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Law Capping interest rates
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guru267
#681 Posted : Thursday, August 25, 2016 2:37:38 PM
Rank: Elder

Joined: 1/21/2010
Posts: 6,675
Location: Nairobi
tafutabiz wrote:
guru267 wrote:
Impunity wrote:
murchr wrote:
mikanjoroge wrote:
I have a question. Will this law affect those who already had loans, or is it only for new loans from the date of "operationalization" or "gazettement" of the law?


Old loans remain unless you refinance


He can top up his old loans under new terms.

Interesting times indeed.

Imagine having taken a 2M loan at 21% pa, after 2 years top it up under new rate, 14%pa.

smile


Try it out.. Top up declined pap! unless you double up on the security and increase your income to instalment ratio.


Stop fear mongering, if you signed an agreement for a variable interest loan, why wont 14.5% apply? If they have been effecting the increase why not lower it now? People will go to court


The discussion is on a top up at 14.5% p.a. which I guarantee you will be declined.
Mark 12:29
Deuteronomy 4:16
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newfarer
#682 Posted : Thursday, August 25, 2016 2:50:53 PM
Rank: Elder

Joined: 3/19/2010
Posts: 3,505
Location: Uganda
MaichBlack wrote:
maka wrote:
watesh wrote:
MaichBlack wrote:
Jambo Wanjiku. Habari ndiyo hii

And it begins....




Ndombolo ya Solo!

Blackmail won't work. I had no intention of taking any of the above . But I will happily take my 7%
punda amecheka
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murchr
#683 Posted : Thursday, August 25, 2016 3:03:58 PM
Rank: Elder

Joined: 2/26/2012
Posts: 15,980
newfarer wrote:
MaichBlack wrote:
maka wrote:
watesh wrote:
MaichBlack wrote:
Jambo Wanjiku. Habari ndiyo hii

And it begins....




Ndombolo ya Solo!

Blackmail won't work. I had no intention of taking any of the above . But I will happily take my 7%


You will not unless you have 1M in your account
"There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
.
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streetwise
#684 Posted : Thursday, August 25, 2016 3:13:51 PM
Rank: Veteran

Joined: 6/23/2011
Posts: 1,740
Location: Nairobi
Don't worry about the bank refusing , go to another bank and they will buy the loan from your bank at 14.5%.

and don't ask your bank , just eft the total amount to your loan account. 90% of 0 = 0

Either way things are facing down...read my lips
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wukan
#685 Posted : Thursday, August 25, 2016 3:14:02 PM
Rank: Veteran

Joined: 11/13/2015
Posts: 1,655
What you may not realize is that we are in the beginning of a credit crunch. If your employer was relying on overdraft facility to pay your salaries at the end of the month start negotiating with your landlord mapema mapema.
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Wakanyugi
#686 Posted : Thursday, August 25, 2016 3:43:18 PM
Rank: Veteran

Joined: 7/3/2007
Posts: 1,635
wukan wrote:
What you may not realize is that we are in the beginning of a credit crunch. If your employer was relying on overdraft facility to pay your salaries at the end of the month start negotiating with your landlord mapema mapema.


In other words Banks will put a noose around their necks in order to spite Wanjiku? This thing works both ways and as someone mentioned, Banks are no longer the only lending game in town. For instance, watch how SACOO's suddenly gain prominence.





"The opposite of a correct statement is a false statement. But the opposite of a profound truth may well be another profound truth." (Niels Bohr)
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MaichBlack
#687 Posted : Thursday, August 25, 2016 3:45:10 PM
Rank: Elder

Joined: 7/22/2009
Posts: 7,872
wukan wrote:
What you may not realize is that we are in the beginning of a credit crunch. If your employer was relying on overdraft facility to pay your salaries at the end of the month start negotiating with your landlord mapema mapema.

You are talking to Kenyans!

They don't realize until it is way past the event.

Of course by Kenyans I don't mean all. Just most.
Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good returns.
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obiero
#688 Posted : Thursday, August 25, 2016 3:48:24 PM
Rank: Elder

Joined: 6/23/2009
Posts: 14,258
Location: nairobi
MaichBlack wrote:
wukan wrote:
What you may not realize is that we are in the beginning of a credit crunch. If your employer was relying on overdraft facility to pay your salaries at the end of the month start negotiating with your landlord mapema mapema.

You are talking to Kenyans!

They don't realize until it is way past the event.

Of course by Kenyans I don't mean all. Just most.

Banks will squeeze this one to the wall. Ask me later on what I mean

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MaichBlack
#689 Posted : Thursday, August 25, 2016 3:51:27 PM
Rank: Elder

Joined: 7/22/2009
Posts: 7,872
Those who have just started their course work on an MBA you are very lucky.

Just watch and take notes. In the next 8 months or one year your thesis will be complete. You just need to do a bit of panel beating, put it in an academic language and present it!
Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good returns.
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MaichBlack
#690 Posted : Thursday, August 25, 2016 3:53:44 PM
Rank: Elder

Joined: 7/22/2009
Posts: 7,872
obiero wrote:
MaichBlack wrote:
wukan wrote:
What you may not realize is that we are in the beginning of a credit crunch. If your employer was relying on overdraft facility to pay your salaries at the end of the month start negotiating with your landlord mapema mapema.

You are talking to Kenyans!

They don't realize until it is way past the event.

Of course by Kenyans I don't mean all. Just most.

Banks will squeeze this one to the wall. Ask me later on what I mean

I know what you mean. I guess. In one year, this law will be reversed or watered down. And by then Wanjiku will not be having bank shares.
Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good returns.
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