Loans -Kenya Commercial Bank KCB has reviewed upwards its loan rates starting November this year 2022.
In an alert of Tuesday October 25 distributed to its clients nationwide, the bank stated that, in view of the Central Bank Rates CBR of 7.5 to 8.25 percent, KCB will now loan its customers at new rates of 8.75 percent up from 8.64 percent.
“Dear Customer, following the review of the Central Bank Rate (CBR) by CBK from 7.5% to 8.25%, effective 24/11/2022 KCB M-Pesa Loan will be charged a fee of 8.75% up from 8.64%,” the notification read.
It is detailed that the Monetary Policy Committee MPC which met on September 29, 2022, against a backdrop of significant global uncertainties, resolved to review this rates in line with the situation at hand.
The CBK also indicated that this was informed by volatile financial markets, a weaker growth outlook, persistent inflationary pressures, geopolitical tensions, lingering effects of the COVID-19 (Coronavirus) pandemic, and measures taken by authorities around the world in response to the harsh developments.
A larger section of citizens who always apply for this mobile loan facility will now have to dig deeper into their pockets to service their loans from next month November 2022.
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