Mwalimu Senior is a tailor made loan product for senior saver members who have garnered savings of up to 1.5M.
Under this particular product, the 1/3 rule does not apply. Members are encouraged to open accounts @ any Mwalimu National FOSA branch. You can channel you Salary, Pension or any other transitions through this account.
Do not limit yourself, come we actualize your dream!
- Targets Society’s members who religiously have saved deposits of Ksh.1.5million and above.
- Aims at opening up a new credit line for Senior Savers to access loans against their savings without being hindered by the 1/3 rule thus provide a source of finance to strengthen and grow their investments.
- Made available exclusively to members who have made substantial savings with Mwalimu National but cannot enjoy a multiplier of their savings. Most of these members often request for partial withdrawal of their deposits to meet their needs.
- A majority of whom are nearing retirement ages or are retired.
- Senior Savers with savings more than their loans and have not guaranteed others can use the difference to get other loans provided the total loan does not exceed 85% of their free deposits.
- The loan must be self-guaranteed.
- To qualify, one must maintain direct deposit of his/her pay/retirement/pension, including social security and retirement cheques, into a Mwalimu Fosa salary or savings account (ECB account). Having direct deposit into a Mwalimu Fosa account will provide member with other benefits like ATM cards, WSF advances and also allows the member a safe, convenient and automatic way to receive his benefits.
- Minimum deposits of KShs.1.5million
- Processing fee of 2%
- Security-member deposits and conventional collaterals (where amount borrowed exceeds member’s deposits)
- Age limit not exceeding 65yrs
- Maximum qualifying amount limited to member deposits, collateral value and disclosed extra sources of income.