High-Capital Development

SPECIAL NORMAL LOAN

Large-Scale Development Loan with Extended 5-Year Terms

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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.