ADOPTION OF INTEREST RATES FOR NEW AND EXISTING LOANS

ADOPTION OF INTEREST RATES FOR NEW AND EXISTING LOANS
Press Releases  |  
Thu, 01 Sep 2016

Effective 1st September 2016, Chase Bank Kenya (in receivership) all new and existing loan facilities will be priced at not more than 14.5% in line with the new Banking (amendment) Act.

Nairobi, September 1st, 2016: Chase Bank (in receivership) has adjusted its existing and new loan facilities to not more than 14.5% as part of its industry commitment to the new Banking (Amendment) Act. Chase Bank’s path to full recovery is hinged on the support of our customers and this further underscores our commitment to extend new benefits to our customers who have been regrettably inconvenienced.

Relationship managers and branch managers are engaging customers to guide them on the review of current facilities as of 1st September 2016. We also urge our customers to get in touch with their relationship managers and branch managers who will avail additional information with respect to the terms of the existing facilities.

Since April, Chase Bank has recorded improved inflows in excess of KES 18.7 billion while thousands of new customers have also come on board since the Bank reopened its doors. With the recent approval from the Central Bank of Kenya (CBK) to offer lending and term deposits, the adoption of new interest rates provides Chase Bank the opportunity to continue to support the SME sector, especially youth, women and agribusinesses to grow their businesses and achieve what matters most to them.

For more information contact or Judith Sidi Odhiambo jsodhiambo@kcb.co.ke