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Mwalimu Sacco announces shares, rebates payment details 2022

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RE: ADVANCE AGAINST EXPECTED REBATE FOR YEAR 2021

Following the Mwalimu Sacco Board’s resolution on 30th August 2021, the second phase of Advance against expected.

Interest rebates for financial year 2021 will be rolled out from 14 January 2022.

The terms and conditions of the product will be as follows:

1. The advance will be accessed via the Go – mobile App platform and USSD *633#
2. From 1 January 2022 to ADM date, members will be eligible for 75% of projected at the rate of 5% on amount accessed.
3. The computation of the advance qualified for, will be based on member’s deposits balance as of 30 November 2021 on a month-on-month basis. The multiplying factor will be 7%.

It is important to note that 7% is just for purposes of administering the Advance product but NOT the rate of Interest rebate for year 2021. The rate for the year 2021 will be declared in the next ADM in 2022 based on full year’s financial performance and upon external audit.

4. Members who have defaulted on their loans’ obligations will NOT be eligible and hence do not qualify for the advance unless their accounts are regularized.

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Mwalimu Sacco Ufanisi Loan Repayment Schedule

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 Mwalimu National Sacco, MNS, has provided the updated Ufanisi Loan Repayment Schedule. The latest schedule shows the monthly installments, maximum loan amounts, repayment periods and the loan interest rates. See all the details here.

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UFANISI LOAN UPDATED REPAYMENT SCHEDULE

