Sacco Information And Reviews
Kenya Police Sacco is considered one of the most highly sought Deposit Taking Sacco, boasting above-average returns. We give it a 7 for not only paying dividends on time but creating investment opportunities and opening its doors to non-police members.
What Do We Know About Police Sacco?
Registered in 1972, Police Sacco was mainly composed of civil servants in the National Police Service. Its membership has grown from a mere 600 to 63,000 members since its inception. The Kenya Police Sacco has tremendously grown and has over 8 branches all over Kenya. From Nairobi, Meru, Nyeri, Eldoret, Mombasa,Kisii, Kakamega and Nakuru.
What Product Does Police Sacco Offer & What Is It Best Known For?
Credit Product Under BOSA, there is a wide range of loan products ranging from basic loan types to more detailed development loans such as housing, emergency and school fees loans. Under the credit options, you can also get salary advance and dividend advance loans.
Savings Product allows you to save for yourself, for holidays and even set up junior savings account for your child. One can also opt for group or business accounts with Police Sacco.
Home Loan. The Kenyan Police Sacco loan amounts for home loans go as high as 4 million, with 9% p.a as interest and a repayment period that stretches to 20 years. Ofcourse, the amount will vary depending on the region. Unfortunately, the downside of this home loan is that the borrowers incur all other kinds of land charges and external costs.
Eligibility and Requirements for Police Sacco
Kenya Police Sacco membership is open to all Kenyans. To be a member of Kenya Police Sacco, you need the following for your registration:
- 2 passport size coloured photographs
- Copy of National ID.
- A properly filled membership form.
Concerning loan eligibility,
- Active guarantors who have been making monthly deposits regularly.2 current payslips.
- Fully completed loan form.
- A stamped application form from employee representatives in cases of formal employment or NPS.
Where Can You Download Police Sacco App?
You can download the M-Tawi app from Google PlayStore and Apple Stores. Alternatively, try to access their convenient banking services by dialling USSD *653#
How Can You Get A Loan From Police Sacco App?
Access the Loan and dividend calculator via the hyperlink to get a rough estimate on the Kenya Police Sacco loans.
First, to get a loan from Kenya Police Sacco, download the membership application forms and other related loan forms. Thereafter, fill and visit the nearest office to get your loan application approved.
Depending on the amount you have saved, Kenya Police Sacco loans can give you amounts of up to 4x what you deposit. However, this depends on the credit product.
Interest on these Saccos loans is around 12-15%, exclusive of a 2.5% commission charged on their Muslim loans.
Disbursements and Repayments at Police Sacco.
All Police Sacco loans are disbursed through POFOSA. POFOSA is a front office service activity.
Seemingly, should you be interested in making deposits by Mpesa, the paybill number for Police Sacco is 4027903, with your Fosa account being your account number.
Regarding repayment periods, they are listed under each credit product and range from 12 months to 72 months.
Dividends And Shares At Police Sacco
What’s unique from Kenya Police Sacco is that they have a dividend advance. It is a rather interesting and unique insight as to why they have registration by the thousands. Members get to access up to 50% of their dividends. The catch, however, is that the Sacco charges 10% on the amount advanced.
To the delight of Kenyans under this Police Sacco, they enjoy dividends that rake up to 17%. Arguably the highest, and one only needs a minimum balance of Ksh 2000 to earn interest. Scroll under savings product.
What Unique Does Police Sacco Have To Offer?
Police Sacco have a shariah-compliant Muslim loan product under their credit product section and, members can take out a percentage of their dividends for the previous year at a fee. ofcourse.
Promotions And Rewards From Police Sacco
A new update on the Sacco website is the Microcredit loan interest is reduced.
How Can I Contact With Police Sacco?
To quickly contact the Kenya Police Sacco, visit their Website or head over to Facebook, Twitter.
[email protected] sascco.com is the email for official general inquiries and other whatnots.
But, if you prefer to call them, try 0709825000.
Are you old school and prefer a one on one with Police Sacco? Head over to Ngara road off Muranga muranga road.Nbi
Please note that the Kenya Police Sacco working hours for FOSA is from 8.00 am -4.30 p.m Mon – Fri. 9.00-12 pm on Saturdays.
For BOSA: Mon-Fri 8.00 am -5.pm