Re-pricing of loans by banks Dear Zambian Watchdog, Is there anyone under the Zambian sky who can explain why we have been cut deeper into our pockets. The circular from BOZ to banks to reprice the personal loans targets ordinary citizens that have borrowed money from banks and are trying to improve their lives in various areas. Now repayments are three times higher than before. My concern, am one of those affected individuals and my bank tells me they will effect the rates immediately and yet the signed contracts stipulates that rates shall be revised after a period of 12 Months with fixed rates and not floating rates. By the way, this affects current running loans. From the laymans point of view, looking at the economical changes we expect the contract in force to run their time and these new rates can be realised after 12 months period and those intending to acquire loan facilities. Can anyone come out to explain what the BOZ/Gov is trying to do to us tax payers? twanaka!!!!! Concerned and very upset Zambian
Posted on: Thu, 26 Jun 2014 16:47:55 +0000
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