I have been banking with Standard Bank for more than 2 years now. My salary is deposited to Standard Bank. Today I was checking on my vehicle Finance contract and realized that I am paying 16.2% interest despite paying a deposit of R50 000 when I bought the car worth R 145 060. My principal amount was R95 060, and my first installment was due 01 March 2013. I have paid 8 installments of the total 24 to fully pay standard bank. I don`t know why they charged me 16.2% when at the time of purchase more than one third of the value of the car was paid as deposit and also my loan tenure was 24 months.
I t is against this background that I feel that my interest is not fair and some times when we fail to pay our monthly obligations its is because the bank is charging us too much. My vehicle if fully insured and my loan tenure was only 24 months. I hope with this communication, the bank will re- look at my interest and contract as a whole.
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