People's Bank further slashes loan interest rates up to 6% to support SMEs, 9% for personal loan facilities

Business

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% onwards while the interest rate for Vehicle Loans has been dropped to 10%. Small and Medium-scale Enterprises (SMEs) are able to obtain loans from as low as 6% upwards, the lowest in the market today.

Additionally, 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. Further information can be obtained from the nearest People’s Bank Manager or Manageress, the bank said in a media release.

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