Baraton Sacco – Contacts, Mobile Banking

Baraton university sacco society ltd: Baraton Savings and Credit Cooperative (Sacco), a deposit taking Society domiciled in Nandi County, has grown from humble beginnings in 1985, with a handful members, to a Sacco whose footprint has continued growing throughout Kenya.

Since its inception, Baraton SACCO has grown exponentially in all aspects; Membership, Share capital, Members deposits and Loan Portfolio.

The society’s membership stands at over 500 with accumulated Shares and Deposits in excess of Kshs. 120 Million and our loan portfolio stands at Kshs. 137 Million.

Baraton Sacco Ltd has severally been recognized as the BEST managed Sacco and serves as the model Sacco, in the region since 2005. This has been no mean achievement primarily attributed to members’ commitment and sacrifice.

Baraton SACCO Loan Products

There shall be categories of loans as the B.O.D finds appropriate.

A. Development Loan:

1. Development loan are processed within five days from the date of receipt of the loan application form.
2. Maximum repayment period is sixty (60) months.
3. Loan granted is three times the member’s savings less all outstanding loans provided that the one third rule is not violated.
4. Interest rate is 1.17% per month on reducing balance and subject to review from time to time by B.O.D and approved by Annual General Meeting.

B. Emergency Loans:

1. Emergencies include sudden hospitalization, funeral expense, court fines, and any other unforeseen circumstances beyond the member’s control but shall not include house rent dues or other loans covered under this policy.
2. Maximum repayment period is twelve (12) months.
3. Emergency loans are disbursed within twenty four (24) hours from the date of receipt of the loan application form.
4. Interest rate is 1.17% per month on reducing balance and subject to review from time to time by B.O.D and approved by Annual General Meeting.

C. School fees Loans:
School fees loans may be granted to a member even though he has an outstanding loan on the following conditions:

1. The total outstanding loans, including school fees loans must never exceed three times a member’s deposits.
2. School fees cheques shall be sent direct to the school where applicable and necessary.
3. School fees loans shall not include fees for overseas colleges. Fees for overseas colleges will be treated as normal loans.
4. Maximum repayment period is within the calendar year.
5. This loan is granted within two days from the date of receipt of the loan application form.

6. Interest rate is 1.25% per month on reducing balance

D. Karibu Member Loan:

1. Maximum repayment period is twenty four (48) months for regular employees or within the contract period for contract employees.
2. Maximum amount is Kshs 200,000/=
3. 25% of the loan issued is retained as deposit and shares (90% of this amount retained goes towards deposit while 10% is shares capital of the member)
4. Must be fully guaranteed
5. Interest rate is 1.5% per month on reducing balance.

E. Long Term Salary Advance:
1. Maximum repayment period is six (6) months.
2. Two thirds rule will apply
3. Must be fully guaranteed by FOSA account holders
4. Interest rate is 2.5% per month.
5. 8% commission on clearance of outstanding loan.

F. Salary Advance:
1. Maximum amount of 50% of net pay
2. Maximum repayment period is one (1) month.
3. Interest rate is 10%.
4. No guarantors for this loan.
5. For borrower whose repayment is not processed through the check-off system, must be receiving salary through the SACCO.
6. New members do qualify for this loan.

G. Casual Workers Advance:
1. Maximum amount of 66% of net pay
2. Maximum repayment period is one (1) month.
3. Interest rate is 5%.
4. No guarantors for this loan.

5. For borrower whose repayment is not processed through the check-off system, must be receiving salary through the SACCO.
6. New members do qualify for this loan.

H. Boresha:
1. Maximum repayment period is 24 months for permanent employees
2. Invoice must be produced from suppliers
3. Two thirds rule will apply.
4. Interest rate is 2% per month on reducing balance.
5. 8% commission on clearance of outstanding loan

I. Top Ups
1. One must have an existing loan of the same category.
2. Repayment period is within the period of existing loan.
3. Two thirds rule will apply.

Baraton University Sacco Society Ltd Contacts

Baraton University Sacco Society Ltd
P.O Box 2500-30100,

Eldoret, Kenya

Phone: 0700750450