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Which bank is offering the cheapest personal loans
Rank: New-farer Joined: 5/10/2010 Posts: 28 Location: kenya
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Friends,
looking for a bank loan, but it seems that interest rates have sky rocketed with some banks at 26%. What are your banks offering?
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Rank: Member Joined: 4/18/2011 Posts: 459
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Someone I know from Stanchart called me this week telling that they are offering at 19 point something.
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Rank: Elder Joined: 5/1/2010 Posts: 3,024 Location: Hapa
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my peni mbili: there's nothing such as cheap/cheapest personal loans.....banks usually ambush you later Float like a butterfly, sting like a bee. - Muhammad Ali🐝
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Rank: Member Joined: 6/21/2010 Posts: 119 Location: Nairobi
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Depends whether it is secured, unsecured, morgage or what kind of loan you are looking for. Unsecured loan ya Equity is 24% currently
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Rank: Elder Joined: 3/29/2011 Posts: 2,242
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KCB at 23% unsecured "Things that matter most must never be at the mercy of things that matter least." Goethe
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Rank: Elder Joined: 11/7/2007 Posts: 2,182
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Gathige wrote:KCB at 23% unsecured boss the last i checked kcb was at 27% coop has 25 LOVE WHAT YOU DO, DO WHAT YOU LOVE.
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Rank: Elder Joined: 11/7/2007 Posts: 2,182
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BBK at 18.9% for some "special loans"-whatever that means!!! LOVE WHAT YOU DO, DO WHAT YOU LOVE.
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Rank: Member Joined: 9/11/2009 Posts: 132 Location: nairobi
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kyt wrote:BBK at 18.9% for some "special loans"-whatever that means!!! seconded. and if you wait abit longer,you might get a better deal since it seems interest rates are going down. Don't fight a battle if you gain nothing by winning.” Erwin Rommel
When I was a child, I spoke like a child, thought like a child, and reasoned like a child. When I became an adult, I no longer used childish ways.
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Rank: New-farer Joined: 12/31/2011 Posts: 90
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What about secured loans, what are the interests?
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Rank: Hello Joined: 4/20/2012 Posts: 1
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seeker* wrote:kyt wrote:BBK at 18.9% for some "special loans"-whatever that means!!! seconded. and if you wait abit longer,you might get a better deal since it seems interest rates are going down. Not reaaly...insider informarion is that rates will be going up again till after elections
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Rank: Member Joined: 7/6/2010 Posts: 242
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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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Rank: Elder Joined: 3/29/2011 Posts: 2,242
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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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Rank: Elder Joined: 3/29/2011 Posts: 2,242
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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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Rank: Elder Joined: 5/27/2008 Posts: 3,760
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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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Rank: Veteran Joined: 10/8/2008 Posts: 1,575
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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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Rank: Member Joined: 12/5/2013 Posts: 224
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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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Rank: Elder Joined: 2/22/2009 Posts: 2,449 Location: Africa
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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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Rank: Veteran Joined: 11/2/2006 Posts: 1,206 Location: Nairobi
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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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Rank: Member Joined: 10/19/2009 Posts: 671 Location: Nairobi
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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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Rank: Veteran Joined: 11/2/2006 Posts: 1,206 Location: Nairobi
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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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Which bank is offering the cheapest personal loans
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