Giant Mwalimu National SACCO has now moved to expand members’ borrowing ability by allowing them to use the government tax relief funds.
“The Board (of Mwalimu National SACCO) has approved the use of PAYE (Pay As You Earn) tax relief of 5% given by the government to cushion citizens against the impact of Covid-19 as part of ability when borrowing from the SACCO.” says a presser by the SACCO Boss Alphonse Kaio.
The tax relief that was introduced by the government, in April this year, saw salaries of employees increase marginally. This will be a welcome move by teachers who can now use the funds plus those from the recent TSC pay hike to get the loans.
According to Alphonse, the decision to include the tax relief funds is aimed at improving the amount of loan/ credit facility a member can access from the SACCO.
“The changes take effects from August 1, 2020,” adds Alphonse.
The SACCO advances a number of loans to members. See the loans’ descriptions below;
Back Office Services Activities (BOSA) is a department in Mwalimu National which offers various loan products against members’ deposits.
Unlike ALL other products, WEZESHA (to enable) is the ONLY product that a member does not have to wait for six (6) months before applying for a loan. Mwalimu National enables YOU (new member) to access funds of up to Kshs 600,000 immediately your first savings deduction goes through. ONLY 1/3 of Kshs 600,000 will be retained in the new members account as savings.
Front Office Services Activities (FOSA) is the banking arm of Mwalimu National that provides basic and affordable banking services to meet members’ needs.
Interest rate is dependent on the repayment period in that;
This is a percentage of expected dividends that are normally paid earlier.
Clients with well established businesses, can access business loans directly without group requirements. The minimum loan for individual client is Kshs 501,000 and a maximum of Kshs 5,000,000.
Terms
Business Loans are disbursed to individual members within a group for expansion of existing income generating ventures. Such businesses must have been in operation for at least 6 months.
Group loans are done based on tiers.
One has to start from tier one and graduate through the tiers within the program based on business ability. If successful, at tier three one can move to borrow as an individual client without the need of group.
The SACCO has various platforms through which you can get help. Here they are:
1). Mwalimu Towers,
Hill Lane, Off – Mara Road, Upperhill.
P.O. BOX, 62641 – 00200,
Nairobi, Kenya.
2). Tel: 020 295 60000, 0709 898 000
3). Free SMS Line: 20156
4). Email: mwalimu@mwalimunational.coop
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