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Home Business Banking & Finance

StanChart leads peers with lowest interest rate on 1yr loan facility to households 

1 year ago
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StanChart leads peers with lowest interest rate on 1yr loan facility to households 

Standard Chartered Bank has the lowest interest rate on a one-year loan facility for households in the country.

This is per the Annualized Percentage Rate (APR) report by the Bank of Ghana (BoG).

The APR reflects the true cost of a loan that economic agents are confronted with when they go through an approval process to secure a loan facility. It comprises the Ghana Reference Rate, bank-specific risk-premia, and other bank-specific charges.

The interest rate on a one-year loan facility for households is pegged at 29.07%.

The bank’s interest rate is marginally less than the Ghana Reference Rate of 30.45% and also slightly lower than the average lending rate of 26.9% for one-year loan facilities to households in the country.

Per the report, the bank with the highest interest rate on a one-year loan facility to households was Stanbic Bank Ghana.

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The bank’s one-year loan facility to households has an interest rate of 47.78%.

In terms of loans to Small and Medium Enterprises, OmniBSIC Ghana provided the lowest interest rate of 33.06% over a tenor of 5 years.

This was followed by Republic Bank with 35.02 percent and Standard Chartered Bank with a rate of 35.81% under the same tenor.

 

 

 

Tags: 1yr loan facilityStanChartStanChart leads peers with lowest interest rate on 1yr loan facility
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