Equity Group has announced an increase in its lending rates effective July 10 as the era of expensive loans sets in after the Central bank increased its benchmark lending rate to commercial banks by 100 basis points to 10.5 percent last month (June 26).
In a public notice last week, the regional lender with operations in Kenya, Uganda, Tanzania, Rwanda and Democratic Republic of Congo said the adjustment of interest rate on loans is intended to reflect the lender’s revised reference rate of 14.69 percent plus a margin based on the customer’s risk profile.
