Mwalimu National is now offering the Karibu loan to all Newly employed Teachers and Intern Teachers. This is a short term loan and has minimal requirements.
Features of the Mwalimu National Karibu loan
The loan has the features below:
- Interest charged on the loan facility is 1.5% per month.
- You must be a newly employed TSC Teacher or Intern Teacher with Diploma and above.
- You must fill the Society’s Membership application to join the SACCO as a member.
- Repayment period is within 90 days (3 months) upon receipt of first salary.
- Maximum loan amount is KShs. 60,000.00 for newly employed TSC Teachers disbursed in three tranches of KShs 20,000.00 per month for three months.
- Maximum loan amount is KShs. 30,000.00 for Intern Teachers disbursed in three tranches of KShs 10,000.00 per month for three months.
- The recovery period will be 5 months for each tranche.
- 90 days grace period from the date of loan disbursement.
- Mode of recovery is salary, but any other legal source of funds is acceptable.
Requirements for you to get the Mwalimu National Karibu loan
To receive the loan facility, you must produce the following:
- Your posting letter from TSC.
- Copy of your National ID that must be certified by the School Principal or Deputy Principal
- Your Pay-point form that has to signed by the School Principal or Deputy.
- One guarantor.
- Copy of your TSC casualty returns.
How to get the Mwalimu National Karibu loan
You can get this loan instantly by visiting your nearest branch.