Kenya Police Sacco Loans, Membership

Kenya Police Sacco strives to provide diversified, reliable, accessible and affordable financial products and services to its members

Its operation officially began in 1973 with an aim of mobilizing savings and providing affordable credit facilities to all its members. It has elected 12; 9 from the board of directors and 3 the supervisory committee.

Kenya Police Sacco Portal

The Kenya Police Sacco portal can be accessed here whereby all information related to Sacco loans and savings can be accessed.

Kenya Police PayBill Number

The PayBill Number for Kenya Police Sacco is 4027903

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How to Make a Deposit to Your Kenya Police Sacco via PayBill Number

Go to the M-Pesa menu and select the lipa na M-PESA option
Select the Pay Bill option
Enter Kenya Police Sacco Business Number 4027903 (PayBill Number)
Input Your FOSA Account 502****00 as the account name.
Enter the amount you wish to send and press Ok
Enter your M-Pesa pin
Confirm if the details are correct then press Ok
After successful submission, you will receive a confirmation SMS from M-pesa

Kenya Police Sacco Membership

The society revised its by-laws to open the common bond. All genders can apply or the membership as long as they have the following qualifications:-

Serving and retired Regular Police Officers
Serving and retired Administration Police Officers
Civilian in the employment of the Kenya Police Service
Employee of the Kenya National Police DT Sacco
Permanent employee of the Utumishi Investment Limited
Permanent employee of Ruaraka Housing Estate Limited
Employee of civil services
Employee from corporate entities operating in Kenya
Business community
Spouse ,son, daughter of the above members

BENEFITS OF MEMBERSHIP

Low interest on loans
High annual dividends and interest on deposits
Instant M-Tawi FOSA loans
Loan clearance on behalf of members
Affordable property with investment co-operative

PRODUCT AND SERVICES.

The Sacco offers 5 products;-

CREDIT PRODUCTS
SAVINGS PRODUCTS
M-TAWI
MICRO CREDIT
HOME LOAN
OTHER SERVICES

CREDIT LOANS

The Sacco offers Back Office Service Activity (BOSA) a wide range of products. This where the members Personal accounts are maintained. Monthly deposits are pegged at 12% of basic salary. All loans are dispersed through POFOSA. Products at BOSA include:-

Premier Loan

Salary must pass through FOSA
84 months repayment period
4 times members deposits
Interest 15% p.a on reducing balance
Monthly deposit contribution of 12% of basic salary.

Mega Loan

Repayment period is 72 months
3 times members deposits
Interest rate is 14.7% on reducing balance
Salary must pass through POFOA
Minimum deposit contribution of KES 300,000
Monthly deposit contribution of 12% of basic salary

Super Loan

Repayment period is 60 months
3 times members deposits
Interest is 14% on reducing balance

Normal Loan

Repayment period of 48 months
3 times members deposits
interest rate is 12% on reducing balance

Refinancing Loans

Repayment period of 48months
3 times members deposits
Interest rate is 12% on reducing balance

Emergency Loans

Repayment period is 12 months
3 times members deposits
Interest rate is 12% on reducing balance

School Fees

Repayment period is 12 months
3 times members deposits
Interest rate 12% on reducing balance.

Muslim Loan

This is available to all Muslim members

2 times members deposits
Repayment period is 48 months
No interest is charged on the loan
One of commission of 2.5% of the applied amount is charged
The members who applies for this loan is not eligible to get dividends

Muslim Emergency Loan

Available to all Muslim Members

2 times members deposits
Repayment period is 12 months
No interest is charged on the loans
One of the commission of 12% of the applied amount is charged
The member who applies for this loan is not eligible to get dividends

Asset Financing Loan

The Sacco has partnered with various providers to help members purchase water tanks, solar panels and household electronic appliances.

Repayment period is 24 months
3 times members deposits
Interest rate is 12% on reducing balance

Salary Advance

Salary advices are available to members whose salary is processed through the POFOSA. There are 3 salary is advance products and they include:

M-Sasa : This product is repayable in 3 months duration and at interest rate of 2% per month
FOSA Flex: Is a product repayable in 6 months and at an interest rate of 3% per month
FOSA Golden: This is a newly introduced product, it is repayable within 9 months at an interest of 4% on reducing balance.

SAVINGS PRODUCTS

Here members are given chances to open an account where they can make deposits and accrue savings, which shall be available at their convenience;

Holiday account
Junior account
Group/corporate account
Business account
Fixed deposit account

Q-CASH

A maximum of 20,000 is available to all members who have deposits of 15000kes and above repayable in a month and 5% is charged on disbursement.

Kenya Police Sacco Dividends

DIVIDEND ADVANCE

This advance is available to all members who received dividends the previous year. They can access up to 50% of their dividends. The Sacco charges 10% on the amount advanced.