Frequently Asked Questions

A. Membership Queries

1. What are the membership requirements

    Employees of Braeburn schools limited including;

a)      Braeburn Gitanga Road Employees

b)      Braeside Employees

c)      Braeburn Garden Estate Employees

d)      Braeburn Imani Employees

e)      Braeburn Nanyuki Employees

f)       Braeburn Kisumu Employees

g)      Braeburn Arusha Employees

h)      Braeburn Mombasa Employees

    Ex-Employees of Brae burn Schools Limited
    Braemeg Sacco Employees

2. How do I become a member?

You need to fill in a membership application form and pay a membership fee of Kshs. 1,000. Then submit the fully completed form to Sacco office for registration.

3. Do I need to pay registration fee to patronize any other Sacco Products

No, once you paid your initial membership registration fees, you are free to patronize any Sacco Product without any additional fee.

B. Deposit Queries

1.    What is the minimum Contribution
       The minimum contribution is Ksh 1,000 per month.
2.    What is the difference between deposits and shares

  • Deposits are withdraw-able members’ savings while shares or share capital is the permanent member contribution toward the Sacco capital and forms part of Sacco equity. Shares cannot be withdrawn even on exit from the Sacco but can be transferred to another willing member.
  • Each member must have a minimum of Ksh 1,000 in share capital unlike deposits which have no minimum amount.
  • Deposits can be used as loan security while share cannot be used loan security.

C. Loans Queries

1.    When do I qualify to take a loan?You qualify to take a loan after six month of consistent contribution to the Sacco.2.    What is the maximum loan I my entitled to?
You are entitled to maximum loan equal to three times your total savings ( deposits * three)Lump sum deposit

3.    Do I have to wait for six month to get a loan after making a lump sum deposits?
a new member has to contribute for six months before being considered for any loan, Upon lump sum deposit for a continuing member , 90 day Maturity period is required before the deposit is considered for subsequent loan application.

4.    Can I have more than one loan at the same?
Yes, you can have Normal or Development and Emergency loans concurrently so long as they don’t exceed your maximum loan entitlement and you have ability to pay for all of them.
5.    What do I require to take a loan?
A duly filled loan application form supported by;

  • ID/ passport Copy
  • Pay slips – Latest 3 month certified pay slips
  • Guarantors ID or passports
  • PIN Certificate
6.    What is the maximum loan repayment period?
The maximum loan repayment period is 60 months for the development loan, 48 months for Normal loan and 12 Months for Emergency loans
7.    Why is the reason of rejecting my loan?
A loan can be rejected on the following grounds;
  • Inconsistency in deposit contributions
  • Inadequate guarantors
  • insufficient income
  • The form is not duly completed
  • Key documents like ID, certified pay slips, PIN, standing order instructions etc have not been attached
  • The member deposits are insufficient to support an additional loan.
8.    Can i reduce my loan installment due cash flow constraints?
No, you cannot adjust or reduce loan installment unless you had previously overpaid your installments as this will result in your loan going in arrears leading to closure after three months arrears.
9.    How long does it take before a loan is processed?
Normal loans repurchase loan, Development loans, Investment loans are processed within 30 Days so long as your application has been submitted by 5th of the month and all requirements have been met. Emergency loan are processed within 3 working days if all requirements are met.
10.    Can I pay my loans using my savings contributions
One can only pay their loans using their savings contribution upon withdrawal of membership by submitting a 60 days’ notice of withdrawal and replacement of guarantees.

D. Guarantorship and Loan Security Queries

1.    Do I need a guarantor if my loan application is equivalent to my deposits?
No, you don’t need a guarantor long as the loan applied does not exceed your deposits.
2.    How many guarantors do I need?
The Sacco has no minimum or maximum guarantors. It all depends on you and the loan amount applied for. Ideally ones deposits and guarantor’s deposits must be equal to or more than loan amount subject to risk exposure.
3.    What other collaterals or loan security can I use?
The Sacco does not allow any other form of Security at the moment apart from individual member guarantors who must be members of Braemeg Sacco
4.    How many people can I to guarantee?
A member can guarantee any Number of members as long as the total guarantees are not more than three times your member’s deposits.
5.    How many members have I guaranteed?
Nowadays you can confirm how many people you have guaranteed at any time anywhere using the Braemeg Sacco Online Portal
6.    What services can I access though online platform?

  • Deposit, Loans and share statement
  • Deposit balance per Month.
  • Loan schedule per Month
  • Deposit schedule per Month.

E. Mode of Paymeny Queries

1. How can I make my payments to the Sacco?
The Sacco offers the following modes of payments;

  • Mpesa – Through equity Mpesa paybill 247247 and Account No. 0630292633431
  • Standing orders – please indicate your membership number on instruction form
  • Deposit slips- make payments to our bank accounts then present the banking slips
  • Cheque payment done at Sacco offices
NB: Please note that Sacco does not accept cash payments
2. What are your bank details?
a. CO-OPERATIVE BANK OF KENYA| Kawangware Branch | Account Number : 01120000540400b. EQUITY BANK | Kawangware Branch | Account Number: 0630292633431c. FAULU MICROFINANCE BANK | Ngong Road Branch | Account Number: 10060454693

F. Withdrawal from the Sacco Queries

1.    What is the procedure of withdrawing from the Sacco?
You need to apply for withdrawal from the Sacco in a formal signed letter giving the Sacco sixty days notice in line with Sacco by laws. The letter should be accompanied by your ID copy.
2.    Can I partially withdraw my deposits?
No, no member will be allowed to partially withdraw part of his /her deposits or offset part of the deposits against an outstanding loan unless he/she ceases to be a member..
3.    Can I withdraw my deposits when I have guaranteed another member?
A member cannot withdraw his /her deposits that have been pledged towards another member loan unless that member has cleared that loan or has submitted a substitute guarantor to replace you.

Request Call Back.

Talk to us today to find out how we can suggest long-term and short-term strategies that will help you realize our financial dreams.