Hi,
I am looking for a micro finance bank to give me a loan. Can anyone recommend a good micro finance bank that helps young businesses at affordable interest rates per month.
U have a colateral??
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The day you stop calling yourself small it will be eureka.
yes i have a car and land
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Caritas MFB
caritas -mfb .co .ke
NEVER EVER TAKE LOAN FROM MICRO FINANCE OR SACCO go to sidian bank or consolidated bank you will get it at 10-12%
why not.
That rate is per annum?
Tuelimishe
I have heard the same thing and some funny stories about KWFT. Please enlighten us.
What of this saving schemes? A gentleman from Unutas was was talking to us about their friendly rates and how they paid 7% dividends on shares (though not listed) plus a host of benefits and interests that are way above normal in the current market. Who knows about them?
which funny stories about KWFT
micro finance always makes your loan easy to take but once you take its rate shoots above the ceiling, for example you are told interest is 10% but that is 10% reducing rate per month, so do calculation on the amount you will pay after one year it will be 10%*12.
saccos you will have to get 5 times amount of shares of the amount of money you want, lets say you want 500 k and you dont have cash you will be given a loan of 500k then wakate 100k shares appraisal fee mingi zinakuwanga 5.2% so itakatwa 26000 loan insurance 1% 0f 500k ni 5000 fanya hesabu nyumbani utaenda na nini
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This cannot be true.
ITS from experience 2years ago my neighbor took 70k from a micro finance and the security was title deed, after few months he started having problem in meeting the installments, after one year the loan had arrears and penalties amounting to 380k, after another year it was 790k. so land had to be auctioned, a land whose value was around 2m costed just his loan balance.
Did you personally see the documents?
my dad tried to rescue him and that’s why the guy was told interest was 10% per month
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The in duplum rule is a common law rule that provides that arrear interest ceases to accrue once the sum of the unpaid (accrued) interest equals the amount of capital outstanding at the time (and not the amount of capital originally advanced). “In duplum” directly translates to “double the amount”.
https://www.cliffedekkerhofmeyr.com/en/news/publications/2015/finance-and-banking/constitutional-court-changes-the-application-of-the-common-law-in-duplum-rule.html
http://www.businessdailyafrica.com/539552-857624-kwrs2x/index.html