BANKS' LOAN STORY NOT FULLY TOLD

The recent survey conducted on bank loans did not tell the whole story.

In addition to stated costs, you also pay for the loan insurance to reinforce “security” of the “unsecured” loan.

I recently applied for my first loan at a multinational bank that I have been loyal to since 1990.

The interest was exorbitant at 21 per cent. After forwarding all the required documents, including security signed by the employer, the application was rejected because of a flimsy reason that in a certain month, my salary was not paid through the bank.

That is when I realised that I cannot grow with this giant bank.

I am now shopping for a customer-friendly bank.

SOURCE: DAILY NATION