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Kenya

Standard Chartered lowers its rates in reaction to new tariff

The move comes a few days after Central Bank of Kenya (CBK) announced the new Kenya Banks Reference Rate (KBRR) of 9.13 percent for all commercial banks/FILE

The move comes a few days after Central Bank of Kenya (CBK) announced the new Kenya Banks Reference Rate (KBRR) of 9.13 percent for all commercial banks/FILE

NAIROBI, Kenya, July 14 – The Standard Chartered Bank has lowered its lending rates on three of its key products under an offer dubbed ‘The Grand Sale’.

The move comes a few days after Central Bank of Kenya (CBK) announced the new Kenya Banks Reference Rate (KBRR) of 9.13 percent for all commercial banks

During the offer, Standard Chartered bank customers will get mortgage rates at 10.9 percent which is 1.77 percent above the new set KBRR. The Grand Sale will run for a limited period of 45 days starting July 15 and ending on August 31, 2014.

“The margin of 1.77 percent on top of KBRR will remain fixed for the duration of the facility for all loans taken up during this campaign period,” the bank said.

Customers transferring their loans from other providers will not pay legal and valuations fees.

Borrowers can get up to Sh100 million to purchase their home and can have up to 25 years to repay the facility.

Other products on offer during the sale period are personal loans at a rate of 14.9 percent and business loans against property at 10.9 percent which will also not attract legal or valuation fees on balance transfers.

“Increased consumer appetite to borrow as well as an increasingly sophisticated consumer seeking more financial options prompted the Bank to open up access to credit to people who wish to borrow but are otherwise restricted by the cost of credit,” The bank’s Head of Retail Clients, Kenya and East Africa, Bhartesh Shah said during the launch of the offer.

Before the offer, Mortgage rate stood at 12.9 percent, Personal Loan at 17.9 percent and Business loans against property 21 percent.

These will be the lowest borrowing rates in the market which comes after the setting up of the new KBRR.

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The move was aimed at creating room for lower lending costs in the country.

“Our customers can use these lower rates to consolidate their various loans at other financial institutions at the lowest repayment rates in the market,” Shah said.

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