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EQUITY LOAN
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vestor
#1 Posted : Friday, July 22, 2011 11:29:39 AM
Rank: Member


Joined: 11/9/2010
Posts: 132
I have applied for a secured loan at equity bank and they are visiting my business and home soon. Just to find out from wazuans, what do they look for ?
NB: The loan is secured by stocks
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mukiha
#2 Posted : Friday, July 22, 2011 11:34:50 AM
Rank: Elder


Joined: 6/27/2008
Posts: 4,114
I guess it is just to confirm that whatever stock you said will secure the loan DOES actually exist and that the place you indicated as you residence is indeed where you live.... so don't go borrowing your neighbour's 52-inch plasma in an attempt to impress them!
Nothing is real unless it can be named; nothing has value unless it can be sold; money is worthless unless you spend it.
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vestor
#3 Posted : Friday, July 22, 2011 11:40:22 AM
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Joined: 11/9/2010
Posts: 132
mukiha wrote:
I guess it is just to confirm that whatever stock you said will secure the loan DOES actually exist and that the place you indicated as you residence is indeed where you live.... so don't go borrowing your neighbour's 52-inch plasma in an attempt to impress them!


He he he he,thanks Mukiha, I wont borrow the flat screen. But then again, the stocks are in NSE.
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african coloner
#4 Posted : Tuesday, July 26, 2011 1:26:05 PM
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Joined: 10/8/2010
Posts: 446
Location: london
vestor wrote:
I have applied for a secured loan at equity bank and they are visiting my business and home soon. Just to find out from wazuans, what do they look for ?
NB: The loan is secured by stocks



what is equity interest rate and how many years to pay back?
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selah
#5 Posted : Tuesday, July 26, 2011 1:52:13 PM
Rank: Elder


Joined: 10/13/2009
Posts: 1,950
Location: in kenya
mukiha wrote:
I guess it is just to confirm that whatever stock you said will secure the loan DOES actually exist and that the place you indicated as you residence is indeed where you live.... so don't go borrowing your neighbour's 52-inch plasma in an attempt to impress them!


This actually works wonders,the officers just want to see if you are stable and those electronics and household items actually reassure them you are there to stay.

If its secured by stocks(equity)then its to confirm the physical address,if its household and business stock then they want to verify the items listed.
'......to the acknowledgment of the mystery of God, and of the Father, and of Christ; 3 In whom are hid all the treasures of wisdom and knowledge.' Colossians 2:2-3
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Barrywhite
#6 Posted : Tuesday, July 26, 2011 4:46:16 PM
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Joined: 12/2/2009
Posts: 286
Location: Nairobi
Secured loan and a bank visit to ones residence?! That's a first for me. Is this standard?
The laudable is more often than not rendered laughable by overclaim
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vestor
#7 Posted : Tuesday, July 26, 2011 6:20:44 PM
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Joined: 11/9/2010
Posts: 132
The equity guys came yesterday, it was basically to check around and confirm your business location and residence as guys have said. The interest is 1.5 % per month reducing balance. I will pay back in one year. Waiting for the money to be deposited
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