Ugandans looking to buy their first house can now do so with up to 100% financing from Stanbic Bank at 14.5% in a move aimed at helping working Ugandans to live rent-free and channel resources to invest in their own property.
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BY BANKERS REPORTER Commercial Banks have reduced their prime lending interest rates on shilling denominated loans following the recent downward revision of the central bank rate to 6.5% from 7%. A prime lending rate is the interest rate that banks offer their most creditworthy customers. The central bank rate is the rate at which financial institutions borrow money from the Bank of Uganda. “We hereby inform you (customers) that our Prime Lending Rate will reduce from 20% to 19.5% effective August 10, 2021. This change will affect both old and…
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Stanbic Bank has slashed its lending rates 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.
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The expected increase in default rate on loans to enterprises and households is mainly attributed to the negative impact of the Covid-19 pandemic on the business activities, employment and incomes of firms and households.
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