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Beware of Barclay Loans
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Njunge
#81 Posted : Friday, July 10, 2009 8:32:00 AM
Rank: Elder

Joined: 2/7/2007
Posts: 11,935
Location: Nairobi
Mozenrat,

Keep it that way........Clean until i win....-:)

@Mwenza,

Stick to objective posting.Am tempted to think you are content with cheering and have no facts.




Yombo dhier....!!
Nothing great was ever achieved without enthusiasm.
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Layman
#82 Posted : Friday, July 10, 2009 8:35:00 AM
Rank: Member

Joined: 9/21/2006
Posts: 422
Location: Nairobi
Sacco is still the cheapest and the best. Most saccos are evolving from long term mismanagement and with the amendements of the law and the establishment of the Sacco Regulatory Authority,the illiterate wazees managing some saccos because they own large chanks of coffee or tea farms will go!

With all due respect,somebosy taking a loan and being told that interest is 1% and accepts cannot be helped! Where on earth can one ger a loan of 1% per ANNUM?



The future is already here!
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mwenza
#83 Posted : Friday, July 10, 2009 8:38:00 AM
Rank: Elder

Joined: 4/22/2009
Posts: 2,863
@ Njung'e

Thot i was just being a gentleman by apologising to extrablessed because you are the one who asked me to go slow on her.


WOULD RATHER DIE FIGHTING 4 MY RIGHTS THAN LIVE FOREVER WITHOUT ANY RIGHTS
IF YOU EXPECT ME TO POST ANYTHING POSITIVE ABOUT ASENO, YOU MAY AS WELL SIT ON A PIN
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mozenrat
#84 Posted : Friday, July 10, 2009 8:38:00 AM
Rank: Veteran

Joined: 5/18/2008
Posts: 796
@Njung'e

.... I'd seen that one coming....

... That's why I researched on the exact fees charged by banks for a loan and not relied on the bogus figures Mr [dijkstra] gave....

... In the Stanchart case I now have Bank charges of Kshs. 7,800...

... Subtract that from the Kshs. 16K given by Mr [dijkstra] .... u have Kshs. 8,200

....The bank fellow now has... 14,896.48 +8200 = Kshs. 23,096.48

... The sacco fellow has Kshs. 16,000 for the two extra years...

... Or better yet,lets assume compound interest,he has Kshs. 17,971.20

The bank fellow is still left with a whole Kshs.5,125.80

So Njung'e,where are we???

This started out as a discourse on the interest paid back... and so far the only saving grace for the Sacco are these extra charges from the bank which both me and Mwenza conceded from the very first post....

PS: apologies for the mistake in the previous post... I'd forgotten that the 1st years Sacco interest had already been used up.

PS: The 10K repayments are inclusive of principal and interest... so he has nothing over and above to save...
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Njunge
#85 Posted : Friday, July 10, 2009 8:59:00 AM
Rank: Elder

Joined: 2/7/2007
Posts: 11,935
Location: Nairobi
@Mozenrat,

You simply deducted the 16K straight from the 'original' SACCO loan......Yes?....If my SACCO dude is saving as per the book,his contribution would be 100K by the time he borrows....,.....climbing to 154 K at the end of first year of loan repayment,208K at the of the second year and 262K at the end of the loan.At 8%,Devidend,pay out would be 8K,12K,16.64K and 20.96K.....In reality the first 8K payable devidned is his money since he earns it before borrowing.What counts is the pay-out over the loan repayment which adds upto 49.6K........AND NOT the 24K you have penned........Pondi would say 'Mzee wa Sacco ako mbele kama mfuko wa shati'



Yombo dhier....!!
Nothing great was ever achieved without enthusiasm.
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Sasha
#86 Posted : Friday, July 10, 2009 9:03:00 AM
Rank: Veteran

Joined: 9/5/2007
Posts: 627
@mozenrat! Aren't you wrongly assuming that the sacco guy, while repaying the loan for the 3 years will not be making contributions to the said sacco? From my knowledge, you cease to be a member of a sacco if you do not make contributions to the sacco for 3 consecutive months. Please adjust your figures to reflect the monthly contributions then we see which is better!


Immorality: The morality of those who are having a better time!
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mwenza
#87 Posted : Friday, July 10, 2009 9:05:00 AM
Rank: Elder

Joined: 4/22/2009
Posts: 2,863
@ Njung'e

BTW,this 'little knowledge is........' did not come from me if you care to check the previous posts carefully.


WOULD RATHER DIE FIGHTING 4 MY RIGHTS THAN LIVE FOREVER WITHOUT ANY RIGHTS
IF YOU EXPECT ME TO POST ANYTHING POSITIVE ABOUT ASENO, YOU MAY AS WELL SIT ON A PIN
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Njunge
#88 Posted : Friday, July 10, 2009 9:09:00 AM
Rank: Elder

Joined: 2/7/2007
Posts: 11,935
Location: Nairobi
@Sasha,

That's why my man (Sacco dude) has savings of 262K by the end of the loan.I have factored in 10% of basic salary,which is actually the minimum allowable,besides the normal 100 bob for 5 mandatory shares and a further 1440 bob insurance for savings and loans payable once a year.......


Yombo dhier....!!
Nothing great was ever achieved without enthusiasm.
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mwenza
#89 Posted : Friday, July 10, 2009 9:20:00 AM
Rank: Elder

Joined: 4/22/2009
Posts: 2,863
@ Njung'e

@ Sasha

We are now complicating the computations.......where is the SACCO dude getting the extra money for his monthly contributions from? Cant the bank dude use the same source to offset his loan or even better continue keeping the money under his mattress every month?

The analysis my friend Mozenrat has come up with assumes that there is no further injection of funds from external sources,otherwise we may also argue that the bank dude has a pedigree cow at his disposal which he can sell.....he can also sell his mattress.



WOULD RATHER DIE FIGHTING 4 MY RIGHTS THAN LIVE FOREVER WITHOUT ANY RIGHTS
IF YOU EXPECT ME TO POST ANYTHING POSITIVE ABOUT ASENO, YOU MAY AS WELL SIT ON A PIN
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Sasha
#90 Posted : Friday, July 10, 2009 9:26:00 AM
Rank: Veteran

Joined: 9/5/2007
Posts: 627
@mwenza

If that is his assumption (@mozenrat: please confirm) then all his computations are null and void. You have to make contributions to a sacco to continue to be a member of said sacco!


Immorality: The morality of those who are having a better time!
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