Today, we are going to share different types of Kenya Police Sacco Loans. It’s without a doubt that Kenya Police Sacco is one of the best Saccos in Kenya. The Sacco was started in 1972 with 690 members and the figure has since grown to 63k. Types of Kenya Police Sacco Loans that you can apply
Kenya Police Sacco offers a wide range of loans and they are issued through POFOSA. Below are 6 types of Kenya Police Sacco loans that may be of great help to anyone who wants to save with them.
Types of Kenya Police Sacco Loans (2021/2022 Update)
Premier Loan
- Salary must pass through FOSA
- 84 Months repayment period
- 4 times member deposits
- Minimum deposits Kshs 300,000
- Interest 15% p.a. on a reducing balance
- Monthly deposit contribution of 12% of basic salary
Normal Loan
The repayment period is 48 months and the loan is 3 times of what a member has deposited. The interest rate is 13.5% on reducing balance.
- The repayment period is 48 months.
- 3 times members deposits.
- The interest rate is 12% reducing balance.
Mega Loan
The repayment period is normally 72 months and the loan is 3 times what a member has deposited. Also, their interest rate is 15% on reducing balance and salary must be paid through POFOSA. The minimum deposit contribution is Ksh. 300,000 and 12% is the monthly deposit contribution of your basic salary.
- The repayment period is 72 months.
- 3 times members deposits.
- The interest rate is 14.7% on reducing balance.
- Salary must pass through POFOSA.
- Minimum deposit contribution of KES 300,000.
- Monthly deposit contribution of 12% of basic salary.
Super Loan
The repayment period is normally 60 months and the loan is 3 times of what a member has deposited. Super loan interest rate is 14.4% on reducing balance.
- The repayment period is 60 months.
- 3 times members deposits.
- The interest rate is 14% on reducing balance.
Refinancing Loan
The repayment period is 48 months and the loan is 3 times what a member has deposited. The interest rate is 13.5% on reducing balance.
- The repayment period is 48 months
- 3 times members deposits
- The interest rate is 12% reducing the balance.
Emergency Loan
The repayment period is 12 months and the loan is 3 times what a member has deposited. The interest rate is 13.5% on reducing balance.
- The repayment period is 12 months.
- 3 times members deposits.
- The interest rate is 12% reducing the balance.
School Fees Loan
The repayment period is 12 months and the loan is 3 times of what a member has deposited. The interest rate is 13.5% on reducing balance. Kenya Police Sacco offers Back Office Service Activity (BOSA) a wide range of products. This is where members’ personal accounts are maintained. Monthly deposits are pegged at 12% of the Basic salary. All our loans are dispersed through POFOSA. Products at the BOSA include:-
- The repayment period is 12 months.
- 3 times members deposits.
- The interest rate is 12% reducing the balance.
Muslim Loan
Available to Muslim members.
- 2 times members’ deposits.
- The repayment period is 48 Months
- No interest is charged on the loan.
- A 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
- The repayment period is 12 Months
- No interest is charged on the loan.
- One-off the 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.
- The repayment period is 24 months.
- 3 times members deposits
- The interest rate is 12% reducing the 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 15,000 is available to all members who have deposits of KES 15,000 and above. The amount is repayable in one month and an 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.
Kenya Police Sacco Contacts
Tel: 0709 825 000
Email: info@policesacco.com
Website : https://policesacco.com/
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