Kenya Police Sacco offers investment products, savings products and loans. The Sacco also pays dividends for shares annually. Their dividends range between 13% and 18% per year for your shares.
Below are important details you wish to know about Kenya Police Sacco:
Membership consists of the following:
Active and retired officers of National Police Service
Civilians in the employment of National Police Service
Employees of Kenya National Police DT Sacco Society Ltd
All civil servants and salaried employees
Business community
Diaspora members
Benefits of membership
Low interest rates 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
The following documents are required:
- A fully filled membership application form
- Copy of the National Identity Card (Both sides)
- Two recent color passport size photographs.
Savings account
Members are given a chance to open an account where they can make deposits and accrue savings, which shall be available to the at their convenience.
Holiday Account
Account holders make deposits into this account for a minimum period of 12 months before any withdrawal can be done. The minimum balance is KES 500 and the minimum interest earning balance is KES 2,000, the interest earned is 4% p.a.
Junior Account
This account is available to member’s children below the age of 18 years. The minimum balance is KES 500 and the minimum interest earning balance is KES 2,000. The interest earned is 4% p.a. and there are three free withdrawals with bankers cheque.
Group/Corporate Account
All group members have to be members of the Sacco. It attracts an interest of 4% p.a. No Ledger fees.
An ATM Card and M-Tawi will not be issued for this account
Business Account
Available to members who are in business. Account-holders are eligible to access the Micro-Credit facility.
Should make regular deposits to the account
Fixed Deposit Account
Fixed Deposit Account interest rate ranges between 6.5% and 12% per year.Below are the interests earned for your savings:
Jumbo Loan
- Deposits Multiplier: Four Times of Deposits
- Guarantorship: Guarantors Required
- Loan Repayment Duration: 96 Months (8 Years)
- Salary Processing: Not a must to pass through FOSA
- Minimum BOSA Deposits: No minimum requirement for BOSA deposits
- Interest Rate : 15.6% per annum; (1.3% per month)
Bima Loan
- Deposits Multiplier : Four Times of Deposits
- Guarantorship : No Guarantors required
- Loan Repayment Duration : 10 Months
- Salary Processing : Not a must to pass through FOSA
- Minimum BOSA Deposits : No minimum requirement for BOSA deposits
- Interest Rate : 1% per month; (10% for the 10 months)
- Payment Point : Cheque to be written directly to the insurance
Premier Loan
- 84 Months repayment period
- 4 times member deposits
- Interest 15% p.a. on a reducing balance
- Monthly deposit contribution of 12% of the basic salary
Super Loan
- Repayment period is 60 months.
- 4 times member deposits.
- Interest rate is 14% on reducing balance.
Mega Loan
- Repayment period is 72 months.
- 4 times member deposits.
- Interest rate is 14.7% on reducing balance.
- Monthly deposit contribution of 12% of basic salary.
Normal Loan
- Repayment period is 48 months.
- 4 times member deposits.
- Interest rate is 12% reducing balance.
Refinancing Loan
- Repayment period is 48 months
- 4 times member deposits
- Interest rate is 12% reducing balance.
Emergency Loan
- Repayment period is 12 months.
- 4 times member deposits.
- Interest rate is 12% reducing balance.
School Fees Loan
- Repayment period is 12 months.
- 4 times member deposits.
- Interest rate is 12% reducing balance.
Muslim Loan
Available to Muslim members.
- 2 times members’ deposits.
- Repayment period is 48 Months
- No interest is charged on the loan.
- One off commission of 2.5% of the applied amount is charged.
- The member who applies for this loan is not eligible to get dividends
Muslim Emergency Loan
Available to Muslim members
- 2 times members deposits
- Repayment period is 12 Months
- No interest is charged on the loan.
- One off commission of 2.5% 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.
- 4 times member deposits
- Interest rate is 12% reducing balance
Salary Advance
Salary advances are available to members whose salary is processed through the POFOSA. There are 3 salary advance products and the 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 3.5% on reducing balance
FOSA Ultra
· Available to members channelling their salary through POFOSA
· 12 months repayment period
· 4% per month
Q-Cash
A maximum of KES 20,000 is available to all members who have deposits of KES 15,000 and above. The amount is repayable in one month and interest of 5% is charged at disbursement.
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.
Who Is Eligible?
- A fully registered member of Kenya National Police DT SACCO operating a business for at least one year.
