Mentor Sacco is a savings and credit cooperative headquartered in Murang’a County, Kenya, and regulated by the Sacco Societies Regulatory Authority (SASRA).
The Sacco started in 1977 as the Muranga District Teachers Co-operative Society, offering financial solutions to teachers within the original Muranga district.
Currently, its membership is open to salaried individuals from teaching institutions, civil service, disciplined forces, NGOs, government, as well as companies, welfare groups, and chamas.
Mentor Sacco offers loans, advances, FOSA banking, and savings deposits.
The Sacco has also increased its presence in various locations in Kenya and currently has branches in Murang’a, Nairobi, Thika, Kenol and Ithanga towns. Mentor Sacco also has offices in Kangema, Kangari Kandara, Kiria-ini, and Kahuro town centres.
Membership
Mentor Sacco membership is open to all residents across Kenya. To join, applicants must complete the membership application form and pay a one-time registration fee of Ksh1,000.
Requirements for Application:
- A copy of the National ID or Passport
- A copy of the KRA PIN Certificate
- Original payslip or a letter from the principal or Head Teacher (for BOG/PTA employees)
- Payment of the Ksh1,000 registration fee
Members become eligible for a loan after maintaining membership for at least six months.
However, members who channel their salaries through FOSA qualify for an FOSA Imara loan within a month of joining.
Loan Options at Mentor Sacco
School Fees Loan
Mentor Sacco offers a school fees loan to help members pay tuition for schools, colleges, or universities.
The loan has a term of 18 months and is available to members who can repay up to two-thirds of their monthly pay slip.
All FOSA loans should not exceed four times the value of the member’s ordinary shares. The loan carries a 1% per month reducing balance interest rate.
Benefits of the Loan:
- Immediate disbursement once approved
- Flexible repayment period
- Cheque issued directly to the school, college, or university
Requirements to Apply:
- Must be a Kenyan citizen with a valid National ID or Passport
- Must provide the latest original payslip
Also Read: Hazina Sacco: Membership Requirements, Loan Options, Savings, And Interest
Jambo FOSA Loan
The Jambo FOSA loan is a flexible personal loan offered by Mentor Sacco with a repayment term of up to 24 months.
Loan deductions begin at the end of the month in which the loan is disbursed, and the amount borrowed should not exceed four times the member’s FOSA shares.
This loan is available to members who channel their salaries through FOSA.
Benefits of the Loan:
- You can top up the loan at any time
- Flexible repayment options
- Instant processing once approved
Requirements to Apply:
- Must be a Kenyan citizen with a valid National ID or Passport
- Must provide the latest original payslip
- Must have channeled your salary through FOSA for at least six months. If less than six months, a one-month salary channeling is acceptable, provided the last six months’ bank statements from the previous account are submitted
Instant Loan
The Instant Loan from Mentor Sacco is a personal loan with a repayment term of up to 24 months.
Loan eligibility requires that the borrower can repay at least two-thirds of their monthly payslip, and the loan amount should not exceed four times the member’s ordinary shares.
The interest rate is 1% per month on a reducing balance.
Benefits of the Loan:
- The loan is disbursed instantly upon approval
- Flexible repayment options
Requirements to Apply:
- Must be a Kenyan citizen with a valid National ID or Passport
- Must provide the latest original payslip
FOSA Pride Loan
The FOSA Pride Loan is a long-term loan with a repayment period of up to 48 months.
Loan deductions begin at the end of the month in which the loan is disbursed, and the loan amount should not exceed four times the member’s FOSA shares.
The interest rate is 1.5% per month on a reducing balance.
Benefits of the Loan:
- Members can top up the loan at any time
- Flexible repayment options
- Loan is processed instantly
Requirements to Apply:
- Must be a Kenyan citizen with a valid National ID or Passport
- Must provide the latest original payslip
- Must have channeled salary through FOSA for at least six months; if less, at least one month with a six-month bank statement from the previous account is required
Also Read: Gusii Mwalimu Sacco: Membership Requirements, Loan Options, Savings And Interest
Micro Finance Loan
This loan is tailored for micro-business owners, offering quick access to funds with flexible collateral options and manageable repayment terms.
The Micro Finance Loan has a repayment period of 12 months, and the loan amount is determined by the applicant’s monthly income.
There is no grace period, and mixed collateral is required, which may include household items, business stock and machinery, land (registered or unregistered), motor vehicles, or other conventional securities.
Benefits of the Loan:
- Flexible repayment period
- Access to funds even if salary is limited, provided you run other businesses
- Available to Mentor Sacco micro-business members
- Fast processing and disbursement
- Flexible use of mixed collateral for loan security
Requirements to Apply:
- Must have a Mentor FOSA savings account
- Provide 12 months of prior banking history
- Submit statements for all completed loans
- Provide three personal guarantors from the salaried category
- All business proceeds must be channeled through the Mentor FOSA account
Business Loan
This loan is designed to support entrepreneurs and business owners, providing quick access to funds with flexible repayment and collateral options.
The Business Loan has a term of 36 months, and the loan amount is determined by the applicant’s monthly income.
There is no grace period, and mixed collateral is required, which may include household items, business stock and machinery, land (registered or unregistered), motor vehicles, or other conventional securities.
Benefits of the Loan:
- Flexible repayment period
- Access to funds even if salary is limited, provided you run other businesses
- Available to Mentor Sacco micro-business members
- Fast processing and disbursement
- Flexible use of mixed collateral
Requirements to Apply:
- Must have a Mentor FOSA savings account
- Provide 12 months of prior banking history
- Submit statements for all completed loans
- Provide three personal guarantors from the salaried category
- All business proceeds must be channeled through the Mentor FOSA account
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