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OHH GOD RESCUE ME FROM STRANGLING BANK INTEREST RATES!!!
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astute
#1 Posted : Monday, October 08, 2012 4:48:06 PM
Rank: Member

Joined: 3/24/2010
Posts: 101
Location: Nairobi
The interest rates that had soared high are now coming down. However, the banks are yet to effect them on our loans. I took a loan at 18%, then it rose to 24% now that the interest rate has fallen, will this fall??...or the banks will continue minting my hard earned money?? The difference between the initial agreement and how things stand right now is in excess of Ksh:200,000. Is someone out there having a similar experience? The greatest mistake I did in my life was to take this loan...I was supposed to clear it in 4 yrs now I will clear it in 5 years and two months...GOD help me!!!
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Robinhood
#2 Posted : Monday, October 08, 2012 6:10:23 PM
Rank: Elder

Joined: 12/11/2008
Posts: 2,306
The pain is universal if that makes you feel better. Pole
Great men are not always wise, neither do the aged understand judgement...
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radio
#3 Posted : Monday, October 08, 2012 6:33:14 PM
Rank: Veteran

Joined: 11/9/2009
Posts: 2,003
I hope you didn't take the loan to finance the Valentine!

But don't worry. It happens to men.
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astute
#4 Posted : Monday, October 08, 2012 7:36:48 PM
Rank: Member

Joined: 3/24/2010
Posts: 101
Location: Nairobi
radio wrote:
I hope you didn't take the loan to finance the Valentine!

But don't worry. It happens to men.



At least I invested. But I still feel it is not worthwhile
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Impunity
#5 Posted : Tuesday, October 09, 2012 5:30:31 AM
Rank: Elder

Joined: 3/2/2009
Posts: 26,331
Location: Masada
astute wrote:
radio wrote:
I hope you didn't take the loan to finance the Valentine!

But don't worry. It happens to men.



At least I invested. But I still feel it is not worthwhile


You "invested" in a premio?
smile
Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.
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mwekez@ji
#6 Posted : Tuesday, October 09, 2012 7:42:15 AM
Rank: Chief

Joined: 5/31/2011
Posts: 5,121
astute wrote:
The interest rates that had soared high are now coming down. However, the banks are yet to effect them on our loans. I took a loan at 18%, then it rose to 24% now that the interest rate has fallen, will this fall??...


Check with your bank coz bank rates have fallen. Currently standing at 19% while mortgages are at 18%. If your bank hasn't lowered your rate, name and shame them
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MKWASI
#7 Posted : Tuesday, October 09, 2012 8:39:55 AM
Rank: Member

Joined: 4/20/2012
Posts: 888
astute wrote:
The interest rates that had soared high are now coming down. However, the banks are yet to effect them on our loans. I took a loan at 18%, then it rose to 24% now that the interest rate has fallen, will this fall??...or the banks will continue minting my hard earned money?? The difference between the initial agreement and how things stand right now is in excess of Ksh:200,000. Is someone out there having a similar experience? The greatest mistake I did in my life was to take this loan...I was supposed to clear it in 4 yrs now I will clear it in 5 years and two months...GOD help me!!!


Don't regret, once in a while one will always do a blunder. It happens. Which bank is this because others have lowered interest rates??
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eco
#8 Posted : Tuesday, October 09, 2012 10:32:49 AM
Rank: Member

Joined: 6/17/2011
Posts: 229
When the interests were at 13.5%, S&L had a fixed option at 15%. It would be more secure to consider paying a little more than be subjected to a yo-yo. For those who chose this option the feeling of maybe they made the wrong decision didn't last long when the flexible option spiked to over 20%. In an unpredictable market, go in flat.
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chiaroscuro
#9 Posted : Tuesday, October 09, 2012 10:37:53 AM
Rank: Veteran

Joined: 2/2/2012
Posts: 1,134
Location: Nairobi
astute wrote:
The interest rates that had soared high are now coming down. However, the banks are yet to effect them on our loans. I took a loan at 18%, then it rose to 24% now that the interest rate has fallen, will this fall??...or the banks will continue minting my hard earned money?? The difference between the initial agreement and how things stand right now is in excess of Ksh:200,000. Is someone out there having a similar experience? The greatest mistake I did in my life was to take this loan...I was supposed to clear it in 4 yrs now I will clear it in 5 years and two months...GOD help me!!!


Shop around for a bank with lower rate than what you are paying; then transfer your loan there. HOW? Ask them they will gladly tell you how to transfer.

BTW: If people stopped complaining and took this kind of action, interest rates would fall to their proper "market level"
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XSK
#10 Posted : Tuesday, October 09, 2012 1:30:53 PM
Rank: Veteran

Joined: 12/8/2009
Posts: 975
Location: Nairobi
chiaroscuro wrote:
astute wrote:
The interest rates that had soared high are now coming down. However, the banks are yet to effect them on our loans. I took a loan at 18%, then it rose to 24% now that the interest rate has fallen, will this fall??...or the banks will continue minting my hard earned money?? The difference between the initial agreement and how things stand right now is in excess of Ksh:200,000. Is someone out there having a similar experience? The greatest mistake I did in my life was to take this loan...I was supposed to clear it in 4 yrs now I will clear it in 5 years and two months...GOD help me!!!


Shop around for a bank with lower rate than what you are paying; then transfer your loan there. HOW? Ask them they will gladly tell you how to transfer.

BTW: If people stopped complaining and took this kind of action, interest rates would fall to their proper "market level"


The alternative would be a sacco at 12%. Anyway many of us have learnt the hard way you are not alone. smile
You will know that you have arrived when money and time are not mutually exclusive "events" in you life!
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