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Having a bank loan and the bank is stressing you? Here is the solution

Having a bank loan and the bank is stressing and mistreating you? Here is the solution

Most customers with bank loans are facing rogue banks who exploit them. The adjust interest rates and introduce other hidden charges; making the loans very expensive.

In September 2016, the Central Bank of Kenya, CBK issued an interest control by way of an amendment to the Banking Act (“Act”), introduced through section 33B of the Act.

The National Parliament, on 14th September 2016 imposed a limit on the interest rates that banks in Kenya could charge.

However, some Kenyan banks did not follow this law entirely.

The good news is that the Interest Rates Advisory Centre, IRAC, can assist you a great deal. They will scrutinize loan accounts that were in existence and provide advice on how to counter any errors committed by any bank within the interest cap period.

Reach out to them whenever you feel banks are unfair to you.

Physical location

Interest Rates Advisory Centre P.O. Box 9034-00100
Ambassador Court, Block A, Flat No. 3, Jakaya Kikwete Road, Nairobi, Kenya.

Phone: +254 722 316 111

About IRAC

Interest Rates Advisory Centre Limited (IRAC) is a unique financial consultancy in Kenya. It was set up as a limited liability company in July 2001 and began offering services to the public in September 2001.

The consultancy is a multidisciplinary team incorporating Bankers, Lawyers and Advocates of the High Court of Kenya, Mathematicians, IT consultants and software developers. Today, we are the acknowledged repository of unique expertise in verification of bank liability in loans, overdrafts, mortgages and hire-purchase agreements.

Our practice covers all licensed banks and financial institutions under The Banking Act and The Central Bank of Kenya (CBK) Act numbering more than 50 institutions.

Arbitrators and practicing lawyer’s assist in dispute resolution and in litigation by increasingly consulting IRAC.

In the several hundred cases IRAC has handled so far, the interest charged by BANKS on Loans, Overdrafts and Mortgages is wrongly calculated in more than 90%.

In the recent we have provided an Independent, Objective and Confidential interest recalculation of outstanding balances and we have come across many cases of overcharging amounting to millions.

IRAC is the home of independent, objective and confidential;

Finance Cost Assurance Services (Overdraft Interest Confirmation) for Corporates.

Interest Recalculation of Mortgages, Business and Personal Loans.
Interest Recalculation for all interest-earning accounts.

In Duplum Check and Monitoring Services.
Litigation support.

Banks make mistakes. Everyone does. This is why bank statements invite you, at the bottom or back of your bank statement, to point out any errors that you may have spotted.

Not everybody has the capacity to query a bank statement or to spot even obvious errors. This is because it is a difficult, labour-intensive and time consuming exercise.

Recalculation becomes critical.


IRAC understands the highly sensitive nature of the work involved. Strict confidentiality during the entire period of engagement is therefore maintained. On initial engagement with the client, a confidentiality agreement is signed.

(The Mutual Non-disclosure Agreement) For security during data transmission between the client and IRAC, soft copies of the contractual documents and account statements are transmitted through Compact Disks or Flash Disks.

Agreed on passwords will be employed to ensure only authorized persons get access to the information therein. Transmission of hard copies of the said documents will only be between the authorized persons.


This is in hard and/or soft copy. The following is a listing of the various reports generated as a result of the Finance Costs Assurance process; – Interest recalculation sheets in detailed or summary form of the period verified. – Interest comparison sheets between the interest charged by the bank and the recalculated interest.

This highlights points of overcharge/undercharge. – Interest rates comparison sheets. – Legal Reports like the In-Duplum Reports. – Various output presentation formats like graphs and charts. – Useful management reports.

IRAC recommends that the soft copies outputs be in Portable Disk Format (pdf). Further, agreed on passwords will be required to ensure only authorized persons get access to these reports.

Posted in MONEY & FINANCE.

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