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BBK @ 19% Interest on unsecured
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Kaka M
#11 Posted : Tuesday, June 14, 2011 1:24:52 PM
Rank: Member

Joined: 4/18/2011
Posts: 459
I suggest you shop around for cheaper offers, Am not sure if Stanchart have changed their 16.25% they may have. Remember also to read the small print before you sign any agreements.
Unfortunately most of these institutions have a upper hand when it comes to such negotiations but keep your eyes in the prize you stand to get once you have succeeded in doing what you want to do.
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Barrywhite
#12 Posted : Tuesday, June 14, 2011 2:09:53 PM
Rank: Member

Joined: 12/2/2009
Posts: 286
Location: Nairobi

Stanchart's rate is still 16.25; l dont know for how much longer. They are bound to review it, seeing the going - ons in the economy. @Abby, I tried clearing a loan with stanchart, it was such a hussle, I ended up retaining the loan. I dont think any bank is too eager to have you clear the loan as they wont have that earlier guaranteed interest income coming from you .....
The laudable is more often than not rendered laughable by overclaim
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Gordon Gekko
#13 Posted : Tuesday, June 14, 2011 2:17:03 PM
Rank: Elder

Joined: 5/27/2008
Posts: 3,760
kivairu wrote:
Hi BBK @19% interest on Unsecured loan. Is this just too steep? I thought so.Your ideas?


How low can you get?
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kivairu
#14 Posted : Tuesday, June 14, 2011 2:30:53 PM
Rank: Member

Joined: 3/5/2008
Posts: 532
Location: Nairobi
@ Gekko, i got no idea on how low it can get. I'm not a money matters expert.I leave this some clever guys. Their mortgage is 11.9% and i'm just trying to make sense of these..compared to the unsecured @19%

Strive not to be a success, but rather to be of value. –Albert Einstein.
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Gathige
#15 Posted : Tuesday, June 14, 2011 3:24:09 PM
Rank: Elder

Joined: 3/29/2011
Posts: 2,242
@ Kivairu

The Mortgage is fully secured by the property hence the low interest rate. The unsecured loan is just that- unsecured- hence the very steep interest rate rate
"Things that matter most must never be at the mercy of things that matter least." Goethe
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Barrywhite
#16 Posted : Tuesday, June 14, 2011 4:29:52 PM
Rank: Member

Joined: 12/2/2009
Posts: 286
Location: Nairobi

11.9% is low? I agree its lower relative to 19%, but its still a heck of alot compared to the developed world.
The laudable is more often than not rendered laughable by overclaim
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GGK
#17 Posted : Wednesday, June 15, 2011 7:53:53 AM
Rank: Member

Joined: 11/21/2006
Posts: 608
Location: Ruiru
Low is very relative.......
Yeah 12% for 20 years is heck too much. Take a mortgage of 6M for 15 years and you'll pay the bank 13M. In fact you are better off taking 2M at 19% after every 5 years where you'll have paid 9.3M.

But it all depends on the purpose of Loan.

As for BBK experience, I know the tend to piss anybody off when you talk to them. I have an account with them but I avoid eye contact
"..I am because we are. "― Ubuntu, Umtu,
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Genghis Khan
#18 Posted : Wednesday, June 15, 2011 9:00:21 AM
Rank: Member

Joined: 8/5/2010
Posts: 335
Location: Nairobi
lovely2010 wrote:
There was a time a took a loan with bbk @ 16% interest, but when I did the maths, it turned out 30%...


And what did you do? Please re-read your loan contract slowly... if they did anything improper or misled you... get a lawyer. They will beg to pay you, trust me... if it gets to court, any employee who might have made a bad call will pay for it. They have so much to loose eg bad publicity and I know CBK is not kind!

Did they give you a good explanation?

I know that banks charge penalty interest on any outstanding payments (usually circa 40%) so if you fall back on repayments, they are laughing all the way in the bank!
"I'd rather be lucky than clever... every time!" - ME
"The problem is not what we don't know... it's what we know for sure that just ain't!" - MARK TWAIN
"Space we can recover... time never!" - NAPOLEON BONAPARTE
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Genghis Khan
#19 Posted : Wednesday, June 15, 2011 9:08:44 AM
Rank: Member

Joined: 8/5/2010
Posts: 335
Location: Nairobi
GGK wrote:
Low is very relative.......
Yeah 12% for 20 years is heck too much. Take a mortgage of 6M for 15 years and you'll pay the bank 13M. In fact you are better off taking 2M at 19% after every 5 years where you'll have paid 9.3M.

But it all depends on the purpose of Loan.

As for BBK experience, I know the tend to piss anybody off when you talk to them. I have an account with them but I avoid eye contact


If BBK were issuing a 20 year bond... what coupon rate would you want? Remember that they would probably use the Bond to increase mortgage business...
"I'd rather be lucky than clever... every time!" - ME
"The problem is not what we don't know... it's what we know for sure that just ain't!" - MARK TWAIN
"Space we can recover... time never!" - NAPOLEON BONAPARTE
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2012
#20 Posted : Wednesday, June 15, 2011 9:15:16 AM
Rank: Elder

Joined: 12/9/2009
Posts: 6,592
Location: Nairobi
GGK wrote:
Low is very relative.......
Yeah 12% for 20 years is heck too much.


And would you imagine that that's the lowest in the market? Is there a country banks exploit citizens as much as they do in Kenya?

BBI will solve it :)
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