Mwalimu National Karibu Loan for Newly TSC Teachers and Interns; Requirements and Terms

One of the themes of our five years strategic plan for the period 2019–2023 is business growth. In line with this, the Society has developed a new FOSA product for newly recruited Teachers and Intern Teachers. 

Read also: How to log in to Mwalimu National Sacco Members Portal for Loans,dividends and Statements

Mwalimu National is set to unveil new product by the name Karibu loan with effect from 1st December 2019. The product will target newly recruited Teachers and TSC Intern Teachers. 

Read also: List of Mwalimu national Sacco branches

The terms for the product will be as follows;

1. One Must be a newly recruited TSC Teacher or Intern Teacher with Diploma and above as per our by-law clause 7 
2. One Must fill the Society’s Membership application to join the Sacco as a member.
3.  One must fill Pay-point for salary to be our FOSA.
4.  For newly recruited Teacher the maximum loan limit will be Sh. 60,000.00 (Sixty thousand)  to be disbursed in three tranches of Sh.20,000.00 per month for three months. For Intern Teacher the maximum loan limit will be Sh. 30,000.00 (Thirty thousand) to be disbursed in three tranches of Sh. 10,000.00 per month for three months.
5. Interest rate applicable on the loan will be 1.5% Per month
6. The loan will have a grace period of 90 days.
7. The recovery period will be 5 months for each tranche.
8. The mode of payment for the loan will be salary but any other legal source of funds to pay the loan is acceptable

Requirements for the Karibu loan 

1. Posting letter from TSC 
2. Copy of ID certified by the school Principal or Deputy Principal.
3.  Pay-Point form signed by the School Principal or Deputy.
4.  Copy of the TSC casualty returns