I thought the Stawi loan launched yesterday was very nice to SMEs since the rate of 9%. Kumbe the devil was in the details. After @upepo posted the full information about the loan today morning, I did the calculation using Excel formulas. In the example below where Gatheca borrowed 200k for a period of 12 months, the recomputed interest rate is a whopping 66.20%. Mnisamehe sikuwa nimeona Lube
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Si uliambiwa with time you’ll know,
You should not be surprised. There is a reason you should hire a financial advicer before taking a loan or maybe educate yourself on the T&C’s. Mimi huona loan naroria mukonyo the other side.
Weka screen capture ya rows tuoene hiyo formula vipoa
Excise duty on loan? This is crazy.
Anyway anything related to Gatheca nowadays I take it with a pinch of salt coz kuna lube imefichwa bahali yake.
:D:D:D:D:D
Halafu it was launched in Gikosh …peasants hawajui hizi details…they were celebrating
The excuse duty is on facility fee.
cc @sani
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Iko makosa, Excise duty is a factor of the facility fee so with facility fee at 8000bob the excise duty should be 1600 bob.
If I go by what you are saying then the interest is 19.8%
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Formula iko hapo juu. =RATE(F9,F13,F4-H9)*12
Thanks for the correction. That makes the loan rate become around 20%.
Hadn’t thought about it
So tuseme gatheca will eventually pay (17,490 x 12) + 11,000 = 220,880/- ?
Not bad kama biashara itashika
That takes us back to the pre-interest rate caps era, 20% is ludicrous to say the least!
This is an arrangement which guarantees banks’ profits to the detriment of consumers who will have to absorb the high production costs through high pricing, explains the exuberance we saw from Oigara and his brothers-in-the-ripping-off-of-Kenyans, they all had those silly grins one has when you think of all the zeros you are about to earn.
Daylight robbery this is.
Peasantry itaniuwa walai… Periods? What do they signify,mean? What are they in banking?
Rate cap was a scam ab initio. A ploy to crowd out the private sector in favour of a debt-hungry govt. This is just am extension of the scam. Oigara recently said discussions around the removal of the cap are non-issues any more. He knew why.
Naonaga wamama wakifurahiha kukopeshwa pesa morning walipe jioni nacheka sana.
Fanya hesabu tena, excise duty is not on loan, it’s on fees charged by the financiers
James Mwangi welcomed master card into kenya. what he is planning with safaricom wao tu ndo wanajua