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Law Capping interest rates
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iris
#221 Posted : Tuesday, August 09, 2016 4:35:23 PM
Rank: Member

Joined: 9/11/2014
Posts: 228
Location: Nairobi
Swenani wrote:
iris wrote:
MaichBlack wrote:
enyands wrote:
MaichBlack wrote:
enyands wrote:
Now this was the missing part of puzzle iv been looking for and found it

1 If I make a member deposit of 1m in 2015 Jan ,I'll expect a dividend of 110,000 in Dec 2015.

2 If I take a loan of 1m in 2016 IL be expected to pay an interest of 120,000 by Dec 2016

3 if I choose to tell them to use my dividend of last year 2015 (110,000) to pay my interest this year (120,000) ,all I'll do is make additional 10,000(roughly 900 sh every month) to take care of interest.
....
....
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6 if I know I have a project coming in 2017 I'd rather deposit money in sacco of 1m 2016 and take a loan with sacco than deal with banks rate of 20-30% currently


This is just my thoughts

Wonders never seize!!! Explain to me like a 3 year old, why would you want to take a loan of 1 million and pay ANY AMOUNT OF INTEREST while you have 1 million in the same entity. Why not simply withdraw your 1 million - FOR FREE!!??


Well I want my 1m to remain there as a base if Incase I want 3m .you know you can get 3 times your deposit . The one million is just a hypethical example sir

But as per the example you are talking about getting 1 million while having a deposit of 1 million!!

And in any case, you can get your 1 million, 110,000/= dividend and the monthly payments you would be making deposit them as savings. You would still be back at 1 million (savings) without paying any interest and having pocketed the dividends!

That sounds like the typical hand-to-mouth approach that we excel at as a nation. So you would get the 1m and dividends today "cheaply", but what happens to your plans for tomorrow? If the one million cannot complete your project, then what is your next source of funds? Would it not be better to borrow the 1m cheaply from the sacco, stretch to pay while knowing that you can go back immediately when your project requires more funding?


this is a skewed argument


Please explain the skew
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FRM2011
#222 Posted : Wednesday, August 10, 2016 4:14:36 PM
Rank: Elder

Joined: 11/5/2010
Posts: 2,459
http://www.businessdaily...9344-13hpa92/index.html

I note our admin is very active on Twitter under @wazua.

ION KBA has released an MoU to show their commitment to bring down rates. Everything considered, seems like we are going to have a reasonable settlement to the clamour for lower lending rates.

For banks, it might be safe to say their best days are behind them.
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penkon
#223 Posted : Wednesday, August 10, 2016 4:39:15 PM
Rank: New-farer

Joined: 3/12/2014
Posts: 96
FRM2011 wrote:
http://www.businessdailyafrica.com/ICPAK-endorses-Bill-capping-interest-rates/539546-3339344-13hpa92/index.html

I note our admin is very active on Twitter under @wazua.

ION KBA has released an MoU to show their commitment to bring down rates. Everything considered, seems like we are going to have a reasonable settlement to the clamour for lower lending rates.

For banks, it might be safe to say their best days are behind them.


“Within the next one year, we will work on enhancing business models across the sector geared towards reducing interest rates for our customers,” Mr Olaka said Shame on you Shame on you
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streetwise
#224 Posted : Wednesday, August 10, 2016 7:06:30 PM
Rank: Veteran

Joined: 6/23/2011
Posts: 1,740
Location: Nairobi
Way to go. This business of banks operating as shyshocks is a joke
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Angelica _ann
#225 Posted : Wednesday, August 10, 2016 7:20:01 PM
Rank: Elder

Joined: 12/7/2012
Posts: 11,937
streetwise wrote:
Way to go. This business of banks operating as shyshocks is a joke

Don't care much about banks. I have done alot through Sacco and chamas. smile
In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
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maka
#226 Posted : Wednesday, August 10, 2016 10:29:13 PM
Rank: Elder

Joined: 4/22/2010
Posts: 11,522
Location: Nairobi
Angelica _ann wrote:
streetwise wrote:
Way to go. This business of banks operating as shyshocks is a joke

Don't care much about banks. I have done alot through Sacco and chamas. smile


You were told those are for people with "poor credit rating" whatever that meant...
possunt quia posse videntur
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newfarer
#227 Posted : Thursday, August 11, 2016 5:57:04 AM
Rank: Elder

Joined: 3/19/2010
Posts: 3,505
Location: Uganda
The best bill to happen in Kenya

mobile.nation.co.ke/business/Banks-rally-to-lower-cost-of-loans-amid-looming-cap-threat/1950106-3340052-tv0drtz/index.html
punda amecheka
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Boris Boyka
#228 Posted : Thursday, August 11, 2016 7:14:36 AM
Rank: Veteran

Joined: 11/15/2013
Posts: 1,977
Location: Here
maka wrote:
Angelica _ann wrote:
streetwise wrote:
Way to go. This business of banks operating as shyshocks is a joke

Don't care much about banks. I have done alot through Sacco and chamas. smile


You were told those are for people with "poor credit rating" whatever that meant...

Laughing out loudly Laughing out loudly @Maka @Anne Those despising Sacco's are but filled with pride similar to Barclay's bank pride them days.
Everybody STEALS, a THIEF is one who's CAUGHT stealing something of LITTLE VALUE. !!!
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Obi 1 Kanobi
#229 Posted : Thursday, August 11, 2016 8:39:28 AM
Rank: Elder

Joined: 7/23/2008
Posts: 3,017
newfarer wrote:
The best bill to happen in Kenya

mobile.nation.co.ke/business/Banks-rally-to-lower-cost-of-loans-amid-looming-cap-threat/1950106-3340052-tv0drtz/index.html


@MB will disagree.

I hope the CBK/UK squeezes the banks for some real tangible commitments before chickening out and not signing the bill as everyone expects him not to.

For me I would just sign the bill and let the chips fall.

An interest rate margin>7% is utopian for banks in the rest of the world, but for our "shybanks", its not enough, they want 15% to remain super profitable
"The purpose of bureaucracy is to compensate for incompetence and lack of discipline." James Collins
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streetwise
#230 Posted : Thursday, August 11, 2016 8:53:32 AM
Rank: Veteran

Joined: 6/23/2011
Posts: 1,740
Location: Nairobi
If it were me I would sign the bill with eyes closed. I don't know what pres is waiting for. The banks are talking years to implement what ?
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