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McReggae		#31 Posted : Tuesday, February 14, 2012 11:39:42 AM
Rank: Elder Joined: 6/17/2008 Posts: 23,365 Location: Nairobi		It is mostly likely that when you get the right spreadsheet and enter your values plus the interest rate changes, the bank will be right!!! ..."Wewe ni mtu mdogo sana....na mwenye amekuandika pia ni mtu mdogo sana!".
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theking		#32 Posted : Tuesday, February 14, 2012 11:42:57 AM
Rank: Member Joined: 1/25/2010 Posts: 344		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.
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kyt		#33 Posted : Tuesday, February 14, 2012 4:16:19 PM
Rank: Elder Joined: 11/7/2007 Posts: 2,182		theking, thats what normally happens, been there done that. LOVE WHAT YOU DO, DO WHAT YOU LOVE.
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premio		#34 Posted : Tuesday, February 14, 2012 11:21:04 PM
Rank: Member Joined: 5/31/2009 Posts: 226		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
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kyt		#35 Posted : Wednesday, February 15, 2012 8:03:26 AM
Rank: Elder Joined: 11/7/2007 Posts: 2,182		all banks are fishy, ALL BANKS. you have to be vigilant and keen to avoid being conned. how do u explain the crazy profit they make? LOVE WHAT YOU DO, DO WHAT YOU LOVE.
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kivairu		#36 Posted : Wednesday, February 15, 2012 10:56:55 AM
Rank: Member Joined: 3/5/2008 Posts: 532 Location: Nairobi		keraka wrote: 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. 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. Strive not to be a success, but rather to be of value. –Albert Einstein.
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redi		#37 Posted : Wednesday, February 15, 2012 12:24:00 PM
Rank: Member Joined: 1/24/2008 Posts: 46 Location: Embu		Experienced the same with NBK,i realized though most banks said late last year,they are not going to change the rates for the old loans.They went ahead and did exactly that.They increase the proportion going for interest payment but keep your installment constant. My advise,pay back the loan.To avoid the fine(early payment),just deposit something in your loan account with an aim to reduce the principal to a manageable level.It will definitely, reduce the interest you are paying.
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seeker*		#38 Posted : Wednesday, February 15, 2012 12:40:47 PM
Rank: Member Joined: 9/11/2009 Posts: 132 Location: nairobi		CorporateBoy wrote: Interest Rates Advisory Centre based in Upperhill is known for loans recalculations. Incase they detect the bank dint follow due diligence, they ensure you get compensated by the bank. Read more about them on www.corporateseprofiles.com this is very good advice, my friend has suffered under barclays. Don't fight a battle if you gain nothing by winning.” Erwin Rommel When I was a child, I spoke like a child, thought like a child, and reasoned like a child. When I became an adult, I no longer used childish ways.
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mozenrat		#39 Posted : Monday, February 27, 2012 7:35:49 PM
Rank: Veteran Joined: 5/18/2008 Posts: 796		You are absolute right McReggae wrote: It is mostly likely that when you get the right spreadsheet and enter your values plus the interest rate changes, the bank will be right!!! @McReggae premio wrote: 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 I wouldn't complain too loudly if I were you @Premio. My recomputations show that you should have paid interest of KShs. 23,739.07 in December and Kshs. 23,485.23 in January. My bet is that they were recovering their money when they charged you 28k in Jan and will probably deduct an additional sum in Feb. Simple solution as suggested by McReggae.. go to the bank and make them explain how they came to their figures.
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premio		#40 Posted : Friday, July 05, 2013 9:26:38 PM
Rank: Member Joined: 5/31/2009 Posts: 226		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.
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