Mwalimu National is now offering the Karibu loan to all Newly employed Teachers and Intern Teachers. This is a short term loan and has minimal requirements.
Features of the Mwalimu National Karibu loan
The loan has the features below:
- Interest charged on the loan facility is 1.5% per month.
- You must be a newly employed TSC Teacher or Intern Teacher with Diploma and above.
- You must fill the Society’s Membership application to join the SACCO as a member.
- Repayment period is within 90 days (3 months) upon receipt of first salary.
- Maximum loan amount is KShs. 60,000.00 for newly employed TSC Teachers disbursed in three tranches of KShs 20,000.00 per month for three months.
- Maximum loan amount is KShs. 30,000.00 for Intern Teachers disbursed in three tranches of KShs 10,000.00 per month for three months.
- The recovery period will be 5 months for each tranche.
- 90 days grace period from the date of loan disbursement.
- Mode of recovery is salary, but any other legal source of funds is acceptable.
See also;
Requirements for you to get the Mwalimu National Karibu loan
To receive the loan facility, you must produce the following:
- Your posting letter from TSC.
- Copy of your National ID that must be certified by the School Principal or Deputy Principal
- Your Pay-point form that has to signed by the School Principal or Deputy.
- One guarantor.
- Copy of your TSC casualty returns.
How to get the Mwalimu National Karibu loan
You can get this loan instantly by visiting your nearest branch.
