If you wish to apply for a loan at Mwalimu Sacco, here are basic requirements.
REQUIREMENTS DURING LOAN APPLICATION
- A copy of National ID Card / Passport
2. An ORIGINAL PAYSLIP not more than TWO months old.
3. A fully filled OFFICIAL loan application form.
4. The loan must be fully guaranteed.
5. Top ups (Bridging) of existing loans must be conducted at WSF or FOSA accounts.
OTHER CONDITIONS APPLICABLE
- Minimum monthly share contribution applicable after loan approval is a % of the loan depending on one’s deposit balance as follows:
| Share Range | % of Loan | |
| 1 | Less than 300,000 | 0.9 |
| 2 | 300,001 – 600,000 | 0.8 |
| 3 | 600,001 – 900,000 | 0.7 |
| 4 | Above 900,000 | 0.6 |
- Approved loans shall be paid through WSF accounts or salary account (as per the pay slip).
3. Members can qualify for all the above loan products at any given time provided that TOTAL OUTSTANDING LOANS SHALL NOT EXCEED SIX TIMES A MEMBER’S DEPOSITS subject to the 1/3 RULE.
