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Co-operative bank has capped interest on new loans at 14.5%
Meanwhile commercial banks have began adjusting their rates to comply with the new law signed president Kenyatta capping interest rates at not more than 4% above the Central Bank Rate.
In an internal memo sent to all its branches, Co-operative bank has directed branch managers and lending units to revise the pricing of all new loans to a rate not 14.5 per cent making it the first lender to adopt the new lending regime.
The development comes a day after the Kenya Bankers Association assured...
Related topics : bank loan interest rates / commercial loan interest rate
What's in a loan?
The enactment of the Banking (amendment) law 2015 that capped the rate of interest charged on Commercial Bank loans, rekindled hopes of Kenyans accessing cheap credit.
The new law was passed despite strong warnings from economists and bankers, including the Central Bank that the move will distort the market, reduce credit supply, stifle private sector investment and encourage money laundering.
And barely six months later, Zawadi Mudibo explores the rationale behind taking loans and...
Related topics : bank loan interest rates / commercial loan interest rate
First Community Bank To Offer Fixed Pricing Option On Loans Up To 5 Years Under "Muharaba'
First community bank has launched short term loans with fixed price options on under a concept called Murabaha in the Islamic banking, targeting both muslims and non muslims. The Sharia compliant product is designed to offer low cost loans in line with recent initiatives by the Kenya Bankers Association to help reduce lending rates.
Related topics : bank loan short term
Kenya signs Ksh10.3B Concessional loan deal
Kenya has a signed a line of credit agreement with India worth 10.3 billion shillings for agriculture mechanisation in Kenya , and a memorandum of understanding on cooperation to improve the agriculture sector .
Speaking while wrapping up his state visit to India, president Uhuru Kenyatta urged Indian firms to set base in Kenya as a launching pad to the East , Central and Southern Africa markets .
Related topics : line of credit loan agreement
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