Mwalimu National SACCO Loan Products you can Apply. Mwalimu National SACCO is one of the largest SACCO society in Kenya with very high membership. One biggest advantage of joining the SACCO is that you stand to benefit from low interest loans offered by the SACCO. Unlike most banks, there are no hidden charges when applying for a loan from the SACCO.
In this article, we take a look at some of the loan products you can get from Mwalimu National SACCO. The SACCO is well known for facilitating members with low interest loan and you will also be given amble time to repay your loan. The SACCO is open for both salaried and non-salaried individuals and it is open to everyone.
So, what are some of the loans and loan products you can get from Mwalimu National SACCO. The SACCO offers various Back Office Services Activities (BOSA) loan products among them; Emerg4ency Loans, Wezesha Loans, School fees loans, Normal Loans among others. Below is a number of loan products you can apply from Mwalimu National SACCO
Mwalimu National SACCO Loan Products you can Apply
Emergency Loan is granted for unforeseen circumstances. Mwalimu national Emergency Loan is applicable to all member. The loan attracts an interest at the rate of 1% per month on a reducing balance terms.
The emergency Loan is repayable in 24 months equivalent to 2 years. Only one emergency loan can be granted at a particular time.
Wezesha loan is another loan product from Mwalimu national SACCO. Unlike ALL other products, WEZESHA (to enable) is the ONLY product that a member does not have to wait for six (6) months before applying for a loan. Mwalimu National enables every member including the new members to access funds within your ability immediately your first savings deduction goes through. ONLY 1/3 of the amount applied will be retained in the new members account as savings. The loan must be fully guaranteed.
Mwalimu SACCO Wezesha Loan Terms and conditions
- This product is for new members only.
- Rate is 1.125% p.m. on reducing balance.
- Wezesha loan runs for a maximum of 48 months
- 2% Wezesha processing fee shall be charged on the amount to be advanced.
- Maximum loan amount to be determined by the member’s ability subject to the loan being fully guaranteed.
- The minimum period for a member to qualify shall apply as per the sacco by-laws.
- Shares boosted shall earn dividends on pro-rata basis.
- Eligible member’s must channel their salary through Mwalimu National FOSA as a requirement.
This is one of the best loan products from Mwalimu SACCO.
School Fees Loan
Mwalimu National SACCO members can as well apply for education loan to pay for the school fees for their children. This loan product is purely granted for education purposes only. The interest rate for Mwalimu National SACCO School Fees Loan is 1% per month on reducing balance basis.
The repayment period for the school fees loan is 24 months and the maximum limit is a member’s deposit x5 (subject to 1/3 salary rule. This type of loan can only be granted one at a time.
Mwalimu National SACCO normal loan is ideal short term loan members can apply for and it is aimed at helping members meet their immediate financial needs. The Normal loan attracts an interest of 1% on reducing balance. The limit one can apply for is capped at 3 times of your deposit. For employed individuals, the loan is capped at 1/3 salary rule.
This is Ideal loan for members who wish to carry out development projects. The loan is granted as a medium-term loan for investment purposes. Applicable interest on this type of loan is 1.1255 per month on reducing balance.
The repayment period for Mwalimu National SACCO is 48 months. The maximum limit is a member’s deposit x 4 (subject to 1/3 salary rule).
Mwalimu National SACCO Super Loan is granted as long-term loan for investment purposes. The loan is issued to members at an interest of 1.17% per month and the repayment period is capped at 60 months. The minimum limit to members is 4 times the member’s deposit and for the salaried individuals, the loan is subject to 1/3 salary rule. Only one Super Loan can be granted at a time.
Vision 84 is a Mwalimu national SACCO long term form investment Loan product. The loan attracts an interest of 1.25% per month on reducing balance and its maximum repayment period is 84 months. The limit is a member’s deposit x5 (subject to 1/3 salary rule)
Ufanisi loan is long-term loan product aimed at enabling you Mwalimu National SACCO members with salary ability but have low shares to access more credit by boosting their shares. A portion of the loan applied is retained as deposits enhancing your balance multiplier.
The product features and requirements are:
- Repayable in 72 months.
- 10 % share boosting fee applicable.
- Minimum deposits prior to the application Ksh. 200,000.00
- Loan must be fully guaranteed
- Only one Ufanisi loan can be granted at a time.
- The member’s salary to be channeled through Mwalimu National Sacco FOSA.
Recovery is done at a monthly flat rate combining principle repayment with interest.
In summary, below is the list of Mwalimu National SACCO Loans and Loan Products
Mwalimu National SACCO Loan Products
- Emergency Loan
- School Fees Loan
- School Fees Loan
- Normal Loan
- Development Loan
- Super Loan
- Vision 84 Loan
- Ufanisi Loan
Mwalimu National SACCO Contacts
Hill Lane, Off – Mara Road, Upperhill.
P.O. BOX, 62641 – 00200,
Tel: 020 295 60000, 0709 898 000
Free SMS Line: 20156
You can also bank with mwalimu National SACCO by dialing the short USSD code *286*51#. You can as well download the Mwalimu National SACCO App through Google PlayStore for android users or AppStore for iPhone users.