I knew Kenyans with loans at cfc stanbic are in for the roast. Burning spear get me on email at magicalkenya@aol.com unfortunately due to the nature of my contract with my employer i may not make a media appearance unless they hide my face but this is the best revenge we can do for the thousand of Kenyans who are being ripped off. Remember majority of the profits are being shipped down sout to build onother country economy. Yes am sure rates have gone up but how do u explain out of a payment of 29563 thats only 750 goes tho the loan and the rest is interest. Will such a loan ever go down even in 50years.How do you explain that my dec 28th 2011 installment remitted by my employer(very reputable) is being applied to my account on 11 feb 2012 after making a scene and 9k missing. Suspense accounts when they have my loan account number am telling u guys sharpen your knives spread the word because if we kenyans say so even without going to court we can lobby and ground this bank

N who told you Barclays is any better.Been suffering in silence and mblo those idiots also charge arbitrarily and the principle never comes down.Things are thick for the midle class.

ask him to contact me so I can comb his loan agreement fine print with a wirebrush and see if he stands any chance of beating the bank in court at a small fee.
no need to rush to court without adequate evidence.you need to cut loses.

we also offer book keeping services for small businesses who find a fulltime accountant too expensive to afford.

niando.becia@gmail.com

@New-farer You are absolutely correct. You always pay for interest first before the principle. Premio, visit the bank and ask for a computation sheet which will show you exactly that.

From my experience, with products and brands its best to understand the full cycle of the value chain. Mr x needed funding at some point or the other to satisfy a need, he was granted his request. Factors unforseen by all in the cycle presented themselves , leaving traditional routes of trade cut off.
Who should be blamed ? what is apperent is a new trade route is developing and one can only imajing a new head is stronger than the last and wiser. This market is strong and can only get stonger those who are quick to accuse now will suerly come around. With calculations the matter needs clarification, as keen student always questions the marking scheme.

i think all banks allow an extra deposit to the loan account which all goes in reducing the principal amount. i hear the trick in avoiding an early repayment penalty is payn off the loan but leavn just enuf to b cleared by one or more monthly instalments. basically the trick is not to pay off everything to zero. never tried this so m not so sure.

Fakir the thing is if interest at 24.75% for dec with 31 days is 17000ksh with balance at 1,150,985 and jan interest is 24.75%, with 31 days and balance now 1,138,678ksh. Interest for jan must be 17000ksh or slightly below because interest remains unchanged at 24.75%. How then do you explain the interest charge of 28000 for jan. the bank says interest is still 24.75% not a single cent more

True dude. I'm not a very clever guy in money matters but i know for sure Banks in Kenya are very vicious. Not sure if such rates exist anywhere in the world. I hear rates are 'capped' in UK, but here in Kenya , its truly 'free market'. And hey, dont touch bbk, even with a long long stick, for loans.

this is very good advice, my friend has suffered under barclays.

Am beggining to like this bank....13.5% is a new LOW and means they now care MORE about their clients and my issue was sorted out amicably.