Coop Bank Kenya Offers Lowest Lending Rates: CBK Report Reveals
The Central Bank of Kenya (CBK) has released a new report highlighting the significant variations in lending rates among banks. The report reveals that Cooperative Bank of Kenya boasts the lowest lending rate among Tier One Banks, with an overall rate of 15.18 percent per annum.
According to the CBK report, Coop Bank’s competitive rate positions it as a leading option for borrowers seeking affordable loan terms. In comparison, Premier Bank and Access Bank offer even lower rates, at 9 percent and 11.15 percent per annum, respectively, making them the most affordable options in the market.
At the other end of the spectrum, Middle East Bank is identified as the most expensive lender, with an overall lending rate of 20.96 percent. This substantial difference underscores the wide disparity in loan costs across the banking sector.
The report serves as a crucial resource for consumers and businesses seeking to make informed financial decisions in a market characterized by diverse lending practices.
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