Mwalimu Sacco Senior Saver Loan

Senior Saver Loan

Senior Saver is a tailor-made loan product for our senior saver members who have garnered Back Office savings of up to KShs. 1.5M.

Under this product, the 1/3 rule does not apply. Members are encouraged to open a Biashara account at any Mwalimu National FOSA branch. You can channel your business proceeds, Salary, Pension, or any other cash flows through this account.

• A majority of whom are nearing retirement age or are retired and running business
• Eligible members:
• Senior Savers with savings more than their loans and have not guaranteed others can use the difference to get other loans provided the total loan does not exceed 85% of their free
• The loan must be self-guaranteed.
• To qualify, one must maintain direct deposit of his/her pay/ retirement/pension, including social security and retirement cheques, into a Mwalimu FOSA salary or savings account (ECB account). Having direct deposit into a Mwalimu FOSA account will provide member with other benefits like ATM cards, WSF advances and also allows the member a safe, convenient and automatic way to receive his

Product features:

• Minimum deposits of 1.5 million
• Processing fee of 2%
• Security: member deposits and conventional collaterals (where amount borrowed exceeds member’s deposits)
• Maximum loan amount is 15 million
• Maximum loan repayment term is 120 Months
• Loan eligibility is subject to member demonstrating ability to repay, sufficiency of collateral and business