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 particular 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.
Do not limit yourself, come we actualize your dream!
- Targets Society’s members who religiously have saved deposits of Ksh.1.5million and above.
- Aims at opening up a new credit line for Senior Savers to access loans against their savings without being hindered by the 1/3 rule thus provide a source of finance to strengthen and grow their investments.
- Made available exclusively to members who have made substantial savings with Mwalimu National but cannot enjoy a multiplier of their savings. Most of these members often request for partial withdrawal of their deposits to meet their needs.
- A majority of whom are nearing retirement age or are retired and running business ventures.
- 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 deposits.
- 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 benefits.
- Minimum deposits of KShs.1.5 million
- Processing fee of 2%
- Security: member deposits and conventional collaterals (where amount borrowed exceeds member’s deposits)
- Maximum loan amount is Kshs.15 Million
- Maximum loan repayment term is 120 Months
- Loan eligibility is subject to member demonstrating ability to repay, sufficiency of collateral and business appraisal.