Stanbic Bank has slashed its lending rate on salary loans to 15.9% from 16% to enable customers to access instant loans to overcome the financial challenges in the wake of the Covid-19 pandemic.
Speaking during the launch of the ‘Now-Now loans’ campaign in Kampala, Grace Muliisa, Head of Personal and Business Banking at Stanbic Bank said the outbreak of the COVID-19 last year has seen many savers deplete their savings.
“This means that people are unable to pay for their day to day needs. This lending solution comes with unique benefits of a low interest of up to 15.9%, insurance cover, and much more,” she said.
“A host of individuals both in the private and public sector, continue to experience financial stress. This coupled with a high cost of living and delayed payments, has depleted their savings reserves,” Muliisa added.
The three months campaign will offer personal salary loans, cash advances, unsecured and overdraft loans at a low interest rate of up to 15.9% based on customers’ loan assessment.
Stanbic Bank’s Head of Lending Products, Jackson Emanzi, said: “The purpose of pricing these loans low is to make them affordable and to encourage potential borrowers with urgent cash needs to approach the bank for relief. These loans are also a crucial financial service that can help boost businesses and enhance the speedy recovery of the economy.”