CBA Revised Interest Rates Up to 14.5pc From 12.9 pc

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.
New 14.5% CBA interest rate on loans

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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