Mwalimu SACCO Form For Advance Against Expected 2021 Dividends
Mwalimu national sacco has rolled out the second phase of advance advance against expected interest rebatess for the financial year 2021. The advance begins on first january 2022, with the following terms and conditions:
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 rebate 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.
Advance Against Expected 2021 Interest Rebate
TSC/PF NO.______________________ MOBILE NO ________________________
FOSA A/C NO:______________________________
I wish to apply for KShs._____________________ (In words)_________________________________________________________________
_______________________________________ to be recovered from my 2021 Interest Rebate in full.
I hereby give an irrevocable authority to FOSA to recover the above amount in full; plus, interest from the final Dividends declared by ADM 2022.
1. Between 1st October, 2021 to 31st December, 2021 advance facility will be 50% of expected rebate at an interest rate of 7.5%
2. From 1st January, 2022, members can access 75% of the expected rebate at an interest of 5%.
The qualifying amount will be based on 50% of the deposits balance as at 31st August, 2021 for Interest Rebate payable between October, 2021 to December, 2021.
Interest Rebate from January, 2022 to ADM date will be 75% using deposits balance as at 30th November, 2021 on a month-on-month basis.
MEMBER’S NAME: ________________________________________________ SIGN:__________________________ DATE:_____________________
FOR OFFICIAL USE ONLY
Amount Approved / Posted: KShs.__________________________________________________________________
Defaulter: FOSA Advance; Sacco Loan; Business Loan.
Approved By: Name:______________________________________________ Sign:____________________________ Date:_____________________
I hereby on execution of this form as an applicant explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of my personal data as described in this document by the Sacco for the purposes of assessing and processing of this loan application and analysis whether in electronic or other form.