For the third time in six months, Equity Bank Kenya reduces interest rates, making loans more affordable for customers.
In a move that underscores its commitment to financial inclusion and economic stimulation, Equity Bank Kenya has announced yet another reduction in its interest rates. This marks the third time in just six months that the bank has adjusted its rates, making it easier for customers to access affordable credit.
Effective from February 13th, 2025, for new loans and March 1st, 2025, for existing loans, the Equity Bank Reference Rate (EBRR) has been lowered from 17.39% to 14.39%. This represents a significant reduction of 3%, which is expected to have a positive impact on both individual and business borrowers across Kenya.
What Does This Mean for Customers?
The reduction in the EBRR means that the final interest rate for loans will now be 14.39% per annum, plus a margin based on the specific risk profile of the customer. This adjustment is designed to make credit more affordable and accessible, particularly for those who may have previously found it challenging to secure loans due to high-interest rates.
Equity Bank Kenya has always been at the forefront of promoting financial inclusion, and this latest move is a testament to that commitment. By lowering interest rates, the bank aims to stimulate economic activity, support small and medium-sized enterprises (SMEs), and ultimately contribute to the overall economic growth of Kenya.
Why This Matters
In a country where access to affordable credit can be a significant barrier to economic participation, this reduction in interest rates is a game-changer. It not only makes it easier for individuals to secure loans for personal use but also provides a much-needed boost to businesses, particularly SMEs, which are often considered the backbone of the Kenyan economy.
For existing customers, the new rates will take effect from March 1st, 2025, giving them ample time to adjust their financial plans accordingly. New customers, on the other hand, can immediately benefit from the reduced rates when they apply for loans starting February 13th, 2025.
How to Get More Information
If you have any questions or need further clarification regarding the new interest rates, Equity Bank Kenya’s customer care team is readily available to assist you. You can reach them at 0763 000 000 or visit your nearest Equity Bank branch for personalized service.
Conclusion
Equity Bank Kenya’s decision to lower interest rates for the third time in six months is a clear indication of its dedication to making credit more accessible and affordable. This move is expected to have a ripple effect on the economy, benefiting not just individual borrowers but also businesses and the broader Kenyan economy.
Stay tuned for more updates and news from Equity Bank Kenya as they continue to innovate and provide solutions that meet the needs of their customers. For the latest Equity Bank Kenya news, make sure to follow their official channels and visit their website regularly.
