Central Bank of Kenya (CBK) has named Cooperative Bank as the most affordable lender amongst top-tier banks in the country, charging an average of 15.18 per cent for different loan products with maturities ranging from an overdraft to over five years.
The report shows that the lender is charging the third lowest interest rate on long-term loans for corporate clients at 11.3 per cent after Premier Bank and Access Bank which are charging nine and 11.2 per cent respectively.
Cooperative Bank’s weighted average lending rate is way below the industry’s average which has since risen to 16.3 per cent from 15.8 per cent in the past three months.
Diamond Trust Bank, Consolidated Bank and Kingdom Bank, a subsidiary of Cooperative Bank Group were also named among the least expensive banks in the country, charging an average of 12.4, 13.3 and 14.02 per cent respectively.
