Owing to the prevailing conditions banks have increased the interest rates on new and existing loans. In 2012 same thing happened and many Kenyans were not aware until later on going to confirm loan balances and found high balances. Having been victim my loan was increased by 4months. I found it prudent to have this thread to help us in knowing what various banks would be charging on loans & other products and the effects.

Ericsson Wrote
Stanchart increases interest rate on loans in Kenya shillings to 27% effective 19 November 2015.
The payment amount will remain the same but tenure will be increased by 22 months.

Surely the loan is btwn 5M - 10M with repayment period above 72 months. Interest having jumped from 18-20% to a whopping 27%. 4M at 20% in 72 months after increasing to 27% with less than 3 months payment results in 10-12 months increase in repayment period.

How the hell are we supposed to service our current loans at 27pc? This govt is failing us big time.

Eti a 4M loan issued at 20% rate for a period of 6 years now requires 12 additional months for the same repayment amount at 27%.

I think am drunk, let me go pee.

Did UK address this issue in his mashujaa address to the nation?I didn't listen to the speech.