- Any registered group where everybody is an active member of Kenya National Police DT SACCO. The group should have an income-generating activity.
Requirements
- Open a business account at FOSA.
- The individual/group will be required to make regular deposits to the FOSA account, (weekly, fortnightly or monthly).
- After two months of savings, the member/group will be eligible for a loan.
Areas of Funding
- Expansion of business (Retail, Wholesale, Supermarket, Petrol Station, Hotel, Salon, Barber Shop, etc).
- Commercial houses
- Transport Business & Commercial Vehicles.
FEATURES
Enterprise/Business Loans:
- Interest Rate: 1.25% per month (15% per annum).
- Repayment Period: 24 months (Factor: 624).
- Qualifying Amount: 4 times savings in business account.
- Insurance: Covered under UBF.
- Security: Title Deed/Log Book.
Commercial Houses Loans:
- Interest Rate: 1.25% per month (15% per annum).
- Repayment Period: 48 months (Factor: 931).
- Qualifying Amount: 4 times savings in business account.
- Insurance: Covered under UBF.
- Security: Title Deed/Log Book.
Transport Business/Commercial Vehicles:
- Interest Rate: 1.25% per month (15% per annum).
- Repayment Period: 36 months for transport business e.g Matatus (Factor: 28.847).
- Qualifying Amount: 4 times savings in business account.
- Insurance: Covered under UBF.
- Security: Title Deed/Log Book.
Group Loan
- Interest Rate: 1.25% per month (15% per annum).
- Repayment Period: 48 months and 36 months for purchase of vehicles.
- Qualifying Amount: 4 times savings in business account.
- Security: Title Deed/Members Deposits.
Application Procedures
Member applies for a loan and attaches the security pledged (Title Deed or Log Book)
- Security handed to a valuer for searching and valuation.
- After valuation, charging of the documents is done by a lawyer.
- Loan is disbursed after (i) and (ii) have been done.
- Valuation and Charging fees are borne by the borrower.
Appraisal
- Business assessment done to confirm ownership and sustainability.
- Business records confirmed to ascertain the profitability of the business being funded.
- Amount eligible is four (4) times what one has in business.
- However, the actual amount depends on the ability of the business to service the loan.
- 60% business profit is factored as the eligibility amount of repayment.
Loan General Terms
- Interest Rate – 9% P.A.
- Repayment period – 20 years.
- Loan processing fee – Kes.1,000.
- Loan maximum amount – 8 Million
For Construction Home Loans
- Approved building Plans.
- Approved Structural drawings.
- Priced Bill of Quantities.
- Profiles for the Architect, Contractor and Quantity Surveyor.
- Valuation Report-To be done after the borrower has agreed to apply for the home loan.
- Copy of title to property being purchased/charged.
For House Purchase Loans
- Sale Agreement duly signed by both parties and witnessed by a lawyer or offer for sale.
- Valuation Report-To be done after the borrower has agreed to apply for the home loan.
- Copy of title to property being purchased/charged.
External Home Loan Costs to be met by borrower
Legal fees-SACCO to provide a panel of lawyers.
Stamp duty(4% urban&2% rural)-For house purchase cases only.
Valuation fees-Kes.20,000 for land within Nairobi and its environs, Kes.25,000 outside Nairobi. For cases where the land has developments, Kes.25,000 within Nairobi and Kes.30,000 outside Nairobi.
Stamp duty on charge-0.1% of the loan amount.
Annual loan protection insurance premium-0.35% of the loan amount.
Share capital
Share capital is the money invested in the Sacco by the members/shareholders. It is a permanent /long term member’s contribution toward the Sacco capital and forms part of Sacco equity. It represents your ownership of the Sacco, currently each member has minimum of 500 Shares valued at KES 100.
Deposits
Deposits means a balance that is established and maintained by a person at a SACCO that confers membership rights to that person, these are the regular monthly deposits. They are used to determine eligibility for a loan and can only be withdrawn when one ceases to be a member. Deposits can be used as loan security; and are withdraw-able members’ savings.
- Employer Check off
- Bank standing order
- M-Pesa Paybill 4027903
- Over the counter cash deposit
- Fully completed loan application form
- The number of guarantors is dependable on the type of loan and their total deposit amount. They must be active members and have contributed towards their deposits for at least six months. Guarantors’ and applicant’s shares MUST be equal to or more than the loan applied for.
