Mwalimu Sacco: Loans & Services Offered

5 min


0
105 shares

Mwalimu Sacco loans. Emergency loans. This is an unlimited loan that can readily be granted for any application or cause. The loan has an aggregate repayment period of up to 12 months once awarded. Only one emergency loan is only granted each time. The loan is only granted at the entitlement of a registered member.

Mwalimu National is the largest African Sacco with a membership drawn from teachers all over Kenya.

Mwalimu National was born of the premise that we are who we are because a teacher believed in us.

Keep reading this article to find out more about Mwalimu National Sacco.

What is Mwalimu National Sacco?

Mwalimu National seeks to enable the people who made all of us who we are today, the teachers, access affordable financial services simply because they deserve it.

Mwalimu National Sacco is a prominent firm that offers an array of services to its clients particularly in providing credit and savings.

Since its establishment in 1974, Mwalimu Sacco has widened in its scope and scale of operation gaining extensive access to various regions across the country.

Mwalimu Sacco was first instituted as a Sacco society under cooperatives Societies Act and was mainly formed to mobilize customer savings and credit services.

Mwalimu National moved from Development House to Tom Mboya in 1984. In 2016, Mwalimu National acquired land in Upperhill and constructed its current premises Mwalimu Towers.

Mwalimu Towers in Upperhill

Mwalimu Sacco is highly committed to becoming a premier institution in global co-operative finance.

To meet this noble objective, Mwalimu Sacco gives credit services, financial services, and mobilize funds at fair terms.

Mwalimu National Sacco Membership

Class A Membership

TSC Secretariat

TSC teachers in secondary schools and tertiary institutions

Teachers with academic qualifications at the level of Diploma and above, employed in education-related institutions.

Mwalimu National Sacco Society and subsidiaries staff.

Teachers registered by TSC and employed by schools’ Boards of Management.

Members’ spouses in formal employment

Members’ children above the age of 18 years in formal employment.

Former members currently working in government Ministries/ Departments or other institutions.

Employees of TSC in Primary schools with academic qualifications below Diploma level, bursars in public and private educational institutions, who may be admitted into membership by the board on their own merit.

Class B Membership

Students undertaking education-related studies leading to diplomas and degrees, in technical colleges and universities recognized by the Ministry in charge of Education.

Mwalimu National Sacco products

Mwalimu Sacco provides several products and services that are not limited to Bosa Loan Products, FOSA Products, and Business Loans.

Mwalimu Sacco loan application process has been thoroughly revised to make sure all members access loan and other services equitably.

Mwalimu Sacco loans

There are a number of loans offered at Mwalimu Sacco as discussed below.

Emergency loans

This is an unlimited loan that can readily be granted for any application or cause.

The loan has an aggregate repayment period of up to 12 months once awarded.

Only one emergency loan is only granted each time

The loan is only granted at the entitlement of a registered member.

Members add a monthly interest at a rate of 1 per cent on reducing balance.

Interest repayment is separately done from loan payment

Member loan potential is strictly capped at x6 on 1/3 rule

Fees loan

The loan is specifically granted for school fees reasons

The loan has the most repayment period of twelve months

Single loan only granted each time

Loan granted according to the member’s entitlement

Members deposits are fairly capped at x6 on the 1/3 rule

The loan granted at an interest rate of 1% each month on a declining/reducing balance

Interest charge repayment is done distinctively from the principal loan repayment

Normal loan

These loans are particularly granted for investment purposes.

Normal loans are short-term and are repayable after 36 months.

Only a single normal loan can only be granted at a time

Members deposits capped at x6 on the 1/3 rule

Normal loans have a monthly interest rate of 1 per cent at a reducing balance Repayment of principal loan and interest charges are gradually done distinctively

Development loan

Mwalimu Sacco grants this type of loan for investment purposes

The loans are repayable for up to forty-eight months

A single development loan granted at a time

Monthly interest rate for this loan valued at 1.1% on reducing balance

Loan recovered at a monthly flat rate which comprises of interest charged and the principal amount

Super loan

These are long-term loans granted only for investment reasons

This type of loan has the most repayment allowance of up to 60 months

Member can reach, at most, one super loan at a time Loans are fairly granted at an interest rate of 1.2% on a reducing balance

