Stanbic Bank clarifies on interest rate

Stanbic Bank has clarified on its lending rate.

In a statement, the bank said that its prime lending rate had remained at 16%.

Full Statement

Following inaccurate reports published in the media regarding Stanbic Bank’s prime lending

rate, we would like to clarify that our current prime lending rate is 16% and this remains

unchanged.

This week the bank launched a campaign themed ‘Now –Now Loans’ with a limited offer rate

of 15.9% and prior to the campaign, the bank’s loan rates ranged from our prime rate of 16%

up to 22% (a range of up to 6%).

This means that customers who apply for loans during this campaign can benefit from

reduced rates from 22% to as low as 15.9%, resulting in a saving of up to 6.1%.

Therefore, the benefit is more than 0.1%, a figure that was inaccurately represented in the

media.

The Now Now Loan offer is a limited loan offer rate as low as 15.9% valid from 22nd Feb to

31st May 2021.

The exciting part of the loan is if you apply for the loan on our digital platforms you will enjoy complementary personal accident insurance cover of Shs 10 million and you stand a chance to win amazing prices like school fees, fuel or shopping vouchers.