This article focuses on Mwalimu National Sacco membership eligibility and requirements. Mwalimu Sacco was established in 1974. It is the largest deposit-taking Saccos in Kenya with an asset base of 64.06 billion.
It is the largest African Sacco with a membership mainly drawn from teachers all over the country.
Mwalimu Sacco Membership Eligibility
- TSC secondary school teachers.
- TSC secretariat.
- TSC lecturers.
- TSC primary school teachers (Diploma or degree graduates).
- Members’ spouses and children in formal employment.
- Ministry of education staff.
- Mwalimu National Sacco and its subsidiaries employees.
Mwalimu Sacco Membership Requirements
- A fully filled membership application form.
- Copy of the National ID (both sides).
- An original current payslip.
- 3 recent colour passport size photographs.
- Attach all the required documents and hand deliver them or send via courier to the Sacco’s offices anywhere in the country.
Mwalimu Sacco Products
BOSA Products
(i). Wezesha loan
- Product is for new members only.
- Rate is 1.125% per month on reducing balance.
- Runs for a maximum of 72 months.
- 2% of wezesha processing fee shall be charged on the amount to be advanced.
- Maximum loan amount to be determined by the member’s ability subject to the loan being fully guaranteed.
(ii). Emergency loan
- Granted for unforseen circumstances.
- Applicable interest rate is 1% per month on reducing balance.
- Payable in 24 months.
- Multiplier is 5 times.
- Only one emergency loan can be granted at a time.
(iii). School fees loan
- Granted for education purposes.
- 1% per month interest rate on reducing balance.
- Repayable in 24 months.
- Maximum limit is a member’s deposit x5.
(iv). Normal loan
- Granted as a short term loan aimed at helping members meet their immediate financial needs.
- 1% per month on reducing balance.
- Repayable in 48 months.
- Limit is a member’s deposit x3.
(v). Development loan
- Granted as medium term loan for investment purpose.
- Applicable interest rate is 1.125% per month on reducing balance.
- Repayable in 60 months.
(vi). Super loan
- Granted as long term loan for investment purpose.
- Interest rate is 1.17% per month.
- Maximum loan amount is a member’s deposit x4.
- Attracts 0.5% processing fee.
(vii). Vision 96
- Long term loan for investment purpose.
- Interest rate is 1.25% per month on reducing balance.
- Repayment period is 96 months.
- Attracts a 1% processing fee.
(viii). Ufanisi loan
- Repayable in 120 months.
- 10% share boosting fee applicable.
- Deposit multiplier is 5 times the qualifying amount.
- Loan must be fully guaranteed.
FOSA Products
(i). Golden product
- It is meant to provide a safe gap for you on retirement, between the retirement date and receipt of your pension.
- Only retired members are eligible.
(ii). Karibu loan
- A tailor made product to newly employed teachers or intern teachers.
- Interest is 1.5% per annum.
- Repayment period is within 90 days upon receipt of first salary.
- Maximum loan amount is Kshs 60,000 for newly employed TSC teachers.
- Maximum loan amount is Kshs 30,000 for intern teachers disbursed in 3 tranches of Kshs 10,000.
(iii). Salary in advance
- The interest rate is 5%.
- Maximum amount borrowed is 80% of your net salary.
- Repayment is at the end of the month.
(iv). FOSA instant credit (36 months)
- Interest rate is 1.5% per month on reducing balance.
- Repayment period is 36 months.
- Maximum amount granted is your net pay or savings under S.A.Y.E X20.
(v). FOSA instant credit (12 months)
- Interest rate is 1.25% per month.
- Repayment period is 12 months.
- Maximum amount granted is your net salary X12.
Welfare Services
(i). Risk fund
- A compulsory insurance scheme for all members.
- Monthly contribution is Kshs 400.
- The funds are used to offset outstanding loans of the deceased member.
(ii). Last expense benefit
- It is paid in addition to the Sacco’s BBF benefits.
(iii). Burial benevolent fund
- It is a mandatory fund used to accord members and their immediate family a decent send off.
- Monthly contribution is Kshs 150.
Mwalimu National Sacco Contacts
Head Office: Mwalimu Towers, Hill Lane, Off Mara Road, Upperhill, Nairobi.
Contacts: 0709 898 000/ 020 295 6000
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