₦airaland Forum

Hello Friends

I wish to share my experience taking a loan from Diamond bank through the Access More app.

Getting a loan depends on your salary and how much you are eligible to access. The criteria will be left for the bank to decide

Without boring you lets get into the breakdown. I hope the way i will write this can get proper formatting'

please @Seun of Nairaland, I'll like you to look into helping us with code to add excel sheet to Nairaland

Loan amount N509,700.00
Interest to pay N280,717.28
Total amount to be paid 790.417.28

Payment schedule

CO NAME START DATE DUE DATE AMOUNT DUE
MGT_FEE 5/15/2024 5/15/2024 5,097.00
CREDLIF_INS 5/15/2024 5/15/2024 5,097.00
MGT_TAX 5/15/2024 5/15/2024 382.28
MAIN_INT 5/15/2024 6/14/2024 35,679.00
PRINCIPAL 5/15/2024 6/14/2024 42,475.00
PRINCIPAL 6/14/2024 7/14/2024 42,475.00
MAIN_INT 6/14/2024 7/14/2024 32,705.75
PRINCIPAL 7/14/2024 8/14/2024 42,475.00
MAIN_INT 7/14/2024 8/14/2024 29,732.50
MAIN_INT 8/14/2024 9/14/2024 34,404.75
PRINCIPAL 8/14/2024 9/14/2024 42,475.00
MAIN_INT 9/14/2024 10/14/2024 30,582.00
PRINCIPAL 9/14/2024 10/14/2024 42,475.00
MAIN_INT 10/14/2024 11/14/2024 26,759.25
PRINCIPAL 10/14/2024 11/14/2024 42,475.00
MAIN_INT 11/14/2024 12/14/2024 22,936.50
PRINCIPAL 11/14/2024 12/14/2024 42,475.00
MAIN_INT 12/14/2024 1/14/2025 19,113.75
PRINCIPAL 12/14/2024 1/14/2025 42,475.00
MAIN_INT 1/14/2025 2/14/2025 15,291.00
PRINCIPAL 1/14/2025 2/14/2025 42,475.00
MAIN_INT 2/14/2025 3/14/2025 11,468.25
PRINCIPAL 2/14/2025 3/14/2025 42,475.00
MAIN_INT 3/14/2025 4/14/2025 7,645.50
PRINCIPAL 3/14/2025 4/14/2025 42,475.00
MAIN_INT 4/14/2025 5/10/2025 3,822.75
PRINCIPAL 4/14/2025 5/10/2025 42,475.00
790,417.28

The interest rate is 7% reducing balance.
what intrigues me is that reducing balance method being used to calculate in Nigeria is different from other climes. it doesn't favour the customer

@Nairaland mod, kindly share to front page and also add to the right section.

Thank you

How’s #280,000 , 7% of 500k ?

Waoh.
The interest rate is too much, despite that you have Salary account with bank.
Last 2yrs I collected a Loan of 500k from Union Bank, for 6months, I was only charged 32k pus , though I run a particular account Union Correct with them.

This is heavy paper Robbery

These are some of shiits CBN should look into...

They lured u with 7% interest rate, and reducing balance which meant that u will be charged interest based on the amount u have left on paid instead of the original principal u borrowed....

....but in reality they were deceptively debiting you twice a month...1) the agreed 7% rate that reflected the reducing balance

2) another flat amount N42,475.00 thats an interest rate of about 9.9% ...

In reality u were paying a nearly a total of 17% per month

Even if u take it up....they would have hidden this wickedness in the fine print/terms and condition most loan customers don't read...

But u can light their cable on Twitter shaaa...perhaps it will get to CBN or EFCC

advanceDNA:
This is heavy paper Robbery

These are some of shiits CBN should look into...

They lured u with 7% interest rate, and reducing balance which meant that u will be charged interest based on the amount u have left on paid instead of the original principal u borrowed....

....but in reality they were deceptively debiting you twice a month...1) the agreed 7% rate that reflected the reducing balance

2) another flat amount N42,475.00 thats an interest rate of about 9.9% ...

In reality u were paying a nearly a total of 17% per month

Even if u take it up....they would have hidden this wickedness in the fine print/terms and condition most loan customers don't read...

But u can light their cable on Twitter shaaa...perhaps it will get to CBN or EFCC

truth be told, i want to see how this lean ends. Before i take it up with the bank. Its funny what a lot of Nigerians are going through in the hands of the banks. It is one of the reasons we have many loan defaulters. Other countries strive on loan but here in Nigeria, we find it difficult to take loan for projects without running into problems. My reason for bringing this up is to assist others who wish to take a bank loan to check if they can cope with the repayment

ironheart:
Hello Friends

I wish to share my experience taking a loan from Diamond bank through the Access More app.