Recovery is regularly done at a generic flat rate consisting of interest repayment and principal amount

Vision loan

This type of loan has various categories discussed below Vision 72

Vision 72 are Vision loans with a repayment period of up to 72 months

These loans are mainly granted as investment loans

Only one vision 72 loan can only be accessed each time

Loans are granted at an interest rate of 1.4% every month on reducing balance

Member can only access a loan of up to six times their deposits, in regard to 1/3 rule

Vision 72 loans are long terms loans and mainly used as an investment Monthly recovery flat rate applies which integrates the interest and principal

Vision 60

Vision 60 are vision loans repayable after 60 months hence its name.

This loan is only granted for investment reasons

Only one Vision 60 loan can possibly be accessed each time

On reducing balance, the interest rate of this loan is 1.3% on a monthly basis

Member can only access up to 6 times their total deposit at Mwalimu Sacco

Monthly recovery at a flat rate consisting of the interest and principal capital

Mwalimu National Sacco is a vibrant group with a far-stretching teacher membership across the nation.

The Sacco has rapidly grown in the recent past making it one the largest Saccos in Africa and beyond.

As a savings and credit co-operative society, Mwalimu Sacco dividends are regularly offered to its subscribed members.

Recently launched, Mwalimu National Sacco mobile banking has made it easier for the members to reach vital services with convenience.

A case in point is a loan cost calculator in the Mwalimu GoMobile software application.

Recently launched, Mwalimu National Sacco mobile banking has made it easier for the members to reach vital services with convenience. A case in point is a loan cost calculator in the Mwalimu GoMobile software application.

List of Mwalimu National Sacco Branches in Kenya

As of 2018, Mwalimu National Sacco has 16 branches nationwide which we have listed below. Here, you can access various services such as loan application, registration as a new member, and welfare services.

Branch                        Location 

Headquarters​​             Upperhill,​​ Mwalimu Towers, Hill Lane, Off Mara Rd

Nairobi CBD               Mwalimu Co-Op House, Tom Mboya Street

Kisumu                       Reinsurance Plaza, Oginga Odinga Road

Nyeri                          Mwalimu Co-Op House, Kanisa Road

Webuye                      Afro Fancy House, Kenyatta Street

Mombasa                   Pandheer Court, Nkrumah Road

Kisii                             Lengetia Building, Kisumu – Kisii Main Street

Tsc Headquarters       Tsc Headquarters – Upper Hill Kilimanjaro Road

Kitui                            Bonus Mall, Mukuti Street

Meru                          Sawa Sawa Building, Kirukuri Street

Nakuru                       Vickers House, Kenyatta Avenue

Eldoret                        Zion Mall, Uganda Road

Kakamega                  Cannon Awori Street

Machakos                   Mbolu Malu Road

Embu                          Wanjiru Mugo Shopping Centre, Kubu Kubu Road

Homabay                    Rongo – Homabay Rd

Mwalimu National Sacco contacts

Head Office: Mwalimu Towers

Hill Lane, Off – Mara Road, Upperhill

Address: P.O. Box 62641 00200 Nairobi Kenya

Tel: +254 020 295 6000 

Mobile:  +254 709 898 000

SMS Number: 0721 270 944

Email: mwalimu@mwalimunational.coop


Like it? Share with your friends!

0
105 shares
Sande Kennedy

Sande Kennedy is the founder and Editor in Chief of SandeKennedy.com & Kenyans247.com He is a Kenyan-based Internetprenuer,blogger Political Activist & informer who has an interest in politics, governance, corporate-fraud and human-interest. Kindly drop me a note if you feel aggrieved on any matter that you would want to be highlighted  Twitter: @itssandekennedy , Instagram: @itssandekennedy WhatsApp: +254791890826 Read More about me here
Open chat
1
Would you like to get published on this Popular Blog? You can now email Sande Kennedy any breaking news, Exposes, story ideas, human interest articles or interesting videos on: info@sandekennedy.com. Videos and pictures can be sent to +254 791890826 here on WhatsApp by clicking this send button
Powered by