Mwalimu National Sacco is a leading sacco in Kenya with its members being mostly teachers. The Sacco offers Bosa loans to its members as follows:
Back Office Services Activities (BOSA) is a department in Mwalimu National which offers various loan products against members' deposits.
The Top 7 Bosa loans available at Mwalimu National Sacco are as follows:
1.Wezesha Loans From Mwalimu National
Unlike any other loan products, WEZESHA (to enable) is the only product that a member does not have to wait for six (6) months before applying for a loan. Mwalimu National enables new members to access funds of up to Kshs 600,000 immediately their first savings deduction goes through. ONLY 1/3 of Kshs 600,000 will be retained in the new members account as savings.Terms and conditions of wezesha loan
This product is for new members only.
Rate is 13% p.a on reducing balance.
Wezesha loan runs for a maximum of 36 months
2% wezesha processing fee shall be charged on the amount to be advanced.
Maximum loan amount to be issued shall not exceed Ksh.600, 000.00
The loan should be fully guaranteed.
The minimum period for a member to qualify shall apply as per the sacco by-laws.
Shares boosted shall earn dividends on pro-rata basis.
2. School Fees Loans From Mwalimu National
This type of loan is granted for education purposes only.1% p.m interest rate on reducing balance.
Repayable in 24 months.
Maximum limit is a member's deposit x5 (subject to 1/3 salary rule).
Only one school fees loan to be granted at a time
3. Normal Loans From Mwalimu National
This type of loan is granted as a short term loan aimed at helping members meet their immediate financial needs.
1% p.m on reducing balance.
Repayable in 36months.
Limit is a member's deposit x3 (subject to 1/3 salary rule).
One normal loan to be granted at a time
4. Development Loans From Mwalimu National
This loan is granted as medium-term loan for investment purposes.
Applicable interest rate is 1.17% p.m on reducing balance.
Repayable in 48 months.
Maximum limit is a member's deposit x 4 (subject to 1/3 salary rule)
One development loan granted at a time
5.Super Loan From Mwalimu National
This loan is granted as long-term loan for investment purposes.
Interest rate is at 1.20% p.m.
Repayable in 60 months.
Maximum limit is a member's deposit x 4 (subject to 1/3 salary rule)
Only one super loan is granted at a time
6.Vision 84 Loan From Mwalimu National
This is a long term loan for investment purposes.
Interest rate is 1.29 p.m on reducing balance.
Repayment period in 84 months.
The limit is a member's deposit x5 (subject to 1/3 salary rule)
7.Emergency Loan From Mwalimu National
This loan is granted for unforeseen circumstances.
Applicable interest rate is 1%p.m on reducing balance.
Repayable in 24 months.
Multipler is x5 (subject to 1/3 salary rule).
Only one emergency loan can be granted at a time.
For Clarification or for more information contact Mwalimu National through : Tel +254 020 295 6000
Cell:+254 709 898 000
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