Cfc Stanbic Bank have become the first lender in Kenya to touch on 'existing loans' after setting interest rate on all credit facilities at 14.5 percent following the adoption of the new Banking law this August by the national banks regulator, Central Bank of Kenya(CBK.)
Read also KCB sets new loan interest rates
Announcing the adoption of the 14.5 percent loan interest rate on Wednesday 31st August 2016,Cfc Stanbic Bank CEO ,Philip Odera, made it clear that the new rate will apply to both new and existing loans that borrowers took from the bank before the new banking law was effective,making it the first lender in giving a directive concerning existing loans in Kenya.
Read the notice to Cfc Stanbic customers and the public;
Read also KCB sets new loan interest rates
Announcing the adoption of the 14.5 percent loan interest rate on Wednesday 31st August 2016,Cfc Stanbic Bank CEO ,Philip Odera, made it clear that the new rate will apply to both new and existing loans that borrowers took from the bank before the new banking law was effective,making it the first lender in giving a directive concerning existing loans in Kenya.
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| Cfc Stanbic bank CEO; Philip Odera |
Read the notice to Cfc Stanbic customers and the public;
In compliance with the new law, we have adopted the new lending rate of Base Rate + 400 basis points currently at 14.5% per annum on all new loan and existing facilities with immediate effect.
We believe in transparency in all our engagements with our customers and that is why all our existing savings and lending products. We pass on benefits of any CBR rate fluctuations to our customers as evident in our Puresave Account where customers’ deposits currently earn 7%. It is in the same spirit that we will be re-pricing our existing savings/loan facilities to align with the new law as we wait for the gazettement of the new law.
Philip Odera, C.EO., CfC Stanbic Bank
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