Kenya Police Sacco Loans: A Guide to Applying and Eligibility

Kenya Police Sacco offers low-interest loans to its members, providing a valuable financial resource for those needing financial assistance. This article will guide you through applying for a loan and provide information on eligibility requirements.

 What is Kenya Police Sacco?

Kenya Police Sacco is a savings and credit cooperative society (SACCO) established in 1972 to cater to the financial needs of police officers in Kenya. Sacco provides its members various financial services, including loans, savings, and investment opportunities.

 How to Apply for a Loan from Kenya Police Sacco

Applying for a loan from Kenya Police Sacco is a straightforward process. Here are the steps you need to follow:

• Become a member of Kenya Police Sacco: To apply for a loan from Kenya Police Sacco, you must be a member of the Sacco. If you are not yet a member, you can apply for membership by filling out the appropriate forms and submitting them along with the required documents.
• Determine your loan eligibility: Kenya Police Sacco has specific eligibility requirements. To be eligible, you must be in good standing and have been a member for at least six months. You must also have a regular source of income and a satisfactory credit rating.
• Choose the type of loan you want: Kenya Police Sacco offers various kinds of loans, including personal loans, housing loans, and vehicle loans. You can choose the type of loan that best suits your needs.
• Complete the loan application form: Once you have determined that you are eligible for a loan and have chosen the type of loan you want, you can complete the loan application form. This form can be obtained from the Sacco or downloaded from the Kenya Police Sacco website.
•  Submit the required documents: Along with the completed loan application form, you must submit certain documents to Kenya Police Sacco. These documents may include proof of income, proof of identification, and proof of membership.
• Wait for approval: After you have submitted your loan application and required documents, Kenya Police Sacco will review your application and decide. If your application is approved, you will receive a loan agreement outlining your loan's terms and conditions.

 Eligibility Requirements for Kenya Police Sacco Loans

As mentioned above, there are specific eligibility requirements that you must meet to qualify for a loan from Kenya Police Sacco. These requirements include:

• Membership: You must be a member of Kenya Police Sacco in good standing, with at least six months of membership.
• Income: You must have a regular income source and demonstrate your ability to repay the loan.
• Credit rating: You must have a satisfactory credit rating, with no outstanding debts or unpaid loans.
• Security: Some loans may require protection, such as a lien on a property or vehicle. 

Types  of Loans Offered by Kenya Police Sacco

As a member of the Kenya Police Sacco, you can access a range of loan products designed to cater to your specific financial needs. Whether you are looking for a personal loan, car, or mortgage loan, Kenya Police Sacco has you covered.

Kenya National Police DT SACCO offers Back Office Service Activity (BOSA) a wide range of products. This is where members' accounts are maintained. Monthly deposits are pegged at 12% of the Basic salary. Here are the various types of Loans offered by Kenya Police SACCO

Premier Loan

• 84 Months repayment period
• 4 times member deposits
• Interest 15% p.a. on a reduced balance
• Monthly deposit contribution of 12% of the basic salary

Normal Loan

• The repayment period is 48 months.
• 4 times member deposits.
• The interest rate is 12% reducing the balance.

Mega Loan

• The repayment period is 72 months.
• 4 times member deposits.
• The interest rate is 14.7% on reducing the balance.
• Monthly deposit contribution of 12% of basic salary.

Super Loan

• The repayment period is 60 months.
• 4 times member deposits.
• The interest rate is 14% on reducing the balance.

Refinancing Loan

• The repayment period is 48 months
• 4 times member deposits
• The interest rate is 12% reducing the balance.

Emergency Loan

• The repayment period is 12 months.
• 4 times member deposits.
• The interest rate is 12% reducing the balance.

School Fees Loan

• The repayment period is 12 months.
• 4 times member deposits.
• The interest rate is 12% reducing the balance.

Muslim Loan

Available to Muslim members.

• Two times members' deposits.
• The repayment period is 48 Months.
• No interest is charged on the loan.
• 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
• 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.
• 4 times member deposits
• The interest rate is 12% reducing the balance.

Read Also: Watu Credit: A Comprehensive Guide to Motorbike Financing and More

Kenya Police Sacco Contacts

You can contact them via:

• Ngara Road, off Muranga Road, P.O. Box 51042 ‐ 00200, Nairobi
•  0709 825 000
•  [email protected]

Conclusion

Kenya Police Sacco offers low-interest loans to its members, providing a valuable financial resource for those needing financial assistance. If you are a member of Kenya Police Sacco and meet the eligibility requirements, you can apply for a loan by following the steps outlined in this article. By taking advantage of the loan offerings at Kenya Police Sacco, you can achieve your financial goals and improve your economic well-being.