To improve Mwalimu National SACCO’s access to financial services and products, the SACCO is pleased to notify members that the interest rate for their M-Loan product has been revised to 4% per month.
This service is available for members whose salary is paid through FOSA and those with SAYE accounts in FOSA.
MWALIMU SACCO LOANS
Unlike banks, SACCOS do not have any hidden charges that make loans expensive in the long run.
Some of these hidden bank charges include:
1. Insurance fee
2. Account maintenance commission
3. Accrued interest charges
4. Appraisal or processing fee
5. Pre-mature loan clearance charges
6. Late remittance charges
Besides this, banks have yearly reappraisals for interest rates.
This means that the interest rates will change throughout the loan’s lifespan.
If the interests in the money market are raised, the interest rates will be revised upwards without informing the loanee.
SACCO loans are affordable as they only attract monthly charges.
MOBILE SERVICES: GO MOBILE
Go Mobile is an easily accessible and convenient mobile banking system that enables members to carry out business transactions from the comfort of their offices or homes.
Mwalimu National SACCO can access this service by simply downloading Mwalimu National’s new app or via the shortcode *286*51#
The app is available on all androids, windows and I-Tunes.
Through mobile banking you can:
- Transfer money
- Get your mini-statement
- Check your account balance
You just need to register for the Go Mobile service at the nearest Mwalimu National FOSA branch.
Upon registration, you will receive a username and M-pin.
It is advisable to change your pin the first time you use this service.
For more information, you can contact Mwalimu National through 0709 898 000.
1. MWALIMU NATIONAL SACCO FOSA PRODUCTS
Front Office Services Activities is another of the many services at the disposal of Mwalimu National SACCO clients.
It is aimed at providing basic and affordable banking services to members.
FOSA PRODUCTS INCLUDE:
a. SALARY IN ADVANCE
An interest rate of 5% is charged.
It is payable within one month-end month.
The maximum amount granted is 80% of the member’s net salary or SAYE.
b. FOSA INSTANT CREDIT-24 MONTHS
An interest rate of 1.25% per month is charged.
The repayment period is 12 months.
The maximum amount granted is the member’s net salary x16 or the savings under SAYE X10.
The interest rate depends on the repayment period:
. 1 month @ 5%
. 2 months @ 6 %
. 3 months @ 7%
The maximum amount granted is up to 80% of the member’s net salary or SAYE.
Principal and interest amounts are recoverable at the end of every month.
d. ADVANCE DIVIDENDS
This is a percentage of dividends which are paid earlier than expected.
An interest rate of between 7.5% and 5 % is charged depending on the month during which the member applies for the advance dividends.
The maximum amount granted is 75% of the dividends expected.
2. BUSINESS LOANS
a. Individual loan
Well established clients with businesses can directly access loans from the SACCO.
The minimum amount for individual clients is Ksh 501, 000 and a maximum of Ksh 5, 000, 000.
Terms and Conditions
An interest rate of 1.25% per month on a reducing balance is charged.
The repayment period is between 3-36 months depending on the amount given.
It is a self-secured loan and collateral securities include commercial title deeds and logbooks.
b. Group Loans
They are offered to individual members who belong to a certain group to expand existing income-generating activities.
The business venture must be in existence for a minimum period of 6 months.
Group loans are based on three tiers:
1. Tier 1 Ksh 30, 000 to Ksh 150, 000(1.33% interest per month, payable within 12 months.)
2. Tier 2 Ksh 151, 000 to Ksh 250, 000 (1.33% interest per month, payable within 24 months.)
3. Tier 3 Ksh 251, 000 to Ksh 500, 000 (1.33 interest per month payable within 36 months.)
The group starts with the lowest tier, Tier 1 before graduating to the next tiers based on the ability to repay the loan.
Once the business is eligible for Tier 3, one can graduate to the next level without necessarily involving a group.
The SACCO has also rolled out agency banking going by the name Mwalimu Mashinani.
It has been pilot tested in the following regions:
Important Mwalimu NATIONAL SACCO links:
- Online Application Form
- Website: https://www.mwalimunational.coop
- Members Login Portal: https://membersportal.mwalimunational.coop:82/