apply to them. They can be used for a variety of purposes such as home renovations, consolidating debt, and weddings.
Why don’t you give me personal loans?
Applying for a loan is not guaranteed that it is going to be approved. The lender looks at a couple of things before deciding on whether to finance or not. These factors include but are not limited to:
- Poor credit score
- Significant outstanding loan balances
- Low levels of income
- Lack of a collateral
- Incorrect details
- Unstable employment
What is the INE Form for a loan?
The INE form is a document we receive from the lender that details all of the terms of the loan we are accepting, including, among other things, the interest rates, repayment period, amount, APR, commissions, and potential insurance.
What is the binding offer of personal credit?
You can ask for a binding offer if you want to compare other loan offers but don’t want to let go of the current offer. After receiving a binding offer from a lender, you have at least 14 calendar days to freely compare the terms and conditions of other loans without losing the current offer.
Can personal loans be paid in advance?
Some banks like BCP Bank Mauritius allow customers to pay off their loans early at no extra charge. However, other banks will charge you an early repayment fee which is usually at the rate of 2% to 5% of the remaining loan amount. Before repaying your loan in advance, you must contact your lender to inform him of the same and allow him to communicate any charges that that may attract.
What if I take a loan and later regret it?
For one reason or another, you might find yourself regretting having taken a loan. The biggest reason for such regret is always related to how comfortable the monthly repayment amounts fit your budget. To avoid such regrets, it is important to deeply analyze the loan amount, the applicable interest rates, the repayment term, and any other fees the loan may attract. It is important that you also weigh other options that may be available to you before settling for a loan.
What happens if I don’t pay back a personal loan?
Defaulting on a personal loan is a serious situation that could lead to some problems for you as the borrower such as a lawsuit. Defaulting a loan will likely drop your credit score, debt collectors will contact you and your ability to take loans in the future will be negatively affected. To avoid these situations, ensure that you repay your monthly installments on a timely basis
When to apply for a personal loan?
A personal loan is advantageous because one does not need security to obtain it and it is easy to apply. For this reason, you may find yourself applying for it yet you do not need it. Therefore, only apply for a personal loan if you have a well-laid-out plan of how you intend to use the funds. Before applying for a personal loan, make sure you know the pros and cons associated and compare interest rates with multiple lenders.
When to apply for a fast loan?
One should apply for a fast loan only in cases of emergencies. This type of loan has a very fast screening and approval process just as the name suggests. They are a quick way of getting money in your hand in a quick way. It is important to note that the faster a lender is willing to provide you with funds, the higher the interest rates and the shorter the repayment period.
Taking out a loan is a difficult decision for any individual or family because it does increase the liquidity of the family in the short term, but in the long run, financing and servicing that debt can turn out to be a hassle. For this reason, you should seek professional advice before settling for a loan and weigh out all your options.
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.