The Central Bank of Kenya (CBK) has published the interest rates for all banks across the country.
The review showed that, Premier Bank stands out as the financial institution with the cheapest interest rate, set at nine percent, for overall loans and personal loans spanning in a repayment duration of one to five years.
Access Bank follows closely with an interest rate of 11.37 percent, Diamond Trust Bank (DTB) at 12.39 percent, Consolidated Bank at 13.39 percent, Kingdom Bank at 14.20 percent, and Guardian Bank at 14.67 percent.
Ecobank Kenya Limited has an overall interest rate of 14.72 percent, followed by Bank of India at 14.94 percent.
Cooperative Bank of Kenya offers a rate of 15.18 percent, while Paramount Bank Limited stands at 15.35 percent.
CBK Lists Banks with Overall Interest Rates Above 15%
Habib Bank A.G Zurich, UBA Kenya Bank, Gulf African Bank and Equity Bank have an interest rate of 15.38,15.55, 15.68 and 16.02 percent respectively.
Family Bank Limited offers 16.13 percent, followed by DIB Bank Kenya Limited at 16.27 percent and KCB Bank at 16.40 percent.
Development Bank of Kenya Limited stands at 16.46 percent, National Bank at 16.82 percent, while Guaranty Trust Bank Prime Bank offers interest rate of 16.85 each.
African Banking Corporation Limited offers 17.19 percent while Standard Chartered Bank and Stanbic Bank offers 17.32 and 17.49 percent respectively.
M-Oriental Bank Limited follows closely at 17.58 percent, Bank of Baroda (Kenya) Limited at 17.73 percent, and Citibank N.A Kenya at 17.98 percent.
Top 10 Lowest Bank Loans
| BANK | OVERALL INTEREST RATES (%) |
| Premier Bank | 9 |
| Access Bank | 11.37 |
| Diamond Trust Bank | 12.39 |
| Consolidated Bank | 13.39 |
| Kingdom Bank | 14.02 |
| Guardian Bank | 14.67 |
| Ecobank Kenya | 14.72 |
| Bank of India | 14.94 |
| Cooperative Bank | 15.18 |
| Paramount Bank | 15.35 |
Other Banks include I&M Bank with an interest rate of 18.48 percent, Bank of Africa at 18.51 percent, Victoria Commercial Bank PLC offers 18.75 percent, while NCBA Bank Kenya PLC stands at 19.12 percent.
Additionally Commercial International Bank (CIB) has an interest rate of 19.20 percent, followed by Sidian Bank at 19.74 percent, ABSA Bank Kenya PLC at 19.82 percent, and SBM Bank Kenya Limited at 19.91 percent.
Lastly, HFC Limited offers 20.12 percent, Credit Bank PLC stands at 20.32 percent abd Middle East Bank has an overall interest rate of 20.96.
Top 10 Highest Bank Loans
| BANK | OVERALL INTEREST RATES (%) |
| Middle East Bank | 20.96 |
| Credit Bank | 20.32 |
| HFC Limited | 20.12 |
| SBM Bank | 19.91 |
| Absa Bank | 19.82 |
| Sidian Bank | 19.74 |
| Commercial International Bank | 19.20 |
| NCBA Bank | 19.12 |
| Victoria Bank | 18.75 |
| Bank of Africa | 18.51 |
Banks with Least Interest Rates for 1-5 Years loans
Ecobank stands at 11.06 percent, while Access Bank stands at 11.31 percent for a period of one to five years.
Diamond Trust of Kenya (DTB) set their interest rate 11.41 percent while Consolidated Bank at offered a slightly higher rate of 12.8 percent.
Also Read: CBK Reveals German Firm Behind New Bank Notes, Explains Reasons for Change
Kingdom Bank and Uber Kenya Bank both offer an interest rate of 13 percent, followed by Guardian Bank and Gulf African Bank with interest rates of 14.26 and 14.60 percent.
Bank of India, DIB Bank, and Cooperative Bank of Kenya have interest rates of 15.00 percent, 15.42 and 15.54 percent respectively.
Banks with Interest Rates Above 16% for Period of 1-5 Years
Prime Bank Limited offers an interest rate of 16.71 percent, Equity Bank 16.93 percent, M-Oriental Bank and National Bank of Kenya 17 percent, and African Banking Corporation 17.18 percent.
Meanwhile, Paramount Bank stands at 17.44 percent, Bank of Baroda 17.80 percent, Development Bank of Kenya 17.84 percent, Family Bank 17.92 percent, and KCB Bank 18.24 percent.
Also Read: CBK Invites Kenyans to Invest in Ksh15 Billion Treasury Bonds
Elsewhere, Victoria Commercial offers 18.83 percent, Standard Chartered Bank and Habib Bank 19.23 percent, and Stanbic Bank 19.78 percent.
Credit bank leads as the most expensive bank with 23.22 percent interest on loans rendered between the period of one to five years followed by SBM Bank and Middle East Bank standing at an interest of 21.82 and 21.44 percent.
ABSA Bank, NCBA Bank, I&M bank and Guaranty Trust Banks are also among banks with high interest rates for the period at 21.19, 21.14, 20.78 and 20.77 percent respectively.
Furthermore, Sidian Bank, Commercial International Bank (CIB), HFC Bank and Bank of Africa are priced at a rate of 20.58, 20.57,20.42 and19.82 percent for the same loan period.
Follow our WhatsApp Channel for real-time news updates!
https://whatsapp.com/channel/0029VaB3k54HltYFiQ1f2i2C
