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Bank interest rates
Swenani
#1 Posted : Tuesday, November 17, 2015 5:15:15 PM
Rank: User


Joined: 8/15/2013
Posts: 13,236
Location: Vacuum
Bank's interest rate

Data as at march 2015



I wish they could be updating it
If Obiero did it, Who Am I?
mugo2of3
#2 Posted : Tuesday, November 17, 2015 6:04:43 PM
Rank: New-farer


Joined: 5/22/2014
Posts: 78
Swenani wrote:



Good topic.

How about the good people on Wazua share the TRUE rates they have with their respective banks here...

It would be a good representation since banks are known to either understate their rates or fail to include the so called 'Hidden Costs'.

Currently StanChart quoted me 26% because my employer does not have a MoU with them.
tom_boy
#3 Posted : Wednesday, February 10, 2016 7:07:35 PM
Rank: Member


Joined: 2/20/2007
Posts: 767
Bank interest rates

Is the bank mandated to inform me before they vary the interest rate on a loan that I have with them?
I have noted widely varying rates applied month on month after going through the statement with a toothpick.
They must find it difficult....... those who have taken authority as the truth, rather than truth as the authority. -G. Massey.
Emerger
#4 Posted : Thursday, February 11, 2016 10:50:20 AM
Rank: New-farer


Joined: 12/1/2014
Posts: 45
Location: Nairobi
tom_boy wrote:
Is the bank mandated to inform me before they vary the interest rate on a loan that I have with them?
I have noted widely varying rates applied month on month after going through the statement with a toothpick.


@tom_boy - Yes they are.
Boris Boyka
#5 Posted : Thursday, February 11, 2016 11:41:11 AM
Rank: Veteran


Joined: 11/15/2013
Posts: 1,977
Location: Here
Emerger wrote:
tom_boy wrote:
Is the bank mandated to inform me before they vary the interest rate on a loan that I have with them?
I have noted widely varying rates applied month on month after going through the statement with a toothpick.


@tom_boy - Yes they are.

I once said it here that Go to that bank, borrow an empty loan form that has terms and conditions.. or rather find the terms and conditions of the loan you took. You'll be shocked. The bank reserves the right to vary interest without your prior notification but they MUST notify you of such as soon as possible!
Brother Mind you sharing details of the bank and what interest was charged which Month. Don't forget there is an annual/semi annually/quarterly/ monthly/ weekly maintenance fee/charge...depending on loan cycle.
Everybody STEALS, a THIEF is one who's CAUGHT stealing something of LITTLE VALUE. !!!
Impunity
#6 Posted : Friday, February 12, 2016 12:55:40 PM
Rank: Elder


Joined: 3/2/2009
Posts: 26,328
Location: Masada
tom_boy wrote:
Is the bank mandated to inform me before they vary the interest rate on a loan that I have with them?
I have noted widely varying rates applied month on month after going through the statement with a toothpick.


You should have NOT used the toothpick similar to the one ODM-sympathizers used in 2013!!!

You need a very fine toothpick!
Shame on you Shame on you Shame on you
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Xymalos
#7 Posted : Friday, February 12, 2016 5:26:17 PM
Rank: New-farer


Joined: 2/14/2015
Posts: 97
Location: Kenya
tom_boy wrote:
Is the bank mandated to inform me before they vary the interest rate on a loan that I have with them?
I have noted widely varying rates applied month on month after going through the statement with a toothpick.


Here is a download of bank rates - great for comparison - link -
frankdrakelard
#8 Posted : Monday, February 15, 2016 4:12:18 PM
Rank: Hello


Joined: 2/15/2016
Posts: 2
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Swenani
#9 Posted : Wednesday, February 17, 2016 9:07:13 AM
Rank: User


Joined: 8/15/2013
Posts: 13,236
Location: Vacuum
Publication of interest rates by CBK
If Obiero did it, Who Am I?
tom_boy
#10 Posted : Wednesday, February 17, 2016 12:39:29 PM
Rank: Member


Joined: 2/20/2007
Posts: 767
Boris Boyka wrote:
Emerger wrote:
tom_boy wrote:
Is the bank mandated to inform me before they vary the interest rate on a loan that I have with them?
I have noted widely varying rates applied month on month after going through the statement with a toothpick.


@tom_boy - Yes they are.

I once said it here that Go to that bank, borrow an empty loan form that has terms and conditions.. or rather find the terms and conditions of the loan you took. You'll be shocked. The bank reserves the right to vary interest without your prior notification but they MUST notify you of such as soon as possible!
Brother Mind you sharing details of the bank and what interest was charged which Month. Don't forget there is an annual/semi annually/quarterly/ monthly/ weekly maintenance fee/charge...depending on loan cycle.


NBK bank. Annualised monthly interest has varied between 15.75% to upto 20% in november 2015. At no time was I notified of these changes in interest. My request for a monthly breakdown of interest rate from the bank has gone unanswered. What to do?
They must find it difficult....... those who have taken authority as the truth, rather than truth as the authority. -G. Massey.
Ethiteri
#11 Posted : Thursday, February 18, 2016 6:20:32 AM
Rank: Member


Joined: 2/4/2016
Posts: 175
Location: Global
tom_boy wrote:
Boris Boyka wrote:
Emerger wrote:
tom_boy wrote:
Is the bank mandated to inform me before they vary the interest rate on a loan that I have with them?
I have noted widely varying rates applied month on month after going through the statement with a toothpick.


@tom_boy - Yes they are.

I once said it here that Go to that bank, borrow an empty loan form that has terms and conditions.. or rather find the terms and conditions of the loan you took. You'll be shocked. The bank reserves the right to vary interest without your prior notification but they MUST notify you of such as soon as possible!
Brother Mind you sharing details of the bank and what interest was charged which Month. Don't forget there is an annual/semi annually/quarterly/ monthly/ weekly maintenance fee/charge...depending on loan cycle.


NBK bank. Annualised monthly interest has varied between 15.75% to upto 20% in november 2015. At no time was I notified of these changes in interest. My request for a monthly breakdown of interest rate from the bank has gone unanswered. What to do?



Nothing much you can do.

Your loan contract has a clause somewhere in small print saying "......the bank reserves the right to vary......."

June to Dec last year was volatile in the banking industry.You are lucky you are talking of 20%.Some are crying at 27%
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