Mwalimu National Sacco Membership Eligibility & Requirements
This article is about Mwalimu National Sacco Membership Eligibility & Requirements. Mwalimu Sacco was founded in It is one of Kenya’s largest deposit-taking Saccos, with assets of 60.60 billion.
It is the largest African Sacco and among its members are mainly teachers from all over the country.
Eligibility to be a member of Mwalimu Sacco
- TSC secondary school teachers.
- TSC Secretariat.
- TSC Teachers.
- TSC primary school teachers (graduated or graduate).
- Spouses and children of affiliates with formal employment.
- Staff of the Ministry of Education.
Mwalimu National Sacco and employees of its branches.
- Mwalimu Sacco membership requirements
- A fully completed membership application form.
- Copy of ID (both sides).
- An original current payroll.
- 3 recent passport size color photographs.
Attach all the requested documents and deliver them personally or send them by courier to the Sacco offices throughout the country.
Mwalimu Sacco products
(I). Wezesha loan
The product is reserved for new members. The rate is 1.125% per month when the balance is reduced.
It has a maximum duration of 72 months. A processing fee of 2% will be charged to Wezesha on the advance amount.
The maximum loan amount will be determined by the ability of the member, provided the loan is fully secured.
(ii). emergency loan
Granted for unforeseen circumstances. The applicable interest rate is 1% per month when reducing the balance.
Payable in 24 months. The multiplier is 5x.
Only one emergency loan can be granted at a time.
(iii). Loan for school expenses
Provided for educational purposes. Interest rate of 1% per month when reducing the balance.
Repayable in 24 months. The maximum limit is a member’s deposit x5.
(iv). regular loan
Given as a short term loan designed to help members meet their immediate financial needs.
1% monthly when reducing your balance. Repayable in 48 months.
The limit is a member’s deposit x3.
(v). development loan
Granted as a medium-term loan for investment purposes. The applicable interest rate is 1.125% per month when you reduce your balance.
Repayable in 60 months.
(vi). super loan
Granted as a long-term loan for investment purposes. The interest rate is 1.17% per month.
The maximum loan amount is a member’s deposit x4. Requires a 0.5% processing fee.
(vii). Vision 96
Long-term loan for investment purposes.
The interest rate is 1.25% per month when you reduce your balance. The repayment term is 96 months.
It attracts a 1% processing fee.
(viii). Ufanisi loan
Repayable in 120 months. A 10% share valuation fee applies.
The deposit multiplier is 5x the qualifying amount. The loan must be fully secured.
(I). gold product
Its purpose is to give you a safe time in retirement, between your retirement date and receipt of your pension.
Only pensioners are entitled to it.
(ii). Karibu loan
A tailor-made product for new or trainee teachers. Interest is 1.5% per annum.
The refund period is 90 days from receipt of the first salary. The maximum loan amount is 60,000 Kenyan Shillings for newly hired TSC teachers.
The maximum loan amount is 30,000 Kenyan shillings for student teachers and is disbursed in three tranches of 10,000 Kenyan shillings.
(iii). salary in advance
The interest rate is 5%. The maximum amount borrowed is 80% of your take home pay.
Payment is at the end of the month.
(iv). FOSA Instant Credit (36 months)
The interest rate is 1.5% per month when you reduce your balance. The repayment term is 36 months.
The maximum amount allowed is take-home pay or savings under S.A.Y.E X20.
(v). FOSA Instant Credit (12 months)
The interest rate is 1.25% per month. The repayment period is 12 months.
The maximum amount granted is your X12 net salary.
(I). risk fund
A mandatory insurance plan for all members. The monthly contribution is 400 Ksh.
The funds are used to offset the deceased member’s outstanding loans.
(ii). benefit of the last expense
It is paid in addition to Sacco’s BBF benefits.
(iii). Charitable burial fund
It is a mandatory fund used to provide members and their immediate family members with a decent stay. The monthly contribution is 150 Ksh.
Mwalimu National Sacco contacts
Headquarters: Including Towers, Hill Lane, Off Mara Road, Upperhill, Nairobi. Contacts Numbers: 0709 898 000/ 020 295 6000