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Couple's predicament over Sh10m loan

PHOTO: COURTESY

Christopher Ndolo and Caroline Njoki secured a Sh10 million loan but a variation in interest rates exposed them to auctioneers.

Mr Ndolo and Ms Njoki had jointly obtained Sh10,530,000 from CFC Stanbic Bank Ltd in July 2007 and the interest rate was pegged at 13 per cent. The bank agreed to inform them of any interest variation through letters.

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