High-Capital Development
SPECIAL NORMAL LOAN
Large-Scale Development Loan with Extended 5-Year Terms
SPECIAL NORMAL LOAN
Development & Investment
Interest Rate
1.125% p.m. reducing balance
Repayment Horizon
60 Months (5 Years)
Borrowing Limit
Up to 4X Member's Deposits
Annual Equivalent
13.5% p.a.
Product Name
SPECIAL NORMAL LOAN
Interest Rate
1.125% p.m. reducing balance
Repayment Period
60 Months (5 Years)
Security / Multiplier
Up to 4X Member's Deposits
Purpose & Description
A special normal loan is a large development loan with extended repayment terms for significant investments like buying or building a house, purchasing land, or starting a business. It allows a member to borrow a substantial amount, often up four (4) times their deposits, with longer repayment periods, making it accessible for large-scale projects that might be difficult to fund with a standard loan.
Features & Qualification Criteria
The following are the exact mandatory specifications for SPECIAL NORMAL LOAN:
i) Granted specifically for development projects.
ii) Granted up to four (4) times a member's savings.
iii) Applicant must have saved with the SACCO for at least six (6) months.
iv) One-third (1/3) of basic salary should remain after all deductions.
v) Provide Four (4) guarantors and one (1) witness.
vi) Provide Two (2) latest original pay slips (non-salaried provide security).
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 four (4) times your total SACCO deposit balance.
Can I use this loan for purchasing land?
Yes, this facility is specially structured for major land purchases, home construction, and business investments.
Apply for SPECIAL NORMAL LOAN
Please Visit Chuka University SACCO to Apply
To apply for the SPECIAL NORMAL 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.