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Borrowers can now compare interest rates on loan facilities offered by different lenders through smart phones and personal computers (PCs) and make the best choice.
This morning, Kenya Bankers Association (KBA) launched an online credit management system dubbed, Credit Calculator online as part of its strategy to compel its members disclose hidden charges on loans and define what makes up total cost of a credit.
The system will also enable borrowers calculate how to pay off credit cards at cheaper interest rates and avoid bad debts by improving their skills on credit ratings.
Under a new standardized pricing regime, its easy to understand the interest rate component, bank charges as well third party costs like legal fees, insurance costs, valuation fees, and government levies.
