Equity Bank on personal loans - Pennywise - Wazua

Welcome Guest

Wazua » Market » Pennywise » Equity Bank on personal loans

5 Pages123>»

Equity Bank on personal loans

Options

Previous Topic · Next Topic

gabrini		#1 Posted : Wednesday, May 06, 2009 8:53:00 AM
Rank: Member Joined: 10/11/2008 Posts: 19		I hear that nowadays if you want a salary loan from them you need to have 3 salaried guarantors-1 from your institution and 2 from other institutions but whose salos pass thro the bank. Now aint this blackmail - i mean its like telling you that if you want a loan from us you need to tell other institutions to have their staff open accounts with us.or is it another way of saying 'we are restricting issuance of loans coz of the harsh economy' anyone with insight on this
Back to top		\|
User Profile

mukiha		#2 Posted : Wednesday, May 06, 2009 10:12:00 AM
Rank: Elder Joined: 6/27/2008 Posts: 4,114		Get serious! They are only trying to ensure that they will get their money back! Do you think it would be easier to produce a title deed to secure the loan? Look at the bad (personal) loans books of other banks that don't insist on such guarantees. Anyway: With about 60% of all bank accounts in the country,it is unlikely that you don't have a friend who has an account in Equity. WaKenya saa zingine mnashangaza!!!!!!!!!!!!!!! Nothing is real unless it can be named; nothing has value unless it can be sold; money is worthless unless you spend it.
Back to top		\|
User Profile

nahdy		#3 Posted : Wednesday, May 06, 2009 10:20:00 AM
Rank: Member Joined: 6/29/2006 Posts: 184		@ gabrini put urself in equity's shoes if u had money to lend out,wat would be ur requirements?
Back to top		\|
User Profile

gabrini		#4 Posted : Wednesday, May 06, 2009 10:31:00 AM
Rank: Member Joined: 10/11/2008 Posts: 19		@Nahdy just guarantors,be it from the same institution or not as long as they have sound accounts with me.my bone of contention is not repayment its about sourcing guarantors from other institutions.Do other banks have such dictatorial conditions
Back to top		\|
User Profile

Gordon Gekko		#5 Posted : Wednesday, May 06, 2009 10:48:00 AM
Rank: Elder Joined: 5/27/2008 Posts: 3,760		The conditions shouldn't be a problem unless your guarantors expect you to default,which could be why you are unable to get them to guarantee.
Back to top		\|
User Profile

VituVingiSana		#6 Posted : Wednesday, May 06, 2009 12:00:00 PM
Rank: Chief Joined: 1/3/2007 Posts: 18,349 Location: Nairobi		Jameni... haven't you read the horror stories? If you guarantee someone & he defaults kidgo,EB will debit your account (salo paid through EB) immediately. Which means you have to run around bila chapa. * Do NOT guarantee anyone at EB unless you are 100% sure the loanee is totally upstanding AND can pay back the loan. Greedy when others are fearful,Very fearful when others are greedy - to paraphrase WB Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett**
Back to top		\|
User Profile

VituVingiSana		#7 Posted : Wednesday, May 06, 2009 12:08:00 PM
Rank: Chief Joined: 1/3/2007 Posts: 18,349 Location: Nairobi		A friend of mine (EKE) switched his salo account from EB after someone (OBF) he had guaranteed defaulted. EB took EKE's cash (to the extent of the missed payment) without telling EKE. Akaenda ATM... wapi...? Jamaa/EKE thought he was stiffed by his employer kumbe it was EB's 'deduction' on behalf of OBF. *OBF has been having financial problems so EKE is trying to 'de-guarantee' but unless OBF finds a suitable replacement... Long story short... EKE wanted a 'soft loan' from me! Greedy when others are fearful,Very fearful when others are greedy - to paraphrase WB Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett**
Back to top		\|
User Profile

bird_man		#8 Posted : Wednesday, May 06, 2009 12:10:00 PM
Rank: Veteran Joined: 11/2/2006 Posts: 1,206 Location: Nairobi		@Gabrini With Equity giving out so many loans to 'normal mwananchi' the only way to protect themselves is to ensure that the guarantors have active and sound accounts with the bank....that's why you have requirement No.1 Requirement No.2 is to ensure that in case you and your company-mates are all fired or retrenched.....the bank will still be in a position to recover some money since they will have guarantors from another company as well.I know this because i saw it last week where around 38 people from the same company were retrenched.....and guess what.....they were guarantors of each other on loans.......so where will the bank get its money now that their salaries are over?? The course of the world is changed by those who dare dream! Formally employed people often live their employers' dream & forget about their own.
Back to top		\|
User Profile

VituVingiSana		#9 Posted : Wednesday, May 06, 2009 12:16:00 PM
Rank: Chief Joined: 1/3/2007 Posts: 18,349 Location: Nairobi		After reading & listening to others,I would buy EB shares,use them as a bank but NEVER guarantee someone else... EB will drag me down as well over a small glitch. Greedy when others are fearful,Very fearful when others are greedy - to paraphrase WB Greedy when others are fearful. Very fearful when others are greedy - *to paraphrase Warren Buffett*
Back to top		\|
User Profile

mukiha		#10 Posted : Wednesday, May 06, 2009 12:52:00 PM
Rank: Elder Joined: 6/27/2008 Posts: 4,114		@VVS: that's the meaning of the word 'GUARANTEE' If the borrower defaults,the guarantor pays up! It's that simple...especially if the guarantor also banks with the same bank. Many Kenyans imagine that banks 'GIVE' loans! Loans are LENT,to be paid back on the terms agreed....strictly. So don't complain if one bank seems to be asking for 'too many' guarantors; just go to another bank....there are over 50 in Kenya! Nothing is real unless it can be named; nothing has value unless it can be sold; money is worthless unless you spend it.
Back to top		\|
User Profile

5 Pages123>»

Wazua » Market » Pennywise » Equity Bank on personal loans

Forum Jump

You cannot post new topics in this forum.
You cannot reply to topics in this forum.
You cannot delete your posts in this forum.
You cannot edit your posts in this forum.
You cannot create polls in this forum.
You cannot vote in polls in this forum.

Watch this topic
Print this topic

Normal
Threaded