UFANISI LOAN AT 14.5%
YEARS 1 2 3 4 5 6
MONTHS 12 24 36 48 60 72
10,000 900 482 344 276 235 209
20,000 1,800 965 688 552 471 417
30,000 2,701 1,447 1,033 827 706 626
40,000 3,601 1,930 1,377 1,103 941 835
50,000 4,501 2,412 1,721 1,379 1,176 1,044
60,000 5,401 2,895 2,065 1,655 1,412 1,252
70,000 6,302 3,377 2,409 1,930 1,647 1,461
80,000 7,202 3,860 2,754 2,206 1,882 1,670
90,000 8,102 4,342 3,098 2,482 2,118 1,879
100,000 9,002 4,825 3,442 2,758 2,353 2,087
110,000 9,902 5,307 3,786 3,034 2,588 2,296
120,000 10,803 5,790 4,131 3,309 2,823 2,505
130,000 11,703 6,272 4,475 3,585 3,059 2,714
140,000 12,603 6,755 4,819 3,861 3,294 2,922
150,000 13,503 7,237 5,163 4,137 3,529 3,131
160,000 14,404 7,720 5,507 4,412 3,765 3,340
170,000 15,304 8,202 5,852 4,688 4,000 3,549
180,000 16,204 8,685 6,196 4,964 4,235 3,757
190,000 17,104 9,167 6,540 5,240 4,470 3,966
200,000 18,005 9,650 6,884 5,516 4,706 4,175
210,000 18,905 10,132 7,228 5,791 4,941 4,384
220,000 19,805 10,615 7,573 6,067 5,176 4,592
230,000 20,705 11,097 7,917 6,343 5,412 4,801
240,000 21,605 11,580 8,261 6,619 5,647 5,010
250,000 22,506 12,062 8,605 6,894 5,882 5,219
260,000 23,406 12,545 8,949 7,170 6,117 5,427
270,000 24,306 13,027 9,294 7,446 6,353 5,636
280,000 25,206 13,510 9,638 7,722 6,588 5,845
290,000 26,107 13,992 9,982 7,998 6,823 6,054
300,000 27,007 14,475 10,326 8,273 7,058 6,262
310,000 27,907 14,957 10,671 8,549 7,294 6,471
320,000 28,807 15,440 11,015 8,825 7,529 6,680
330,000 29,707 15,922 11,359 9,101 7,764 6,889
340,000 30,608 16,405 11,703 9,377 8,000 7,097
350,000 31,508 16,887 12,047 9,652 8,235 7,306
360,000 32,408 17,370 12,392 9,928 8,470 7,515
370,000 33,308 17,852 12,736 10,204 8,705 7,724
380,000 34,209 18,335 13,080 10,480 8,941 7,932
390,000 35,109 18,817 13,424 10,755 9,176 8,141
400,000 36,009 19,300 13,768 11,031 9,411 8,350
410,000 36,909 19,782 14,113 11,307 9,647 8,559
420,000 37,809 20,265 14,457 11,583 9,882 8,767
430,000 38,710 20,747 14,801 11,859 10,117 8,976
440,000 39,610 21,230 15,145 12,134 10,352 9,185
450,000 40,510 21,712 15,489 12,410 10,588 9,393
460,000 41,410 22,195 15,834 12,686 10,823 9,602
470,000 42,311 22,677 16,178 12,962 11,058 9,811
480,000 43,211 23,160 16,522 13,237 11,294 10,020
490,000 44,111 23,642 16,866 13,513 11,529 10,228
500,000 45,011 24,125 17,210 13,789 11,764 10,437
510,000 45,911 24,607 17,555 14,065 11,999 10,646
520,000 46,812 25,090 17,899 14,341 12,235 10,855
530,000 47,712 25,572 18,243 14,616 12,470 11,063
540,000 48,612 26,055 18,587 14,892 12,705 11,272
550,000 49,512 26,537 18,932 15,168 12,941 11,481
560,000 50,413 27,020 19,276 15,444 13,176 11,690
570,000 51,313 27,502 19,620 15,719 13,411 11,898
580,000 52,213 27,985 19,964 15,995 13,646 12,107
590,000 53,113 28,467 20,308 16,271 13,882 12,316
600,000 54,014 28,950 20,653 16,547 14,117 12,525
610,000 54,914 29,432 20,997 16,823 14,352 12,733
620,000 55,814 29,915 21,341 17,098 14,588 12,942
630,000 56,714 30,397 21,685 17,374 14,823 13,151
640,000 57,614 30,880 22,029 17,650 15,058 13,360
650,000 58,515 31,362 22,374 17,926 15,293 13,568
660,000 59,415 31,845 22,718 18,201 15,529 13,777
670,000 60,315 32,327 23,062 18,477 15,764 13,986
680,000 61,215 32,810 23,406 18,753 15,999 14,195
690,000 62,116 33,292 23,750 19,029 16,235 14,403
700,000 63,016 33,775 24,095 19,305 16,470 14,612
710,000 63,916 34,257 24,439 19,580 16,705 14,821
720,000 64,816 34,740 24,783 19,856 16,940 15,030
730,000 65,716 35,222 25,127 20,132 17,176 15,238
740,000 66,617 35,705 25,472 20,408 17,411 15,447
750,000 67,517 36,187 25,816 20,683 17,646 15,656
760,000 68,417 36,670 26,160 20,959 17,881 15,865
770,000 69,317 37,152 26,504 21,235 18,117 16,073
780,000 70,218 37,635 26,848 21,511 18,352 16,282
790,000 71,118 38,117 27,193 21,787 18,587 16,491
