Services Offered In Mwalimu National Sacco Kenya

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Mwalimu Sacco Nairobi Branch is located in Co-operative house along Tom Mboya Street. The Sacco was started in the year 1974. It was formed under cooperatives Societies Act as a Sacco society with an objective of mobilizing savings to customers and providing credit services. The Sacco mainly targets TSC secretaries, TSC teachers in Secondary and other tertiary institutions and the staff of the Sacco. The Sacco has the vision of to become a World Class Co- operative financial Institution. The Sacco’s mission is to mobilize funds, Provide Credit and other financial Services to the customers at competitive terms.

Emergency Loans

  • The loan is granted for in any circumstance.

  • Repayment period is 12 months.

  • Only one Emergency loan can be granted at a time.

  • The loans are given within a member’s entitlement.

  • The limit amount is a members deposits X 6 (subject to 1/3 rule).

  • The interest rate is 1% per month on reducing balance

  • Principle loan repayment to be done separate from interest repayment

Fees Loan

  • The loan is granted for educational reasons.

  • Repayment period is 12 months.

  • Only one loan is granted at a time.

  • The loan is given according to member’s entitlement.

  • Maximum loan amount is a members deposits X 6 (subject to 1/3 rule).

  • The interest rate is 1% per month on reducing balance.

  • Principle loan repayment is done separate from Interest charges repayment.

Normal Loan

  • Normal loans shall be granted as short-term loans for investment purposes.

  • Repayable in 36 months.

  • Only one normal loan shall be granted at a time.

  • Maximum loan granted is a members deposits X3 (subject to 1/3 rule).

  • The interest rate is 1% per month on reducing balance.

  • Principle loan repayment is done separate from interest charges.

Development Loan

  • Development loans are granted for medium-term loans for investment reasons.

  • Repayment period is 48 months.

  • Only one loan is granted at a time.

  • Maximum loan amount is a members deposits X 3 (subject to 1/3 rule).

  • The interest rate is 1.1% per month on reducing balance.

  • Recovery is done at a monthly flat rate which combines principle amount and interest repayment.

Super Loan

  • The loans are granted as long term loans for investment reasons.

  • Repayment period is 60 months.

  • Only one loan can be granted at a time.

  • Maximum loan amount granted is a members deposits X 4 (subject to 1/3 rule).

  • The interest rate is 1.2% per month on reducing balance.

  • Recovery is done at a monthly flat rate which combines principle amount and interest repayment.

Vision Loan

Vision 72

  • Vision loans are granted as long-term loan for investment reasons.

  • Repayment period is 72 months.

  • Only one loan is granted at a time.

  • Maximum loan granted is a members deposits X 6 (subject to 1/3 rule).

  • The interest rate is 1.4% per month on reducing balance.

  • Recovery is done at a monthly flat rate which combines principle and interest.

 Vision 60

  • It is granted as long-term loan for investment reasons.

  • Repayment period is 60 months.

  • Only one loan is granted at a time.

  • Maximum loan granted is a members deposits X 6 (subject to 1/3 rule).

  • The interest rate is 1.3% per month on reducing balance.

  • Recovery of the loan is done at a monthly flat rate which combines principle and interest repayment.

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