Mwalimu Individual Business Loan Individual
Clients with well established businesses, can access business loans
directly without group requirement.
Amounts range between KShs. 150,000/= to KShs.5,000,000/=
Terms:
- Individual loans are processed at interest rates of 1.25% per month, on reducing Our repayment period is between 36- 60 months depending on amount borrowed.
- The loan is self-secured and acceptable securities/collateral include logbooks and commercial title
- The collaterals shall be valued by our panel of service providers and registered in relevant
- Collaterals are insured appropriately through MNS RIB
- Asset Financing Loan Terms & Conditions
The asset being financed shall be jointly registered between Mwalimu
National Sacco and the Borrowing Member before loan disbursement.
Where the Member is borrowing asset finance to invest in commercial business, the member must demonstrate experience of having been in that line of business and provide proof of; –
- Ownership of a fleet of not less than 2 assets which one of them must be debt
- Repayment track
All assets financed by the Sacco shall always be comprehensively insured through MNS RIB Ltd during the loan term and MNS Interest noted as “Financier/First loss payee.”
All movable assets financed by MNS shall always be installed with GPRS tracking device by a tracking company in Mwalimu National Sacco Panel.
Vehicle valuation for used or imported vehicles will be undertaken at Members cost.
Costs associated with Insurance, Valuation and Installation of car tracking devices will be borne by the borrowing member.
Features;-
- Receive up to 80% financing for brand new
- Loan repayment period of up to 5 years for brand new vehicles
- Up to 70% financing for used commercial / personal
- Loan repayment period of up to 3 years for used commercial / personal
- Up to 60 % financing for used PSV
- Loan repayment period of up to 2 years for used PSV
- Minimum monthly income for eligibility – KES 40,000
- Insurance for vehicles / equipment will remain comprehensive through MNS Risk and Insurance Brokers Ltd for the period the asset is under finance unless exceptions are
- Repayment period from 1 to 5 years
- Disbursement in cheque/RTGS in favor of the dealer/Vehicle vendor
- Security – Asset financed, and both jointly registered between MNS and respective
- Asset documents lodged with the SACCO’s lending department and held in custody throughout the loan
- 2% Loan appraisal fee (one-off),2% insurance fee (one-off), Interest rate at 15 % yearly reducing balance
Exclusions
- The Sacco will not finance start-ups in
- The Sacco will not finance luxury vehicles and vehicles deemed to depreciate or lose value
