NCBA Bank Kenya has announced a downward revision of its base lending rates following the recent reduction of the Kenya Central Bank Rate (CBR). This change comes after a decline in inflation and easing global monetary policies, prompting the bank to adjust rates in line with the current economic environment.
In a statement to its customers, NCBA confirmed that the Kenya Shillings (KES) Base Lending Rate will drop from 17.50% per annum to 16.91% per annum. Additionally, the United States Dollar (USD) Base Lending Rate will decrease from 11.75% to 11.09% per annum. These changes are set to take effect immediately for new loan facilities.
“The interest rate on loan facilities will be adjusted in accordance with the new Base Lending Rates effective November 18, 2024,” the bank stated, addressing the impact on variable-rate loans. Fixed-rate loans, however, will not be affected by the change, providing stability for customers with such arrangements.
NCBA emphasized that all other terms and conditions for existing loan facilities would remain unchanged, ensuring continuity for its clients. The bank also encouraged borrowers to reach out for further clarification if needed, offering multiple customer support channels including phone, email, and WhatsApp.
The new rates, according to NCBA, aim to provide relief to consumers while supporting national economic growth.
