In mid October this year, almost all banks in kenya but notably Equity,Standard Chartered and Barclays were sending to their customers alerting of a drastic rates hike to those already servicing loans.This followed as a result of an increase in the expenses towards government debts instruments signalled by Central Bank of Kenya(CBK).
This happened to be the big blow to the Kenyans that got the Deputy President talking about unfair the banks were on behalf of the Kenyan mwananchi.
The said rates shot to intolerable highs of 27% on average!
The good news however came knocking on the borrowers door last week after the big lenders started forwarding messages to 'loanees' informing of normal rates reinstatement.This followed as a result of a decline in treasury bills and bond yields.
If you were planning of applying for a loan now it's 'safe'The normal rates were between 16% to 22% depending on the customer's credibility.The whole situation really left many customers frustrated as reported by the Business Daily
Were you affected?
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