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ByJuma Chai

Nov 17, 2019

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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.

Eligible members:

  • 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.

Product features:

  • 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.

Juma Chai

A writer dedicated to providing the world with the best insights into Africa.

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