Banks increase interest on existing loans

Banks increase interest on existing loans

MORE BANKS INCREASE INTEREST ON LOANS

Stanbic has increased the interest payable on existing loans held by its clients.

This follows the Bank of Zambia’s decision to increase the monetary policy rate from 8:00% to 8:50 %.

In a notice to customers, Stanbic excitedly exclaimed that customers who have loans have no choice but to either increase the amount of interest they pay monthly or increase the number of the months they will pay.

The bank said, if customers take no action, Stanbic will unilaterally increase the amount the customers pay every month. The increase will be effected this February month end.

Zanaco has also increased the interest on existing loans.

According the the Economic Association of Zambia, the Kwacha is stable.

Thanks PF

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