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Which bank is offering the cheapest personal loans
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josimar
#11 Posted : Wednesday, December 04, 2013 10:29:41 AM
Rank: Member

Joined: 7/6/2010
Posts: 242
WSR over the weekend lambasted banks for slowing Kenya's economic growth by offering high interest rates , at the moment Stanchart has a 'SALE' of 15.9 % , does anyone foresee the rates going down ama tungoje 2014..? Opinions tafadhali.
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Gathige
#12 Posted : Wednesday, December 04, 2013 10:46:33 AM
Rank: Elder

Joined: 3/29/2011
Posts: 2,242
josimar wrote:
WSR over the weekend lambasted banks for slowing Kenya's economic growth by offering high interest rates , at the moment Stanchart has a 'SALE' of 15.9 % , does anyone foresee the rates going down ama tungoje 2014..? Opinions tafadhali.


@Josimar, Never trust bank's marketing hype when it comes to loans. Its best to check with them directly to confirm.
"Things that matter most must never be at the mercy of things that matter least." Goethe
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Gathige
#13 Posted : Wednesday, December 04, 2013 11:05:52 AM
Rank: Elder

Joined: 3/29/2011
Posts: 2,242
Rafiki DTM at 19.5% reducing balance. Requirements minimal
"Things that matter most must never be at the mercy of things that matter least." Goethe
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Gordon Gekko
#14 Posted : Wednesday, December 04, 2013 2:13:13 PM
Rank: Elder

Joined: 5/27/2008
Posts: 3,760
josimar wrote:
WSR over the weekend lambasted banks for slowing Kenya's economic growth by offering high interest rates , at the moment Stanchart has a 'SALE' of 15.9 % , does anyone foresee the rates going down ama tungoje 2014..? Opinions tafadhali.


Sranchart T&C Apply. To get this rate you must:
- Open an account
- Channel your salary into this account (meaning no hustlers allowed)
- Take out their credit card.....
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thuks
#15 Posted : Saturday, January 18, 2014 3:20:41 PM
Rank: Veteran

Joined: 10/8/2008
Posts: 1,575
Gordon Gekko wrote:
josimar wrote:
WSR over the weekend lambasted banks for slowing Kenya's economic growth by offering high interest rates , at the moment Stanchart has a 'SALE' of 15.9 % , does anyone foresee the rates going down ama tungoje 2014..? Opinions tafadhali.


Sranchart T&C Apply. To get this rate you must:
- Open an account
- Channel your salary into this account (meaning no hustlers allowed)
- Take out their credit card.....


Why are they so pushy about these credit cards? Is it the annual membership fee they are after?
I care!
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matatuman
#16 Posted : Saturday, January 18, 2014 8:34:00 PM
Rank: Member

Joined: 12/5/2013
Posts: 224
thuks wrote:
Gordon Gekko wrote:
josimar wrote:
WSR over the weekend lambasted banks for slowing Kenya's economic growth by offering high interest rates , at the moment Stanchart has a 'SALE' of 15.9 % , does anyone foresee the rates going down ama tungoje 2014..? Opinions tafadhali.


Sranchart T&C Apply. To get this rate you must:
- Open an account
- Channel your salary into this account (meaning no hustlers allowed)
- Take out their credit card.....


Why are they so pushy about these credit cards? Is it the annual membership fee they are after?



Because cards are more profitable than loans. Most people lack discipline so they tend to revolve their card balances i.e. they only pay the minimum amount due. Interest on cards is 3.5% per month so in a year it works out to 42%. Cards are good though if you got financial discipline. You can use them without ever paying interest and you get rid of the the supermarket guyz telling you they dont have coins.
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Shak
#17 Posted : Sunday, January 19, 2014 8:58:35 AM
Rank: Elder

Joined: 2/22/2009
Posts: 2,449
Location: Africa
Faulu is offering loans to public servants, teachers and members of the disciplined force at 12pc per annum. Maximum loan is 3million
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bird_man
#18 Posted : Sunday, January 19, 2014 10:44:21 AM
Rank: Veteran

Joined: 11/2/2006
Posts: 1,206
Location: Nairobi
Shak wrote:
Faulu is offering loans to public servants, teachers and members of the disciplined force at 12pc per annum. Maximum loan is 3million


Is that 12% reducing balance or compounded interest?If it is compounded that roughly works out to (12%*2)+1=25% per annum.
Most MFIs are marketing at low rates like Saccos but once you take the loan you realise that its Compounded interest.
Formally employed people often live their employers' dream & forget about their own.
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webish
#19 Posted : Sunday, January 19, 2014 4:03:02 PM
Rank: Member

Joined: 10/19/2009
Posts: 671
Location: Nairobi
bird_man wrote:
Shak wrote:
Faulu is offering loans to public servants, teachers and members of the disciplined force at 12pc per annum. Maximum loan is 3million


Is that 12% reducing balance or compounded interest?If it is compounded that roughly works out to (12%*2)+1=25% per annum.
Most MFIs are marketing at low rates like Saccos but once you take the loan you realise that its Compounded interest.


Very true on the "compound/reducing interest"...
Mind explaining your compound interest formula used above?

Life is joy, death is peace, but the transition is very difficult.
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bird_man
#20 Posted : Monday, January 20, 2014 8:59:05 AM
Rank: Veteran

Joined: 11/2/2006
Posts: 1,206
Location: Nairobi
webish wrote:
bird_man wrote:
Shak wrote:
Faulu is offering loans to public servants, teachers and members of the disciplined force at 12pc per annum. Maximum loan is 3million


Is that 12% reducing balance or compounded interest?If it is compounded that roughly works out to (12%*2)+1=25% per annum.
Most MFIs are marketing at low rates like Saccos but once you take the loan you realise that its Compounded interest.


Very true on the "compound/reducing interest"...
Mind explaining your compound interest formula used above?


@webish...sorry thats just my "estimate formula".
12% compounded loan interest actually works out to about 24.3% on reducing balance method.
That is why these guys can say Interest on Savings is 12%p.a & Interest on loans is 12%p.a.Unless you are in the charity/NGO kind of business,that has to be compound interest on the loan.
Formally employed people often live their employers' dream & forget about their own.
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