December 14, 2024
Equity Bank Lowers Loan Interest Rates Following CBR Cut
The bank’s Reference Rate (EBRR) dropped from 17.83% to 17.39%, with lending rates capped at an 8.5% margin. This reduction aims to make credit more affordable
Equity Bank Kenya has reduced interest rates on all Kenya Shilling loans, effective 18th November 2024. This follows the Central Bank of Kenya’s decision to lower the Central Bank Rate (CBR) from 12.75% to 12.0%.
The bank’s Reference Rate (EBRR) dropped from 17.83% to 17.39%, with lending rates capped at an 8.5% margin. This reduction aims to make credit more affordable, boosting economic activity and financial inclusion.
CEO Dr. James Mwangi stated that the rate cut would support small businesses, reduce borrowing costs, and increase disposable income for families. It’s the second reduction in six months, reflecting the bank’s commitment to Kenya’s growth.
