Commercial Bank of Africa (CBA) revised its interest rate on existing and new credit facilities in Kenyan currency up to 14.5% per annum only four days after announcing the lowest interest rate in the market at 12.9% per annum on all loans on September 9.
Read CBA capps interest rates at 12.9% pa the lowest in the market.
Through a press release,CBA Boss,Isaac Awuondo on September 13, after a proper examination of the Kenya Banks Reference Rate (KBRR) now at 10.5% ,revised the interest rates on all loans taken in Kenyan shillings up to a maximum of 14.5% per annum ,now after taking into account the 4% Central Bank Rate Margin.The interest accruing rate on deposits was also revised up to a minimum of 7.35% pa from 6.23%pa.
Last week,the lender became the first to capp interest rate on loans lowest mistakenly after considering foregone KBRR which was at 8.9%.
Read CBA capps interest rates at 12.9% pa the lowest in the market.
Through a press release,CBA Boss,Isaac Awuondo on September 13, after a proper examination of the Kenya Banks Reference Rate (KBRR) now at 10.5% ,revised the interest rates on all loans taken in Kenyan shillings up to a maximum of 14.5% per annum ,now after taking into account the 4% Central Bank Rate Margin.The interest accruing rate on deposits was also revised up to a minimum of 7.35% pa from 6.23%pa.
Last week,the lender became the first to capp interest rate on loans lowest mistakenly after considering foregone KBRR which was at 8.9%.
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