Stanbic Bank cuts interest rates on personal loans

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Ugandans looking to buy their first home can now do so with up to 100% financing from Stanbic Bank at 14.5% per annum as part of an initiative to help Ugandan workers go rent-free and channel resources to invest in their own property.

As part of its new “Get it done” campaign, the bank has also slashed lending rates on personal consumer loans to 15.5%, the lowest in the market and available within two minutes to pre-qualified customers via the lender’s mobile banking platform.

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Customers with loans at other banks can also migrate to Stanbic Bank on specific terms and meet their obligations at lower rates; they can also top up their existing loans.

Customers can access up to 250 million shillings of unsecured credit, while high net worth customers can access credit card financing of up to 100 million shillings or borrow up to 10 billion shillings to purchase property.

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“These are tough economic times for our customers in Uganda, and they expect us, as their bank, to do something about it. So we have reduced our lending rates on personal loans to 15.5% and offered 100% financing to customers looking to purchase their first home at 14.5%,” said Sam Mwogeza, Managing Director of Consumer Banking.

With pricing pressures escalating across the country, many would agree that living under your own roof is better than renting, Stanbic Bank has partnered with local property developers to provide affordable housing with up to 100% financing to Ugandans looking to buy their first home.

Our up to 100% home financing offer aims to remove the burden on the client of contributing 15-20% of the total asset value – if you also have a home,” said Israel Ariaitwecustomer care manager at Stanbic Bank.

Arinaitwe said property finance is for properties valued in both shillings and dollars and will all enjoy competitive rates starting at 14.5% (for shillings) and 9% (for USD) with priority being given to first-time home buyers who will also be exempt from paying loan application fees.

For businesses, the bank, through its partnership with Kampala City Traders Association (KACITA) revealed that local merchants can get special access to credit to clear taxes and allow them to secure their goods and repay after the sale.

“Tax pressure is a huge issue for many of our clients because taxes are legal obligations, so we now enable them to clear the taxman and settle the bank while ensuring that business does not stop, this way, all parties benefit,” said Aaron Akampa, head of SME banking at Stanbic Bank.

According to Uganda Bureau of Statistics (UBOS), inflation measured by the consumer price index for Uganda for 12 months to April 2022rose to 4.9%, compared to 3.7% recorded in March 2022 inspiring a sharp rise in the prices of basic commodities such as cooking oil, soap and fuel.

Copyright Nile Post News. Distributed by AllAfrica Global Media (allAfrica.com)., source English press service

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