- OCS/OC/CO/Departmental head or any other Authorized Employee representative MUST sign and rubber stamp the application form.
- Two current pay slips certified by the applicant’s employer’s payroll officer, MUST be attached to the application.
- Attach copy of an acceptable form of identification (National ID/Valid Passport)
UTUMISHI BENEVOLENT FUND (UBF) is a member’s self-insurance scheme. The UBF contribution is KES 350 per month and the benefits are as follows: –
- Funeral expenses on the principal member’s death KES 70,000 will be paid to the next of kin.
- Off-setting of loans and interest for members who die with loans.
- Member’s deposits will be doubled in an unfortunate case of member’s demise.
- In case of death of member’s spouse, the principal member will be paid KES 40,000 for funeral expenses.
- In case of death of member’s child, the principal member will be paid KES 30,000 per child to a maximum of 4 children in a year.
- A token of KES 50,000 is given for each case of withdrawal after a member opts to leave the society after retirement, resignation or dismissal from the service.
Membership withdrawal is voluntary and one needs to inform the Sacco in writing of his/her intention to withdraw. This is done by providing a written and signed letter and filled withdrawal forms available at our offices. The process takes 60 days after the letter has been acknowledged and only when the necessary requirements have been met i.e. member must have cleared all his/her liabilities with the Sacco and has replaced all the members he/she has guaranteed.
Head Office Nairobi
Ngara Road, off Muranga Road, P.O. Box 51042 ‐ 00200, Nairobi
- 0709 825 000
- info@policesacco.com
FOSA
Working hours: Nairobi,
- Monday to Friday 8.30am – 4.30pm
- Saturday 9am – 12pm
- Sunday and Public holiday Closed
BOSA
Working Hours
- Monday to Friday 8am – 5pm
Mombasa Branch
Jubilee Arcade Moi Avenue near Pembe Za Ndovu.
- 0709 825 505
- info@policesacco.com
FOSA
Working hours: Mombasa
- Monday to Friday 8.30am – 4.30pm
- Saturday 9am – 12pm
- Sunday and Public holiday Closed
BOSA
Working Hours
- Monday to Friday 8am – 5pm
Eldoret Branch
ZION MALL Ground Floor along Eldoret-Uganda road
Opposite Kenol Petrol Station.
- 0709 825 530
- info@policesacco.com
FOSA
Working hours: Eldoret
- Monday to Friday 8.30am – 4.30pm
- Saturday 9am – 12pm
- Sunday and Public holiday Closed
BOSA
Working Hours
- Monday to Friday 8am – 5pm
Kakamega Branch
Daaron Foundation Trust Bldg,
Ground floor, Off Mumias Rd,
opposite NALA Hospital
- 0709 825 560
- info@policesacco.com
FOSA
Working hours: Kakamega
- Monday to Friday 8.30am – 4.30pm
- Saturday 9am – 12pm
- Sunday and Public holiday Closed
BOSA
Working Hours
- Monday to Friday 8am – 5pm
Meru Branch
Solco Plaza, Ground Floor,
Moi Avenue
- 0709 825 590
- info@policesacco.com
FOSA
Working hours: Meru
- Monday to Friday 8.30am – 4.30pm
- Saturday 9am – 12pm
- Sunday and Public holiday Closed
BOSA
Working Hours
- Monday to Friday 8am – 5pm
Nyeri Branch
Kasturi Plaza, 1st Floor, Kimathi Street
- 0709 825 570
- info@policesacco.com
FOSA
Working hours: Nyeri
- Monday to Friday 8.30am – 4.30pm
- Saturday 9am – 12pm
- Sunday and Public holiday Closed
BOSA
Working Hours
- Monday to Friday 8am – 5pm
Kisii Branch
Mocha place, 2nd Floor,
Opposite Tuskys
- 0709 825 551
- info@policesacco.com
FOSA
Working hours: Kisii
- Monday to Friday 8.30am – 4.30pm
- Saturday 9am – 12pm
- Sunday and Public holiday Closed
BOSA
Working Hours
- Monday to Friday 8am – 5pm
Nakuru Branch
Solco Plaza, Ground Floor,
Moi Avenue
- 0709825600
- info@policesacco.com
FOSA
Working hours: Nakuru
- Monday to Friday 8.30am – 4.30pm
- Saturday 9am – 12pm
- Sunday and Public holiday Closed
BOSA
Working Hours
- Monday to Friday 8am – 5pm
