GCB in a statement announced a reduction in interest rates on personal loans to 23%.
GCB Bank reduces interest on personal loans to cushion clients
GCB Bank has reviewed its interest rates on personal loans downward to mitigate the impact of COVID-19 on clients.
The bank also granted a two-month moratorium on both principal and interest repayment and increased loan tenor to five (5) years.
A statement further stated that the Bank has also reduced total up-front fees and introduced a waiver on early settlement fees for top-ups.
“This follows a similar move last year when the Bank reduced its interest rate from 26 per cent to 24 per cent per annum,” the statement said, adding that “Over the past year, GCB Bank has undertaken various initiatives to alleviate the impact of covid-19 on customers.”
The statement quotes the Bank’s Board Chairman, Mr. Jude Arthur as saying during the Bank’s 27th AGM held virtually on Friday, May 28, 2021, that the Bank engaged customers, identified those in the hardest hit sectors of the economy and supported them with concessionary rates and moratorium on principal and interest on loan facilities.
“As a result, the Bank restructured loans totalling GH¢799.92 million to 130 corporate and SME customers. The bank also invested in Personal Protective Equipment (PPE) and broader COVID-19 protocols to ensure the health and safety of clients and employees.”
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