Mwalimu Sacco Loans Types Requirements & Interest Rates

Mwalimu National is the country’s largest African Sacco, with members from all around the country. The institution’s goal is to empower and enable tutors to gain access to inexpensive financial services. Mwalimu Sacco loans, for example, have significantly cheaper interest rates.

Mwalimu National Sacco provides a variety of loans to teachers and members. They are all suitable for different sorts of financing and have varied interest rates and conditions. To choose the best credit, you must first comprehend the loans given by this company.

This article highlights different types of mwalimu sacco loans, interest rates, loan amounts and repayment terms.

Mwalimu Sacco loan types

The alternatives for funding available to you as a member are listed below. We have provided the prerequisites for loan approval as well as their related interest rates.

BOSA loan products

Back Office Services Activities financing is made against your deposits. Products offered here include:

Wezesha loan

Wezesha is the only financing option that does not require a six-month wait before applying for loan processing. As a new member, you have immediate access to up to Ksh. 600,000, and your first savings deductions are deposited into your account. A third of the fund will be kept as reserves for you.

The following terms and conditions apply:

  • The product is only for new members
  • A loan interest rate of 13% will apply
  • The maximum repayment period is 36 months
  • A 2% processing fee is deducted
  • The credit should be guaranteed fully
  • Shares boosted will earn Mwalimu National Sacco dividends on a pro-rata basis

Emergency funding

This credit is only available for unforeseeable events or circumstances. Furthermore, you can only access one type of emergency financing at a time. The following terms are applicable:

  • A monthly interest rate of 1% on a decreasing balance is applied.
  • It must be paid back within 24 months.
  • Based on a third of your net wage, the multiplier is x5.

School fees loan

You can only apply for this for educational purposes. Only one school fee credit is issued at a time. The terms include:

  • 1% interest rate per month based on reducing balance It should be repaid within 24 months
  • The maximum limit you can obtain is five times your deposits.
  • The amount is based on the 1/3 net salary rule.

Normal loan

This is a short term form of financing that will help you in meeting immediate financial essentials. The terms below apply:

  • 1% interest per month on a reducing basis
  • The maximum loan repayment schedule is 36 months
  • You can only have a maximum limit of 3 times your deposits subject to the 1/3 salary regulation.
  • Only one standard loan can be granted at a given time

Development loan