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bank loans the good the bad and the ugly
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seeker*
#1 Posted : Tuesday, May 11, 2010 12:13:01 PM
Rank: Member

Joined: 9/11/2009
Posts: 132
Location: nairobi
with the new interest rates is it time to celebrate? or have banks found a way to hide the charges in the fine print?
i want to jump into bank loan ship but as a first time borrower i have no info on what to expect.
to people who have taken loans what advice can you share? is there a bank you wish you never took a loan from because of their hidden costs, unflexible payment system or are you happy with the bank loan you took, please share.
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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chepkel
#2 Posted : Tuesday, May 11, 2010 1:31:28 PM
Rank: Member

Joined: 4/6/2010
Posts: 741
Location: Nairobi
I feel you seeker. I would also like to take a small loan of about 70-100,000.I am not sure how this will affect my slip and whether my bank will offer me something good. I bank with KCB. A sacco would be the best place to access a loan. Their rates are usually way cheaper than banks but how many Sacco's are there for non teachers and civil servants?????d'oh!
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willin2learn
#3 Posted : Tuesday, May 11, 2010 2:07:57 PM
Rank: Veteran

Joined: 2/12/2008
Posts: 1,178
@Chepkel..
There are Saccos for most of the professions we have...the rates on the banks are still on the higher side 15-18% compared to saccos 8-12%... Limiting thing with sacco's is the qualifying amount which is a factor of your saving
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Gordon Gekko
#4 Posted : Tuesday, May 11, 2010 3:02:00 PM
Rank: Elder

Joined: 5/27/2008
Posts: 3,760
If you are taking a loan because it is cheap, that is bowing down to supply side economics (AKA voodoo economics). Loans should be demand driven - you take it because there is a need. What is your need?
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seeker*
#5 Posted : Tuesday, May 11, 2010 3:18:54 PM
Rank: Member

Joined: 9/11/2009
Posts: 132
Location: nairobi
@gekko am intrested in a business loan,and if i can get it at cheaper rates, it will definately be a plus, but like they say, cheap is expensive so i want to hear from people who have actually trended on this waters, only they know the sharks that swim in them.
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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stanny
#6 Posted : Tuesday, May 11, 2010 7:15:02 PM
Rank: New-farer

Joined: 5/10/2010
Posts: 2
Location: nairobi
bank loan is good as long as you have a good plan on how to make tht money grow...having 1 million in my pocket today is better than havin none..borrowed or not..
so i reason and say,why use my money to grow while i can use someone elses money to grow?? if i get a loan of 1 million, payable in 60 months, monthly payment of appx. 24,451(stan-chat), i end up paying a total 1,467,060. If i have a good business plan,investment,ponzi scheme..any good plan, i should work my level best and hope to double or tripple this money within the 60months(5yr period)..hence i have used someone elses money to make money..my original money is working somewhere else...right??
So i combine the money i had before and wht i have made using someone elses money...
wont i be rich????...i think i will:)
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Flagship
#7 Posted : Tuesday, May 11, 2010 7:42:14 PM
Rank: New-farer

Joined: 12/17/2009
Posts: 11
@ stanny, true that; a shilling 2dei is better than a shilling kesho!! Whether sacco or bank, just borrow n apply that cash gainfully. The bank won't ask for savings while any sacco would ask for 1/3 saving of u'r loan.
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Pret
#8 Posted : Wednesday, May 12, 2010 7:20:35 AM
Rank: New-farer

Joined: 4/8/2010
Posts: 16
Location: Nairobi
Hey Chepkei,

There is a Sacco that is for civil servants/Private Comp and non teaching staff...as long as you can deposit for 3months and above u can access the loan(3 times ur savings)kindly email me for details
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chepkel
#9 Posted : Wednesday, May 12, 2010 12:53:10 PM
Rank: Member

Joined: 4/6/2010
Posts: 741
Location: Nairobi
@pret, wapi email??? I know of Kilele. Is it the same one???
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makmende
#10 Posted : Friday, May 14, 2010 1:51:00 PM
Rank: New-farer

Joined: 5/14/2010
Posts: 26
Location: kenya
my first post here in this forum. Hopefull i'll be able to contribute more with time. As asked earlier, to what purpose are you taking the loan. Is it to buy anew falt screen tv/bravia plus a HD receiver to watch the world cup or its for investment purpose. If its for the later, make sure you have an annual return which is higher than the interest the bank is charging you. lastly there are def hidden charges but in the long run what you use the loan amount should be the underlying factor.
Roho Juu
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