Mwalimu National Sacco loans; BOSA interest rates and loan calculator

Are you a member of Mwalimu National Sacco and you need a loan. Well. You need to know that the Back Office Services Activities (BOSA) is a department in Mwalimu National which offers various loan products against members’ deposits.

The Products offered under BOSA include:

(i) Emergency Loans at Mwalimu National:

 These loans are granted for unforeseen circumstances.
 They are repayable in 24 months.
 Emergency loans are granted within a member’s entitlement.
 Maximum limit is a members’ deposits x 5 (subject to 1/3 salary rule and ability to repay within twelve months)

(ii) School Fees Loanat Mwalimu National:

 Granted for educational purposes.
 Repayable in 24 months
 Maximum limit is a members’ deposits x 5 (subject to 1/3 salary rule and ability to repay within twelve months)

(iii) Normal Loan at Mwalimu National:

 Granted for investment purposes
 Repayable in 36 months
 Maximum limit is a members’ deposits x 3 (subject to 1/3 salary rule and ability to repay within 36 months)

(iv) Development Loan at Mwalimu National:

 Granted for development purposes
 Repayable in 48 months
 Maximum limit is a members’ deposits x 4 (subject to 1/3 salary rule and ability to repay within 48 months)

(v) Super Loan at Mwalimu National:

 Granted for investment purposes
 Repayable in 60 months
 Maximum limit is a members’ deposits x 4 (subject to 1/3 salary rule and ability to repay within 60 months)

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(vi) Vision Loan at Mwalimu National:

 Granted for investment purposes
 Repayable in 84 months
 Maximum limit is a members’ deposits x 5 (subject to 1/3 salary rule and ability to repay within 84 months)

(vii) Wezesha Loan at Mwalimu National

This is a loan product for new members who have the ability to repay but have insufficient deposits to qualify.

One third of the loan amount applied is retained as part of the member’s savings and the remaining amount is given to the member under the following terms:

 Maximum amount loanable is KShs. 600,000.00
 Processing fee of 2% paid upfront
 Repayment period is 36 months and the loan has to be fully guaranteed
 Wezesha Loan is only issued to new members and not readmitted members.

MWALIMU SACCO PRORATA

This is a percentage of savings pegged on the amount of loan a member borrows. Prorata encourages a savings culture.

It is important to note that your next loan will be bigger than this current one because, prorata will enable you increase your savings and you will also enjoy a very good dividend percentage at the close of the financial year.