I took a loan sometime at Capitec and this year in October i wanted to settle the loan in full. To my surprise the loan settlement figure given to me was higher than the loan actual balance. When i inquired as to why i was told that it should not be and no one either at the branch could explain it to me. They all said the opposite of what the settlement values and the loan balance where saying. I wonder that is the banks are ripping us off or it was a plain system error? All the people that i spoke to inclusive of those int he call center all mentioned that the loan account balance is not inclusive of interest to the account and when i calculate how much interest i would have saved by paying the account earlier, it equaled less than one month interest of savings.
Can Somebody clearly explain how does this works?
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