Long-Term Mega Project Facility
DEVELOPMENT LOAN
Transformative 8-Year Capital Loan for Land, Housing & Agribusiness
DEVELOPMENT LOAN
Development & Wealth Creation
Interest Rate
1.2083% p.m. reducing balance
Repayment Horizon
96 Months (8 Years)
Borrowing Limit
Up to 5X Member's Deposits
Annual Equivalent
14.5% p.a.
Product Name
DEVELOPMENT LOAN
Interest Rate
1.2083% p.m. reducing balance
Repayment Period
96 Months (8 Years)
Security / Multiplier
Up to 5X Member's Deposits
Purpose & Description
Development loan is for members to finance major projects, such as purchasing or building a house, buying land, starting a business, or large-scale farming. It is a long-term loan designed to help members invest in assets that increase their earning capacity and promote personal growth.
Features & Qualification Criteria
The following are the exact mandatory specifications for DEVELOPMENT LOAN:
i) A person should have saved with the Sacco for at least six months.
ii) Loan amount determined by member's net pay.
iii) One-third (1/3) of basic salary should remain after all deductions.
iv) Loan amount up to five (5) times member's deposits.
v) Provide Four guarantors and one witness.
vi) Provide two latest original pay slip.
vii) Monthly repayments commence not later than the month following disbursement.
Frequently Asked Questions
What is the maximum borrowing multiplier?
You can borrow up to five (5) times your accumulated deposit balance.
What is the repayment duration?
Up to 96 months (8 full years) of flexible monthly deductions.
Apply for DEVELOPMENT LOAN
Please Visit Chuka University SACCO to Apply
To apply for the DEVELOPMENT LOAN, please visit our Chuka University SACCO Main Office to complete the official loan application form and submit your supporting documents (guarantor forms & payslips) with our credit desk.
Office: Chuka University SACCO Offices, Main Campus
Telephone: 020 231 0512
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.