Senior Saver Loan
Senior Saver is a tailor-made loan product for our senior saver members who have garnered Back Office savings of up to KShs. 1.5M.
Under this product, the 1/3 rule does not apply. Members are encouraged to open a Biashara account at any Mwalimu National FOSA branch. You can channel your business proceeds, Salary, Pension, or any other cash flows through this account.
- A majority of whom are nearing retirement age or are retired and running business
- Eligible members:
- Senior Savers with savings more than their loans and have not guaranteed others can use the difference to get other loans provided the total loan does not exceed 85% of their free
- The loan must be self-guaranteed.
- To qualify, one must maintain direct deposit of his/her pay/ retirement/pension, including social security and retirement cheques, into a Mwalimu FOSA salary or savings account (ECB account). Having direct deposit into a Mwalimu FOSA account will provide member with other benefits like ATM cards, WSF advances and also allows the member a safe, convenient and automatic way to receive his
Product features:
- Minimum deposits of 1.5 million
- Processing fee of 2%
- Security: member deposits and conventional collaterals (where amount borrowed exceeds member’s deposits)
- Maximum loan amount is 15 million
- Maximum loan repayment term is 120 Months
- Loan eligibility is subject to member demonstrating ability to repay, sufficiency of collateral and business
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