FYI Shylocks should attend mandatory legalese lessons form stanchart lawyers. Though i have enjoyed their products,i learnt to read their terms backwards. I still remember these.... happy borrowing...
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....where payments due are not received by the due date,the bank reserves the right to charge overdue and/ or default interest . The rate of overdue interest shall be 5% p.a above the applicable rate,for the time outstanding.




....in the event of an interest rate change,the Bank reserves the right to change the tenor of a loan…




....if the applicant repays the loan in full before the agreed loan term,a fee of 5% on the outstanding loan balance will be levied…




....if the applicant makes any extra payment into the loan account over and above the agreed monthly loan repayments,a fee of 5% will be levied on the amount overpaid…




....the applicant undertakes and accepts to pay the insurance premiums stipulated by the bank from time to time…
....the bank reserves the right to change the base lending rate from time to time…
....interest will be charged on ALL amounts owed…
Applicant agrees to fully indenify the bank against all costs and expenses including legal fees,....




For i am the master and the captain of my fate !

Dijk,

mine is variable. I talked to the Stanchart guys who maintained that this is a apecial offer till october and rates will revert to the usual 19.75% after that. I certainly hope they see sense in eventually bringing the rates down for all borrowers.

God is good

@ Kwanini..

Thanks for highlighting those terms.

In my previous employment,our lawyers were asked to draft a contract that we would be using for our clients. They did so. When one of the lawyers wanted our services,when presented the contract,he declined to sign the contract.

The terms of the loan are always drafted to be changeable by the bank.. the bank is in control.. always.. they can vary everything,from interest rate,to period of repayment to what constitutes a default..

And that is my beef with these bank loans.. why have the contact in the first place,if everything is variable at the will and whims of the bank,except the principal? And that early repayment thing is just a hoax honestly.

Anyway,cant beat them join them.. SACCO the way to go.

@ Outvestor,first I go to admit I like your name!

The conditions for the bank loan am servicing are killing me slowly (in thought). I cringe every time I think of them hiking interest rates. But I plan to take a sacco loan come January next year. Will use this to offset the bank loan so that I only deal with the less greedy SACCO.




Zama za Kengen IPO.... zama za mali

16% is good? No wonder u can't get a banking licence in Kenya. There is a gap in the market. A huge gap. Anybody else interested in starting a microcreditor?

www.mjengakenya.blogspot.com