800,000 72,018 38,600 27,537 22,062 18,823 16,700
810,000 72,918 39,082 27,881 22,338 19,058 16,908
820,000 73,818 39,565 28,225 22,614 19,293 17,117
830,000 74,719 40,047 28,569 22,890 19,528 17,326
840,000 75,619 40,530 28,914 23,165 19,764 17,535
850,000 76,519 41,012 29,258 23,441 19,999 17,743
860,000 77,419 41,495 29,602 23,717 20,234 17,952
870,000 78,320 41,977 29,946 23,993 20,470 18,161
880,000 79,220 42,459 30,290 24,269 20,705 18,369
890,000 80,120 42,942 30,635 24,544 20,940 18,578
900,000 81,020 43,424 30,979 24,820 21,175 18,787
910,000 81,921 43,907 31,323 25,096 21,411 18,996
920,000 82,821 44,389 31,667 25,372 21,646 19,204
930,000 83,721 44,872 32,012 25,647 21,881 19,413
940,000 84,621 45,354 32,356 25,923 22,117 19,622
950,000 85,521 45,837 32,700 26,199 22,352 19,831
960,000 86,422 46,319 33,044 26,475 22,587 20,039
970,000 87,322 46,802 33,388 26,751 22,822 20,248
980,000 88,222 47,284 33,733 27,026 23,058 20,457
990,000 89,122 47,767 34,077 27,302 23,293 20,666
1,000,000 90,023 48,249 34,421 27,578 23,528 20,874
1,010,000 90,923 48,732 34,765 27,854 23,764 21,083
1,020,000 91,823 49,214 35,109 28,130 23,999 21,292
1,030,000 92,723 49,697 35,454 28,405 24,234 21,501
1,040,000 93,623 50,179 35,798 28,681 24,469 21,709
1,050,000 94,524 50,662 36,142 28,957 24,705 21,918
1,060,000 95,424 51,144 36,486 29,233 24,940 22,127
1,070,000 96,324 51,627 36,830 29,508 25,175 22,336
1,080,000 97,224 52,109 37,175 29,784 25,411 22,544
1,090,000 98,125 52,592 37,519 30,060 25,646 22,753
1,100,000 99,025 53,074 37,863 30,336 25,881 22,962
1,110,000 99,925 53,557 38,207 30,612 26,116 23,171
1,120,000 100,825 54,039 38,551 30,887 26,352 23,379
1,130,000 101,725 54,522 38,896 31,163 26,587 23,588
1,140,000 102,626 55,004 39,240 31,439 26,822 23,797
1,150,000 103,526 55,487 39,584 31,715 27,058 24,006
1,160,000 104,426 55,969 39,928 31,990 27,293 24,214
1,170,000 105,326 56,452 40,273 32,266 27,528 24,423
1,180,000 106,227 56,934 40,617 32,542 27,763 24,632
1,190,000 107,127 57,417 40,961 32,818 27,999 24,841
1,200,000 108,027 57,899 41,305 33,094 28,234 25,049
1,210,000 108,927 58,382 41,649 33,369 28,469 25,258
1,220,000 109,828 58,864 41,994 33,645 28,705 25,467
1,230,000 110,728 59,347 42,338 33,921 28,940 25,676
1,240,000 111,628 59,829 42,682 34,197 29,175 25,884
1,250,000 112,528 60,312 43,026 34,472 29,410 26,093
1,260,000 113,428 60,794 43,370 34,748 29,646 26,302
1,270,000 114,329 61,277 43,715 35,024 29,881 26,511
1,280,000 115,229 61,759 44,059 35,300 30,116 26,719
1,290,000 116,129 62,242 44,403 35,576 30,351 26,928
1,300,000 117,029 62,724 44,747 35,851 30,587 27,137
1,310,000 117,930 63,207 45,091 36,127 30,822 27,345
1,320,000 118,830 63,689 45,436 36,403 31,057 27,554
1,330,000 119,730 64,172 45,780 36,679 31,293 27,763
1,340,000 120,630 64,654 46,124 36,954 31,528 27,972
1,350,000 121,530 65,137 46,468 37,230 31,763 28,180
1,360,000 122,431 65,619 46,813 37,506 31,998 28,389
1,370,000 123,331 66,102 47,157 37,782 32,234 28,598
1,380,000 124,231 66,584 47,501 38,058 32,469 28,807
1,390,000 125,131 67,067 47,845 38,333 32,704 29,015
1,400,000 126,032 67,549 48,189 38,609 32,940 29,224
1,410,000 126,932 68,032 48,534 38,885 33,175 29,433
1,420,000 127,832 68,514 48,878 39,161 33,410 29,642
1,430,000 128,732 68,997 49,222 39,436 33,645 29,850
1,440,000 129,632 69,479 49,566 39,712 33,881 30,059
1,450,000 130,533 69,962 49,910 39,988 34,116 30,268
1,460,000 131,433 70,444 50,255 40,264 34,351 30,477
1,470,000 132,333 70,927 50,599 40,540 34,587 30,685
1,480,000 133,233 71,409 50,943 40,815 34,822 30,894
1,490,000 134,134 71,892 51,287 41,091 35,057 31,103
1,500,000 135,034 72,374 51,631 41,367 35,292 31,312
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Mwalimu Sacco normal loan repayment schedule

