To improve Mwalimu National SACCO members’ 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.
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.
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.
BANK OFFICE SERVICES ACTIVITIES (BOSA) LOAN PRODUCTS
BOSA is a department within Mwalimu National Sacco which provides various loan products based on the deposit amount of the member.
a. WEZESHA LOAN
Unlike other products, WEZESHA which translated means “to enable” is an easily available product since the member does not have to wait for at least 6 months before s/ he can access up to kshs 600,000 immediately.
Mwalimu SACCO allows a new member to access up to Kshs 600, 000 once your first savings deduction goes through.
Only 1/3 of the Kshs 600, 000 will be retained in the new member account as savings.
WEZESHA LOAN: TERMS AND CONDITIONS
1. This product is preserved for new members only.
2. The payment interest rate is 13% per annum on a reducing balance.
3. Wezesha loans have a repayment period- a maximum of 36 months, 3 years.
4. 2% processing fee is charged on the advanced amount.
5. The maximum amount offered is Ksh 600, 000.
6. The loan should be guaranteed fully.
7. The minimum qualification period depends on the SACCO’s by-laws.
8. The boosted shares will earn dividends based on the provisions of the SACCO.
b. EMERGENCY LOAN
It is given to cater for unforeseen situations.
The interest rate is 1 % per month on a reducing balance.
It should be paid within 12 months.
It is multiplied five times x5 based on the 1/3 salary rule.
Members can only be granted one emergency loan at a time.
c. NORMAL LOAN
It is granted on a short-term basis to aid clients to meet their immediate financial needs.
1 % interest rate per month is charged on a reducing balance.
It is repayable within 36 months.
The amount granted limit is based on the member’s deposit multiplied by three-subject to 1/3 salary rule.
A member can access one Normal loan at a time.
d. SCHOOL FEES LOAN
It is granted for educational needs only.
1 % interest rate per month on a reducing balance is charged.
It is repayable within 12 months.
The maximum amount is the member’s deposit multiplied by 5- subject to the 1/3 salary rule.
A member can be granted one school fees loan at a time.
e. DEVELOPMENT LOAN
It is granted as a medium-term loan for investment purposes.
It is repayable within 48 months.
The interest rate is 1.17% per month on a reducing balance.
The maximum amount is the member’s deposit x4- subject to the 1/3 salary rule.
f. VISION 84
This is a long-term loan for investment purposes.
The interest rate is 1.29% per month on a reducing balance.
It should be repaid within 84 months.
The maximum amount granted is obtained by multiplying the member’s deposit five times- subject to the 1/3 salary rule.
g. SUPER LOAN
It is granted on a long-term basis for investment.
An interest rate of 1.20% per month is charged.
It is repayable within 60 months.
The maximum amount granted is the member’s deposit x4- subject to the 1/3 salary rule.
Only one super loan can be granted at a time.
