Zambia

Stanchart Cuts Interest Rates On Loans

STANDARD Chartered Bank Zambia

By Scoop Reporter

STANDARD Chartered Bank Zambia has reduced interest rates on personal loans and mortgages.

Speaking at a press briefing this morning, Standard Chartered Bank Chief executive Officer (CEO), Sonny Zulu, announced that the bank will be dropping its interest rates on mortgages and personal loans.

Mr. Zulu says the bank believes access to affordable finance very critical for economic growth.

“To this end, I am delighted to announce that Standard Chartered will be dropping its interest rates on Mortgages from 24.5% to 16% with effect from 15th August 2022 for all new bookings.

“For personal loans we are dropping the rate from 29% to as low as 23% and offering maximum amount of ZMW450,000 with a tenor of up to 60months. I believe the new teachers and nurses can take advantage of the reduced rates to start their new homes,” Mr. Zulu said.

Credit: The Scoop Newspaper

[ Source : Zambianobserver.com]

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