Flagship Member Facility
NORMAL LOAN
All-Purpose Financial Facility for Member Growth & Investment
NORMAL LOAN
Development & General
Interest Rate
1.0% p.m. on reducing balance
Repayment Horizon
36 months (3 Years)
Borrowing Limit
Up to 3X Member's Savings
Annual Equivalent
12.0% p.a.
Product Name
NORMAL LOAN
Interest Rate
1.0% p.m. on reducing balance
Repayment Period
36 months (3 Years)
Security / Multiplier
Up to 3X Member's Savings
Purpose & Description
This is an all-purpose loan facility advanced to Members for improvement, development or investment. It provides an accessible foundation for personal development, property enhancement, and family investments.
Features & Qualification Criteria
The following are the exact mandatory specifications for NORMAL LOAN:
i) Loan granted up to three (3) times member's savings.
ii) Applicant must have been a member for at least six (6) months.
iii) Applicant should not have any existing loan.
iv) At least one-third (1/3) of the basic salary should remain after all deductions.
v) Provide Four (4) guarantors and one (1) witness.
vi) Two (2) latest original pay slips must be provided.
vii) Non salaried provide requisite security.
viii) Monthly repayments commence not later than the month following disbursement.
Frequently Asked Questions
Who qualifies for the Normal Loan?
Any active member who has saved consistently with Chuka University SACCO for at least 6 months, retains at least 1/3 of basic salary, and has no existing loan in the same facility.
How many guarantors are required?
You must provide four (4) active SACCO members as guarantors and one (1) witness.
Can non-salaried members apply?
Yes! Non-salaried members can qualify by providing acceptable physical security or collateral.
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