Karibu Loan

Mwalimu National is offering a tailor made product to Newly employed Teachers and Intern Teachers.

Product features:

1. Interest is 1.5% per month.
2. Eligible to newly employed TSC Teachers and Intern Teachers with Diploma and above.
3. One must fill the Society’s Membership application to join the SACCO as a member.
4. Repayment period is within 90 days (3 months) upon receipt of first salary.
5. Maximum loan amount is KShs. 60,000.00 for newly employed TSC Teachers disbursed in three tranches of KShs 20,000.00 per month for three months.
6. Maximum loan amount is KShs. 30,000.00 for Intern Teachers disbursed in three tranches of KShs 10,000.00 per month for three months.
7. The recovery period will be 5 months for each tranche.
8. 90 days grace period from the date of loan disbursement.
9. Mode of recovery is salary, but any other legal source of funds is acceptable.

Requirements

• Posting letter from TSC.
• Copy of ID certified by the School Principal or Deputy Principal
• Pay-point form signed by the School Principal or Deputy.
• One guarantor.
• Copy of TSC casualty returns