@ K22 just called them as well and the terms and conditions that apply are as follows;

1. Arrangement fee (Processing fee) @ 2.5 % of the principal.

2. Insurance fee @ 0.3%.

3. Free loan transfer (if any) from your current institution.

4. Copy of ID,Coloured passport,intoduction letter from employer stating your current salary,statement from your bank for the past 6 months showing the proceeds from your employer,if you dont bank with them.

5. 16% interest repayment rate which is subject to the prevailing economic conditions. *****Can change if the base lending rate of stanchart changes.

6. All in all,i think its a good move by stanchart,but all we want is,certainity that the interest rate is not going to skyrocket to 24% in 6 months time. and just like they said,its dependent on the prevailing economic conditions,which are out of their control.

Your take on it guys- but more on the economic prospects?

also: when one transfers a loan from BBK which was charging 18% interest,will the rates drop to 16% as soon as one moves to stanchart?

retirement at 40.

@ Kamaa..i will have to concur with you that this free loan transfer thingy is not quite clear. But i suppose,initially they used to charge you if you transfered your debts from your current bank to them. This sounds strange because it is like asking your mechanic to pay you inorder for them to service your car. But i am sure if you transfered your current loan to stanchart,your ex bank will charge you for that....may be breach of contract??? i am not sure.

Stanchart need to reduce the interest rate for existing borrowers as well. The new rate applies to new borrowers only.

God is good

@Sasha

ooh; so they loan me the penalties charged by my current creditor/bank incase of early repayment,i initially thought there is some arrangement between the banks to waive the penalty when i transfer the loan from bank A to B.... now I know.

none