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Get the latest  Mwalimu National Sacco, MNS, Normal Loan Interest rate, Repayment Schedules, monthly installments and maximum loan amount.

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NORMAL LOAN UPDATED REPAYMENT SCHEDULE

NORMAL LOAN AT 12%
YEARS 1 2 3
MONTHS 12 24 36
10,000 888 471 332
20,000 1,777 941 664
30,000 2,665 1,412 996
40,000 3,554 1,883 1,329
50,000 4,442 2,354 1,661
60,000 5,331 2,824 1,993
70,000 6,219 3,295 2,325
80,000 7,108 3,766 2,657
90,000 7,996 4,237 2,989
100,000 8,885 4,707 3,321
110,000 9,773 5,178 3,654
120,000 10,662 5,649 3,986
130,000 11,550 6,120 4,318
140,000 12,439 6,590 4,650
150,000 13,327 7,061 4,982
160,000 14,216 7,532 5,314
170,000 15,104 8,002 5,646
180,000 15,993 8,473 5,979
190,000 16,881 8,944 6,311
200,000 17,770 9,415 6,643
210,000 18,658 9,885 6,975
220,000 19,547 10,356 7,307
230,000 20,435 10,827 7,639
240,000 21,324 11,298 7,971
250,000 22,212 11,768 8,304
260,000 23,101 12,239 8,636
270,000 23,989 12,710 8,968
280,000 24,878 13,181 9,300
290,000 25,766 13,651 9,632
300,000 26,655 14,122 9,964
310,000 27,543 14,593 10,296
320,000 28,432 15,064 10,629
330,000 29,320 15,534 10,961
340,000 30,209 16,005 11,293
350,000 31,097 16,476 11,625
360,000 31,986 16,946 11,957
370,000 32,874 17,417 12,289
380,000 33,763 17,888 12,621
390,000 34,651 18,359 12,954
400,000 35,540 18,829 13,286
410,000 36,428 19,300 13,618
420,000 37,316 19,771 13,950
430,000 38,205 20,242 14,282
440,000 39,093 20,712 14,614
450,000 39,982 21,183 14,946
460,000 40,870 21,654 15,279
470,000 41,759 22,125 15,611
480,000 42,647 22,595 15,943
490,000 43,536 23,066 16,275
500,000 44,424 23,537 16,607
510,000 45,313 24,007 16,939
520,000 46,201 24,478 17,271
530,000 47,090 24,949 17,604
540,000 47,978 25,420 17,936
550,000 48,867 25,890 18,268
560,000 49,755 26,361 18,600
570,000 50,644 26,832 18,932
580,000 51,532 27,303 19,264
590,000 52,421 27,773 19,596
600,000 53,309 28,244 19,929
610,000 54,198 28,715 20,261
620,000 55,086 29,186 20,593
630,000 55,975 29,656 20,925
640,000 56,863 30,127 21,257
650,000 57,752 30,598 21,589
660,000 58,640 31,068 21,921
670,000 59,529 31,539 22,254
680,000 60,417 32,010 22,586
690,000 61,306 32,481 22,918
700,000 62,194 32,951 23,250
710,000 63,083 33,422 23,582
720,000 63,971 33,893 23,914
730,000 64,860 34,364 24,246
740,000 65,748 34,834 24,579
750,000 66,637 35,305 24,911
760,000 67,525 35,776 25,243
770,000 68,414 36,247 25,575
780,000 69,302 36,717 25,907
790,000 70,191 37,188 26,239
800,000 71,079 37,659 26,571
810,000 71,968 38,130 26,904
820,000 72,856 38,600 27,236
830,000 73,744 39,071 27,568
840,000 74,633 39,542 27,900
850,000 75,521 40,012 28,232
860,000 76,410 40,483 28,564
870,000 77,298 40,954 28,896
880,000 78,187 41,425 29,229
890,000 79,075 41,895 29,561
900,000 79,964 42,366 29,893
910,000 80,852 42,837 30,225
920,000 81,741 43,308 30,557
930,000 82,629 43,778 30,889
940,000 83,518 44,249 31,221
950,000 84,406 44,720 31,554
960,000 85,295 45,191 31,886
970,000 86,183 45,661 32,218
980,000 87,072 46,132 32,550
990,000 87,960 46,603 32,882
1,000,000 88,849 47,073 33,214
1,010,000 89,737 47,544 33,546
1,020,000 90,626 48,015 33,879
1,030,000 91,514 48,486 34,211
1,040,000 92,403 48,956 34,543
1,050,000 93,291 49,427 34,875
1,060,000 94,180 49,898 35,207
1,070,000 95,068 50,369 35,539
1,080,000 95,957 50,839 35,871
1,090,000 96,845 51,310 36,204
1,100,000 97,734 51,781 36,536
1,110,000 98,622 52,252 36,868
1,120,000 99,511 52,722 37,200
1,130,000 100,399 53,193 37,532
1,140,000 101,288 53,664 37,864
1,150,000 102,176 54,134 38,196
1,160,000 103,065 54,605 38,529
1,170,000 103,953 55,076 38,861
1,180,000 104,842 55,547 39,193
1,190,000 105,730 56,017 39,525
1,200,000 106,619 56,488 39,857
1,210,000 107,507 56,959 40,189
1,220,000 108,396 57,430 40,521
1,230,000 109,284 57,900 40,854
1,240,000 110,172 58,371 41,186
1,250,000 111,061 58,842 41,518
1,260,000 111,949 59,313 41,850
1,270,000 112,838 59,783 42,182
1,280,000 113,726 60,254 42,514
1,290,000 114,615 60,725 42,846
1,300,000 115,503 61,196 43,179
1,310,000 116,392 61,666 43,511
1,320,000 117,280 62,137 43,843
1,330,000 118,169 62,608 44,175
1,340,000 119,057 63,078 44,507
1,350,000 119,946 63,549 44,839
1,360,000 120,834 64,020 45,171
1,370,000 121,723 64,491 45,504
1,380,000 122,611 64,961 45,836
1,390,000 123,500 65,432 46,168
1,400,000 124,388 65,903 46,500
1,410,000 125,277 66,374 46,832
1,420,000 126,165 66,844 47,164
1,430,000 127,054 67,315 47,496
1,440,000 127,942 67,786 47,829
1,450,000 128,831 68,257 48,161
1,460,000 129,719 68,727 48,493
1,470,000 130,608 69,198 48,825
1,480,000 131,496 69,669 49,157
1,490,000 132,385 70,139 49,489
1,500,000 133,273 70,610 49,821
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MWALIMU SACCO MEMBERSHIP- HOW TO JOIN, REQUIREMENTS

