FacebookTwitter 
Banner-01

ISO Launch October 2015

FAQs

 1.    Who is eligible to be a member?

         Membership is open to all.  

2.    Who is eligible for credit facilities?

        All members of Kenya Police Sacco Society

3.    When does a member become eligible for a loan?

      When the first share contribution is received. In the event the loan amount applied is more

      than 3 times of the deposits, a portion of the loan amount will be used to boost shares so

      as to qualify for a that amount.

4.    What is the difference between shares, deposits and savings?

       Shares      This represents members portion of equity of the society.

       It is not withdrawable but it can be transferred when one ceases to be a member.


       Deposits   This are the regular monthly deposit; at least 10% of basic salary.

      They are used to determine eligibility for a loan and can only be withdrawn when one

      ceases to be a member.


       Savings    This is the withdrawable amount held at the POFOSA accounts

5.    Can I withdraw part of my shares to pay for a loan?

       No, shares cannot be withdrawn as long as you are still a member.

6.    What are the acceptable securities for a loan?

       Guarantors

7.    Who is eligible to be a guarantor?

       Any active member in good standing is allowed to be a guarantor provided that one

       has not over guaranteed.

       A guarantor must be willing and able to repay the loan guaranteed incase the loan is defaulted.

8.    Can one clear a loan in full before the repayment period is over?

       Yes, that it allowed and it does not attract any fees

9.    Who is a nominee?

      A nominee is the person designated by a member to receive the proceeds of any payable funds

      upon the death of the member.

      All members are required to provide details of nominee(s) upon registering as members.

      One can change and/or update his/her nominee information as when and need arises.

10.    What is UBF?

    This is a compulsory insurance scheme for all Kenya Police Sacco members.

    Each member contributes KES 350 per month. The fund is used to double the shares payable to

    the beneficiary (nominee), cater for payments to the member in case of retirement, resignation,

    dismissals and death of a spouse and children.

Connect with us