Mwalimu National Sacco BOSA Loans Application Form {Free Download}

Get the latest Mwalimu National Sacco BOSA Loans Application Form {Free Download}, here.

PDF Latest Mwalimu National Sacco BOSA Loans Application Form {Free Download}

PART 1 INSTRUCTIONS

“Applicant must read the following requirements and instructions before completing this form”

1. Application must be made on the official loan form, fully completed and appropriately signed by both the loanee and guarantors in their own handwriting.
2. The applicant is required to attach the latest original payslip (not more than one month old at the date of application).
3. Loans are granted in accordance with the loan policy and lending conditions existing at the time of application.
4. For a member to qualify for loan consideration, he/she must have contributed shares for a minimum period of three months, subject to the policy in force.
5. Any amount of money deposited by a member, either in cash or by cheque, to boost shares shall wait for six months before that amount can be used to secure a loan.
6. A member whose share contributions have fallen off the payroll but has continued repaying his/her loan and is in need of a new loan will be required to update his/her shares account by repaying in cash or authorising an offset from the loan of an equivalent amount of the arrears.
7. Any member who clears his/her loans by cash/cheque must wait for one month before qualifying for loan consideration, subject to the policy in force. A member whose loan is cleared through Front Office Service Activity (FOSA) will qualify for loan consideration immediately under clearance conditions. For members whose loans shall be bridged through FOSA, the loan being processed shall be credited to the FOSA account.
8. Guarantors, who must be members of the Society, shall not guarantee more than eight major loans (Normal, Development, Super, and Vision).

9. The type of loan applied for shall be stated with reference to Clause 2.10 on page 2.

10. The interest rates shall be determined by the Board of Directors from time to time.
11. Vision loan will attract a processing fee of 1% of the amount approved and recovered up-front
12. The amount applied for shall be fully covered by the loanees plus guarantor’s shares
13. Minimum monthly deposits contribution for those with loans shall be determined by the share banding on the amount approved
14. A dormant member shall not be considered for any loan.
15. Minimum monthly deposits contribution for members without loans will be Kshs. 1000.00 per month subject to change from time to time.
16. No member will be allowed to suffer deductions including loan repayment in excess of two thirds of the basic salary.
17. Members can take a second loan other than emergency/school Fees in addition to an existing loan without necessarily clearing the outstanding loan subject to ability
18. Loans shall only be paid to member’s FOSA account
19. If a member decides to cancel his/her loan after the process has been finalised a fee of Kshs. 2,000/= shall be charged.
20. Any alteration on the loan form may cause disqualification.
21. You hereby on execution of this form as an applicant explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, your personal data as described in this document by and among, as applicable, the Sacco and its subsidiaries for the purpose of assessing and processing this loan application and any future product analysis and marketing whether in electronic or other form. In the event of defaulted loans, your contact information, and your defaulted loan, may be shared with your guarantors, your employers, debt collectors, auctioneers, and our legal service providers. This sharing of information is necessary for the purpose of facilitating debt recovery and ensuring the proper management of defaulted loans.
22. PDF Latest Mwalimu National Sacco BOSA Loans Application Form {Free Download}