Standard Chartered Bank offers the lowest rate on individual loans- BOG report


The Bank of Ghana’s Annualize Percentage Rate report has indicated that Standard Chartered Bank Ghana offers the lowest cost of loans for individuals and businesses.

According to the report, Standard Chartered Bank Ghana offers Ghanaians an average interest rate of 29.07% for 1-year loans, significantly lower than the common reference rate of 30.45% for all banks in the country. The bank’s dominance extended to longer-term loans, with the lowest rates of 25.83% for both 3-year and 5-year individual loans.

In Ghana, many individuals struggle with access to affordable loans and this provides the needed respite for many Ghanaians seeking short-term loans.

Yvonne Gyebi, Head Wealth and Retail Banking, reiterated that the report underscores Standard Chartered Bank Ghana’s unwavering commitment to providing accessible and affordable financing solutions tailored to the needs of its clients and the broader Ghanaian community.

In addition to their existing loan portfolios, Standard Chartered Bank Ghana has recently introduced a renewable energy loan. This loan is given to individuals and businesses who seek to embrace renewable energy and thereby reduce their carbon footprint.

In Ghana, solar energy remains one of the primary sources of renewable energy and the Renewable Loan offers competitive interest rates with flexible repayment terms to make solar energy more accessible to the public. In addition, to the Renewable Loan, the Bank offers clients and customers expert guidance throughout the application process.

With a focus on accessibility and affordability, Standard Chartered Bank Ghana plays a vital role in fostering financial inclusion and driving economic growth by providing Ghanaians with a much-needed reprieve, empowering them to pursue their aspirations and seize opportunities with confidence.

As the financial landscape continues to evolve, Standard Chartered Bank Ghana remains committed to innovative solutions that prioritize the well-being of its customers and communities.

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