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APPLICATION FOR MEMBERSHIP AND RE-ADMISSION NEW MEMBERSHIP

(a) Every applicant for membership shall complete an “Application for Membership” form. This form may be drawn so as to show all the information required for the purpose of Register of members.

(b) The completed form upon receipt and admission shall be allocated a membership number, filed in the members personal file and the number given be entered in the members register

(c) An applicant shall be admitted to membership on being accepted by the Board and upon payment of Ksh.2,000 or such other amount for entrance fee as may be determined by the board from time to time.

RE-ADMISSION

(a) A member who withdraws from the Society may rejoin after a period of not less than 3 months of the withdrawal. However, such time frame shall be reviewed by the Board from time to time

(b) A Re-Admission fee of Ksh. 2,000 or such other amount as may be determined by the board from time to time.

(c) Upon re-admission, the rejoining member shall be treated as a new member for purposes of qualification of members’ rights and obligations.

(d) Upon admission/re-admission by the Board, a member will be issued with a membership biometric identification card. The Bylaws shall be available on the website.

REFUSAL OF ADMISSION

The Board may refuse admission to a person after assigning reasons for its decision. Such a person, whose membership has been refused, if aggrieved, shall have the right to appeal to the next Annual Delegates meeting through his Branch.

Such an appeal shall be heard and determined if the necessary notice has been given in accordance with the applicable law

DIFFERENCE BETWEEN SHARES AND DEPOSITS

(a) SHARES

The nominal value of each share shall be KSh.20.00 and every member shall hold at least 1,500 shares in the Society, but no member shall hold more than one fifth of the total shares.

Shares shall form part of the core capital of the Society as stipulated by the Sacco Societies Act No. 14 of 2008.

(b) DEPOSITS:

Any amount may be accepted towards members’ shares/deposits provided that, the Board may fix a minimum amount that may be paid by a member at any one time for those without loans different from those with loans.

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Mwalimu Sacco Dividends, Rebates 2022

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NATIONAL DELEGATES’ MEETING

The Mwalimu National Sacco National Delegates Meeting will be held on 0/02/2022.

In this regard;

2022 Dividends looming at the rates that will be determined during ADM.

Things to note:

1.Terms used

Rebates

Benefits accrued from one’s monthly deposits or savings.

Dividends

Benefits accrued from share capital.

Sacco business period

Starts_ 1st Jan of every year
Ends _ 31st Dec of the same year

How to arrive at the total amount expected in one’s account.

For purposes of calculations, see the illustration below;

1.Total deposit as at 31st Dec ,2021 = ksh 100,000

2. Monthly deposit= ksh 5000

3.Capital share = ksh 20,000

4.Rates

Rebates=12%
Dividends =13%

Mathematics

a) 12% × 100,000 ( deposits as at 31st Dec ,2021= 12000

b) 13% × 20000(share capital) = 2600

C) Monthly deposit

Jan
12% × 5000 × 12/12= 600

Feb
12% × 5000 ×11/12= 550

March

12% × 5000× 10/12= 500

April
12% × 5000 ×9/12= 450

May

12% × 5000 ×8/12= 400

June
12% ×5000×7/12=350

July
12% × 5000× 6/12= 300

Aug

12% ×5000 ×5/12 = 250

Sept

12% × 5000 × 4/12 = 200

Oct

12% × 5000 ×3/12 =150

Nov

12% × 5000× 2/12 = 100

Dec

12% × 5000× 1/12 = 50

Total = 12000 + 3900+ 2600= 18500

Amount expected in the account

18500× 5% (withholding tax)= 17575

This 17575 is still subjected to

1.exercise duty

2.Processing fee

The formula above was arrived at in a bid to encourage members to start saving as early as January.

Members who make deposits close to the end of the year wont reap big as per their expectations.