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.
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.
