Runner wrote:Obi 1 Kanobi wrote:kiwaru wrote:2012 wrote:There's nothing to celebrate here.We all know that this KBRR is a gimmick set up by CBK in-conjunction with the banks. They had to be seen to be doing something as it's good PR for all, the banks and government. The biggest beneficiaries will be people who have been hurt by this loans because they are wiser.
All you need to do is stick to the fundamentals, do not take a loan unless you really need it and especially if it's going to increase your business capacity and generate it's repayments.
Is it not surprising that there seem to be no mention of interest on deposits? I don't think so.
I agree that loans should only be taken when absolutely necessary... But some people need a loan to reach current objective needs. My pastor (sic) advises that the first car CAN be on loan and save to top up for upgrades; i.e. get a boost because the situation calls for the 'asset' but wean yourself off the boost asap. Then there's that fact about buying it now to catch on the inflation ride because savings may not necessarily get you there.
What difference does it matter what KBRR is, at the end of the day, you have a mortgage offer at 10.9% which is now the best in the market.
So now its up to you to either take a mortgage at this rate or transfer you current mortgage of 15% from the other bank to stanchart and save 4%.
I think its a damn good move and I will go see them. At 11%, this can only be reducing balance. straight line would be plain stupid to even offer.
The fine print in the ad clearly states that "Mortgage interest rate and Business Loan interest rate is a variable intereet rate. Interest is calculated using the
daily average balance method."
So, how does this interest calculation method compare with the conventional reducing balance method?
@ runner, it's the same and one thing.
@Obi, right decision, these opportunities rarely come.
By the time others realise it might be too late.
@ all, this is best offer, that you are going to see soon in the market. It lapses in the next 43 days, if you have a loan, do a balance transfer.
The loan interest rate will only change as per KBRR, and the treasury will be keen to maintain low rates to ensure credit expansion, a necessity for economic growth.
And always remember that Standard Chartered is not just any other bank, it will always remain Standard chartered.
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