BoG Report Reveals GCB, Absa, and OmniBSIC as Top Lenders with Lowest Interest Rates

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BoG Report Reveals GCB, Absa, and OmniBSIC as Top Lenders with Lowest Interest Rates

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BoG Report Reveals GCB, Absa, and OmniBSIC as Top Lenders with Lowest Interest Rates

BoG Report Reveals GCB, Absa, and OmniBSIC as Top Lenders with Lowest Interest Rates

GCB Bank offered the cheapest loans to household consumers, the latest Annualized Percentage Rates by the Bank of Ghana has revealed.

It offered a rate of 27.71% and 27.21% to clients for a period of one year and three years.

Stanbic Bank (50.92%) and Bank of Africa (43.83%), however, charged the expensive rates for a tenor of one and three years respectively.

For a duration of five years, Fidelity Bank offered the lowest interest rate of 26.64% on loans to customers. It was followed by GCB Bank with a lending rate of 27.04%.

Similarly, Absa Bank offered the lowest loans to Small and Micro Enterprises (SMEs) customers for a period of one and three years. Its interest rate was 17.03%.

Concerning a tenor of facility for five years, Fidelity Bank charged the lowest rate of 24.44% for SMEs.

Stanbic Bank (50.27%) and Fidelity Bank (55.27%), however, offered the most expensive loans to customers.

In terms of loans to corporates, OmniBSIC offered the cheapest competitive rate of 33.68% for a tenor of facility of one year and three years respectively.

Access Bank charged the lowest rate of 30.58% to customers for a duration of five years.

ADB, however, the most expensive loans of 45.94%, 45.94% and 47.51% respectively for the one, three and five years.

According to the Bank of Ghana, the APR reflects the true cost of a loan that economic agents are confronted with when they go through an approval process to secure a loan facility. It comprises the Ghana Reference Rate, bank-specific risk-premia and other bank-specific charges.

It added that the APRs reported in this table are indicative.

However, a typical customer of a bank may be faced with an actual APR different from these indicative APRs, depending on the bank’s assessment of the borrower’s specific circumstance.

Source: Joy News

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