Getting a loan depends on your salary and how much you are eligible to access. The criteria will be left for the bank to decide

Without boring you lets get into the breakdown. I hope the way i will write this can get proper formatting'

please @Seun of Nairaland, I'll like you to look into helping us with code to add excel sheet to Nairaland

Loan amount N509,700.00
Interest to pay N280,717.28
Total amount to be paid 790.417.28

Payment schedule

CO NAME START DATE DUE DATE AMOUNT DUE
MGT_FEE 5/15/2024 5/15/2024 5,097.00
CREDLIF_INS 5/15/2024 5/15/2024 5,097.00
MGT_TAX 5/15/2024 5/15/2024 382.28
MAIN_INT 5/15/2024 6/14/2024 35,679.00
PRINCIPAL 5/15/2024 6/14/2024 42,475.00
PRINCIPAL 6/14/2024 7/14/2024 42,475.00
MAIN_INT 6/14/2024 7/14/2024 32,705.75
PRINCIPAL 7/14/2024 8/14/2024 42,475.00
MAIN_INT 7/14/2024 8/14/2024 29,732.50
MAIN_INT 8/14/2024 9/14/2024 34,404.75
PRINCIPAL 8/14/2024 9/14/2024 42,475.00
MAIN_INT 9/14/2024 10/14/2024 30,582.00
PRINCIPAL 9/14/2024 10/14/2024 42,475.00
MAIN_INT 10/14/2024 11/14/2024 26,759.25
PRINCIPAL 10/14/2024 11/14/2024 42,475.00
MAIN_INT 11/14/2024 12/14/2024 22,936.50
PRINCIPAL 11/14/2024 12/14/2024 42,475.00
MAIN_INT 12/14/2024 1/14/2025 19,113.75
PRINCIPAL 12/14/2024 1/14/2025 42,475.00
MAIN_INT 1/14/2025 2/14/2025 15,291.00
PRINCIPAL 1/14/2025 2/14/2025 42,475.00
MAIN_INT 2/14/2025 3/14/2025 11,468.25
PRINCIPAL 2/14/2025 3/14/2025 42,475.00
MAIN_INT 3/14/2025 4/14/2025 7,645.50
PRINCIPAL 3/14/2025 4/14/2025 42,475.00
MAIN_INT 4/14/2025 5/10/2025 3,822.75
PRINCIPAL 4/14/2025 5/10/2025 42,475.00
790,417.28

The interest rate is 7% reducing balance.
what intrigues me is that reducing balance method being used to calculate in Nigeria is different from other climes. it doesn't favour the customer

@Nairaland mod, kindly share to front page and also add to the right section.

Thank you

Is this 7% per annum or per month?. If it is Per Month, then it means the interest rate is 84%(7 * 12).

ironheart:
truth be told, i want to see how this lean ends. Before i take it up with the bank. Its funny what a lot of Nigerians are going through in the hands of the banks. It is one of the reasons we have many loan defaulters. Other countries strive on loan but here in Nigeria, we find it difficult to take loan for projects without running into problems. My reason for bringing this up is to assist others who wish to take a bank loan to check if they can cope with the repayment

He was lured with 7%. In actual fact, the 7% is per month which comes to 84% per annum. 84% will be used for the Reducing Balance calculation.

NL1960:
He was lured with 7%. In actual fact, the 7% is per month which comes to 84% per annum. 84% will be used for the Reducing Balance calculation.

That's just terrible!

😩

Where is nlfpmod seff

That is Nigeria for us!

I took a loan from FCMB, every month they send me SMS of Principal deduction as 12k and interest deduction to the tune of 40k.

Nigerian banks are evil!

NL1960:
He was lured with 7%. In actual fact, the 7% is per month which comes to 84% per annum. 84% will be used for the Reducing Balance calculation.

Not quite. The figures show she would pay almost 60% as total interests for 1 year. That works out as 5% flat monthly. If you apply 7% on reducing balance on the outstanding principal for 1 year, you would end up with similar figures. So it would appear the repayment schedule is correct. However, 60% p.a for a consumer loan is just outrageous. CBN must regulate these banks more closely.

Diamond Bank?

It amounts to an average of roughly 4.5% per month. That is a highway robbery officially sanctioned by the CBN.

harqinhola:
How’s #280,000 , 7% of 500k ?

Monthly not yearly which is why month one is 35k.

Never ever seen this kind robbery before.

How on earth does one pay 280k interest on 509, 000. Even professional money lenders won't charge this much.

This is terrible oo, for a salary account. They are not the only bank that gives loan to those whose salary account are domiciled with their banks.

Why were they charging 42k flat rate every month apart from the interest, maybe the bankers will explain better sha.

Peeps collect Gtb salary account loan like water even their salary advance probably because the interest rates are okay.

Effective annual interest rate of 55.1%

I think it's quite high even for an unsecured loan.

Do you absolutely have to take this loan?

I am not in Nigeria but you should shop around maybe other banks are more competitive.

That said, it is lower than what pay day lenders charge in the US but that's not even apples to apples comparison.

He who goes h-borrowing goes ah-sorrowing