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16 % interest rate from stanchart.
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Litro
#1 Posted : Tuesday, August 25, 2009 7:18:00 AM
Rank: Member

Joined: 7/22/2009
Posts: 120
Location: KENYA
@ all,as of last week stanchart lowered their interest rate for unsecured personal loans from 19.75% to 16%. (RB). I have not checked with them to see when this will be effected,but may be someone here has. People,whats your take on this? Is it going to be sustained at this level or they want to suck us into the vicious cycle of debts?
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wote
#2 Posted : Tuesday, August 25, 2009 8:01:00 AM
Rank: Member

Joined: 10/18/2007
Posts: 217
Litro,this is how its done: 16% on the loan,3%negotiation fee,3%legal fee,and 2% insurance . sum total=24% take it or leave it,that is what you pay them.

And should you repay the same earlier than agreed then you are liable to pay them another 3%of the amount outstanding for a loan cleared in lumpsum before 50%of the loan is cleared in the normal manner.

Tell me if that is so different from shylocking?


wote
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Litro
#3 Posted : Tuesday, August 25, 2009 8:49:00 AM
Rank: Member

Joined: 7/22/2009
Posts: 120
Location: KENYA
Someone moved my post from investments to pennywise but...hai(t)dhuru may be i wasnt sure where to post it! @ Wote,thanx man bt am more confused. All along from my earlier experience with Kenyan banks,the hidden charges and what not are levied on the principal that you borrow. They are not lumped up together with the interest rate,that is,16% does not translate to 24%. You still payback @ 16%? I stand to be corrected by the banking experts in the house.
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Kamaa
#4 Posted : Tuesday, August 25, 2009 11:35:00 AM
Rank: Veteran

Joined: 10/6/2007
Posts: 1,177
Location: Nairobi - Kenya
@litro i think the 16% doesnt include the insurance & the negotiation fees which are one off charges..

you've heard me..
When you hear what I say, you will not understand. When you see what I do, you will not comprehend
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wote
#5 Posted : Tuesday, August 25, 2009 12:41:00 PM
Rank: Member

Joined: 10/18/2007
Posts: 217
Litro,the figures i gave you are extracted from my loan given to me by K.C.B at the base rate of 15%when i realised what i had just signed,i decided to repay the same in one installment and that is when i got to see 3% early repayment.

Ask them to do for you what they call loan amortization and the picture will be very clear.


wote
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K22
#6 Posted : Wednesday, August 26, 2009 4:57:00 AM
Rank: Member

Joined: 9/12/2008
Posts: 436
Location: illobi
Litro,May I suggest you hear it from the horses mouth? Call Stanchart up & post your findings here. The number is 3293900

Randomly insane

A successful man is one who makes more money than his wife can spend. A successful woman is one who can find such a man
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K22
#7 Posted : Wednesday, August 26, 2009 5:07:00 AM
Rank: Member

Joined: 9/12/2008
Posts: 436
Location: illobi
Just called them and;

Insurance 0.3%
Processing 3%
Legal fee - N/A
Borrow upto KES 3M
Free Loan transfer
Repayment upto 60 Month
They come to you i.e. At your door service

Need More details?

Randomly insane

A successful man is one who makes more money than his wife can spend. A successful woman is one who can find such a man
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Kamaa
#8 Posted : Wednesday, August 26, 2009 5:45:00 AM
Rank: Veteran

Joined: 10/6/2007
Posts: 1,177
Location: Nairobi - Kenya
@k22

and what do you mean by ''free loan transfer''?

you've heard me..
When you hear what I say, you will not understand. When you see what I do, you will not comprehend
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K22
#9 Posted : Wednesday, August 26, 2009 5:53:00 AM
Rank: Member

Joined: 9/12/2008
Posts: 436
Location: illobi
@Kamaa,If you have a loan with another institution you can transfer the loan balance at no extra charge,and enjoy the 16% interest rate offer...... 3293900 for more details

Randomly insane

A successful man is one who makes more money than his wife can spend. A successful woman is one who can find such a man
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Chaka
#10 Posted : Wednesday, August 26, 2009 6:52:00 AM
Rank: Elder

Joined: 2/16/2007
Posts: 2,114
This may look enticing but I believe the 16% in not fixed i.e it can go up...without notice?
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