People’s Bank slashes loan interest rates up to 6-pct for SMEs & 9-pct for personal loans

Jul 21, 2020 (LBO) – People’s Bank has announced special concessionary interest rates across the board with almost all of them at single-digit levels.

Accordingly, interest rates for all Educational Loans, Personal Loans, and Housing Loans have been reduced to 9 percent onwards while the interest rate for Vehicle Loans has been dropped to 10 percent.

Small and Medium-scale Enterprises (SMEs) are able to obtain loans from as low as 6 percent upwards, the lowest in the market today.

Additionally, the People’s Bank has also slashed interest rates for a large cross-section of the general public employed in different professions.

People’s Bank has made arrangements to disburse these loans with these newly-reduced rates through its islandwide network of 737 branches.