Emergency Loans:
These loans essentially help members meet emergency financial needs such as hospitalization, bills that may fall due suddenly and unforeseen circumstances.
Product features:
- Repayable in 24 months
- Only one emergency loan can be granted at a time
- Emergency loans are given within a member’s entitlement
- Maximum limit is a members’ deposits x 5 (subject to 1/3 salary rule and ability to repay within twenty-four months)
- Principle loan repayment is done separately from interest
School Fees Loan:
Mwalimu National offers members the school fees loan product to enable them to cater for their educational needs as well as their children’s school fees without straining.
Product features:
- Repayable in 24 months
- Only one school fees loan can be granted at a time
- School fees loan is given within a member’s entitlement
- Maximum limit is a members’ deposits x 5 (subject to 1/3 salary rule and ability to repay within twenty-four months)
- Principle loan repayment is done separately from interest repayment
Normal Loan:
The normal loan is a short-term loan intended for investment purposes, also enables members to acquire assets.
Product features:
- Repayable in 36 months
- Only one normal loan can be granted at a time
- Maximum limit is a members’ deposits x 3 (subject to 1/3 salary rule)
- Principle loan repayment to be done separate from interest repayment
Development Loan:
This is a medium-term loan intended to empower members to undertake investment activities and address development needs.
Product features:
- Repayable in 48 months
- Only one development loan can be granted at a time
- Maximum limit is a members’ deposits x 4 (subject to 1/3 salary rule)
- Attracts 5% processing fee on approved amount
- Recovery is done at a monthly flat rate combining principle repayment with
Super Loan:
Super loan is a long-term loan granted to members to enable them undertake development projects, property acquisition and other investment activities for long-term benefits.
Product features:
- Repayable in 84 months
- Only one super loan shall be granted at a time
- Maximum limit is a members’ deposits x 4 (subject to 1/3 salary rule)
- Attracts 5% processing fee on approved amount.
- Recovery to be done at a monthly flat rate combining principle repayment with
Vision Loan 96:
This loan is specially tailored for members to finance long-term development projects and meet investment needs. The product’s longer repayment period and higher deposit multiplier makes it suitable for this purpose.
Product features:
- Repayable in 96 months
- Only one vision 96 loan can be granted at a time
- Maximum limit is a members’ deposits x 5 (subject to 1/3 salary rule)
- Recovery is done at a monthly flat rate combining principal repayment with
- Processing fee of 1% paid upfront
Wezesha Loan:
A loan product for new members who have ability to pay a loan but have no sufficient deposits to qualify for one. A small portion of the applied loan amount is retained as a member’s deposits while we issue out to the member the remaining amount.
Product features:
- Maximum amount loanable is determined by the member’s ability subject to 1/3 salary
- Processing fee of 2% paid upfront
- Repayment period is 72 months and the loan must be fully guaranteed
- The product is only issued to new members and not readmitted
- Recovery is done at a monthly flat rate combining principle repayment with
Ufanisi Loan:
This is long-term loan product aimed at enabling members with salary ability but have low deposits to access more credit by boosting their deposits. A portion of the loan applied is retained as deposits enhancing the members balance multiplier.
Product features:
- Repayable in 72
- 10 % deposits boosting fee
- Minimum deposits prior to the application Ksh200,000.
- Loan must be fully guaranteed
- Only one Ufanisi loan can be granted at a
- The member’s salary to be channeled through Mwalimu National Sacco
- Recovery is done at a monthly flat rate combining principle repayment with
The Golden Product
This is a product that enables our members to continue living a dignified life during the period between retirement and when they receive their pension. The member can access up to a maximum of 50% of their BOSA deposits moved to the Golden Account and which is disbursed monthly for a maximum of 24 months.
Product features:
- Eligible to only retired Retiring members are members who are leaving employment due to mandatory/voluntary retirement whose age is above 55 or retirement on medical grounds.
- The account to run for a maximum 24
- The 50% funds transferred to FOSA to earn 5% interest pa on monthly
- Utilize maximum 50% of the BOSA
- Open monthly standing order from the Golden account to FOSA savings
- Member can access FOSA advance against this
Requirements:
- Discharge letter (retirement letter); and
- The member will be expected to provide the latest pay slip and provide proof that the pension will be channeled through Mwalimu FOSA
Benefits to Members:
- Continue to enjoy a regular income
- Access to welfare services
- Access to credit facilities
Mwalimu National Welfare Services
These services come in to financially assist our members at that time when they are bereaved and have a huge financial burden.
They are both compulsory and include:
- Burial Benevolent Fund-BBF
- Used to accord members and their immediate families a decent burial
- Monthly contribution is 150
| PERSON | ENTITLEMENT IN KSH. |
| Self | 60,000 |
| Spouse | 55,000 |
| Own children | 35,000. (up to a max of 6 children) |
| Own parents | 20,000 |
| Parents in-law | 15,000 |
Supporting documents required during a claim:
- Certified copy of death certificate/permit for burial
- Birth notification form/ birth certificate (for all claims on own child)
- Radio announcement or newspaper caption or letter from Chief/ head of institution
- Any other supporting documents (specify)
Risk Fund
-
- Monthly contribution is 400
- Used to pay the outstanding loans of deceased members and double the monthly deposits to be paid to the nominee(s).
LAST EXPENSE BENEFIT (PAID IN ADDITION TO SACCO’S BBF BENEFITS)
| PERSON | ENTITLEMENT IN KSH. |
| Self | 120,000 |
| Spouse | 80,000 |
| Own children | 40,000 (up to a max of 4 children) |
| Own parents | N/A |
| Parents in-law | N/A |
For efficiency in payment the members should:
- Confirm and update their nominees with the Sacco to avoid legal
- In case of more than one nominee, clearly indicate the percentage allocation for each