Back Office Services Activities (BOSA) is a department in Mwalimu National which offers various loan products against members’ deposits.

1

 

Wezesha Loan

Unlike ALL other 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 YOU (new member) to access funds of up to Kshs 600,000 immediately your firstĀ  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

  1. This product is for new members only.
  2. Rate is 13% p.a on reducing balance.
  3. Wezesha loan runs for a maximum of 36 months
  4. 2% wezesha processing fee shall be charged on the amount to be advanced.
  5. Maximum loan amount to be issued shall not exceed Ksh.600, 000.
  6. The loan should be fully guaranteed.
  7. The minimum period for a member to qualify shall apply as per the sacco by-laws.
  8. Shares boosted shall earn dividends on pro-rata basis.

Emergency Loan

  1. Granted for unforeseen circumstances.
  2. Applicable interest rate is 1%p.m on reducing balance.
  3. Repayable in 12months.
  4. Multipler is x5 (subject to 1/3 salary rule).
  5. Only one emergency loan can be granted at a time.

School Fees Loan

  1. Granted for education purposes only.
  2. 1% p.m interest rate on reducing balance.
  3. Repayable in 12months.
  4. Maximum limit is a member’s deposit x5 (subject to 1/3 salary rule).
  5. Only one school fees loan to be granted at a time.

Normal Loan

  1. Granted as a short term loan aimed at helping members meet their immediet finacial needs.
  2. 1% p.m on reducing balance.
  3. Repayable in 36months.
  4. Limit is a member’s deposit x3 (subject to 1/3 salary rule).
  5. One normal loan to be granted at a time.

Development Loan

  1. Granted as medium-term loan for investment purposes.
  2. Applicable interest rate is 1.17% p.m on reducing balance.
  3. Repayable in 48months.
  4. Maximum limit is a member’s deposit x4 (subject to 1/3 salary rule)
  5. One development loan granted at a time.

Super Loan

  1. Granted as long-term loan for investment purposes.
  2. Interest rate is at 1.20% p.m.
  3. Repayable in 60months.
  4. Maximum limit is a member’s deposit x4 (subject to 1/3 salary rule)
  5. Only one super loan granted at a time.

Vision 84

  1. Long term loan for investment purposes.
  2. Interest rate is 1.29 p.m on reducing balance.
  3. Repayment period in 84months.
  4. The limit is a member’s deposit x5 (subject to 1/3 salary rule)

SEE ALSO

MWALIMU NATIONAL SACCO BUSINESS LOANS

MWALIMU NATIONAL SACCO BRANCHES

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