Interest Rate Here are the banks offering the cheapest car loans in Ghana

The Bank of Ghana’s Annual Percentage Rate and Average Interest report seeks to promote transparency in the pricing and provision of banking services.

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In the latest Annual Percentage Rate (APR) and Average Interest (AI) report released by the Bank of Ghana (BoG) which shows how much banks in Ghana charge on car loans, Bank of Baroda offers the cheapest loans.

The Bank of Baroda came up as the best bank in Ghana with a loan interest of 24.3 percent.

Stanbic Bank was the second bank with a rate of 28.3 percent followed by Zenith Bank with 29 percent of interest.

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GN Bank, FBN-Ghana and UBA followed in fourth, fifth and sixth cheapest interest on auto loans.

Their interest rates are 32, 32.8 and 33.1 percent respectively.

Also, CAL Bank, Barclays Bank and Sahel Sahara Bank come in with 35.3, 35.1 to 39.1 and 34.5 percent to occupy the eighth, ninth and tenth positions respectively.

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Ecobank, UT Bank and Prudential Bank Limited followed in eleventh, twelfth and thirteenth positions with interest rate on vehicle loans at 35.3, 34 and 33.6 percent in that order.

The report also showed that First Atlantic Bank offered the highest rate on car loans with 40.3 percent. GCB Bank is the second highest followed by Unibank and Omnibank with 40.3, 39.8 and 36.9 percent respectively.

The fifth, sixth and seventh highest interests on vehicle loans are offered by HFC Bank, Bank of Africa and the Royal Bank with interest rate on auto loans at 36.7, 35.6 and 35.5 to 40.5 percent.

READ ALSO: Banks’ average base rate drops to 26.9 percent

Meanwhile twelve banks do not offer vehicle loans.

They are; Access Bank, ADB, Energy Bank, Capital Bank, Fidelity Bank, First National Bank and GT Bank.

The others are NIB, Sovereign Bank, Standard Chartered Bank, Societe General and Universal Merchant Bank.

The Bank of Ghana’s Annual Percentage Rate and Average Interest report seeks to promote transparency in the pricing and provision of banking services.

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