The Kenya Commercial Bank (KCB) has set its interest rate on all it's credit facilities at 14.5 percent per annum to be in line with the recently set banking laws.
Read also Cooperative bank's new interest rate on loans
The lender will now give out loans to creditable borrowers who will seek credit facilities from today 30th August 2016 at an interest rate of 14.5% pa.All loan applications received from today are considered 'new loans' and will attract the above interest rate.Loans issued before today will be handled as per the directive still awaited to communicated from the Central Bank of Kenya.
Through a short notice to the banks clients on social media today,the administrator made it clear that only new loans will be handled with the new 14.5% interest rate per annum.
Read the notice;
Read also Cooperative bank's new interest rate on loans
The lender will now give out loans to creditable borrowers who will seek credit facilities from today 30th August 2016 at an interest rate of 14.5% pa.All loan applications received from today are considered 'new loans' and will attract the above interest rate.Loans issued before today will be handled as per the directive still awaited to communicated from the Central Bank of Kenya.
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| KCB CEO- Joshua Oigara |
Through a short notice to the banks clients on social media today,the administrator made it clear that only new loans will be handled with the new 14.5% interest rate per annum.
Read the notice;
In compliance with Banking (Amendment) Act, all new loans are now capped at 14.5%. Guidance on existing loans awaits direction from CBK.
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