Pulse.com.gh logo

Banking in Ghana Bank of Baroda and StanChart provide cheapest loans in Ghana

Standard Chartered Bank is reported as one of the supporters of agricultural, manufacturing and construction with an interest rate of 21%.

  • Published:

Bank of Baroda has been adjudged the best bank for providing relatively cheaper loans to businesses and households, at an interest rate of 16 to 17%.

Standard Chartered Bank is reported as one of the supporters of agricultural, manufacturing and construction with an interest rate of 21%.

All these were contained in the latest Annual Percentage Rates released by the Bank of Ghana tracking the true rates charged by 29 commercial banks up until May 2016, including actual cost of borrowing, charges and commissions levied by banks which is often not available to the public . 

The Bank of Ghana’s APR report also touched on accessibility of car loans from banks operating in the country, and out of the 29 commercial banks in Ghana, Standard Chartered Bank and the Bank of Baroda were found to charge the lowest interests on car loans.

Standard Chartered Bank gave individuals who wanted to borrow for vehicles, mortgages and other consumer credits, an APR  between 21 to 29 percent. 

Bank of Baroda, the report said offered an APR of 21 percent for businesses and 21 percent for individuals.  

Capital Bank came on top when it comes to banks with the highest interest paid on deposits. According to the report, the Bank is offering 18 percent to depositors.  

The report shows that on the average, banks are paying 12.3 percent as interest on deposits and 30 to 32 percent as the true rates paid on loans. 

According to the Bank of Ghana, the regular publications of the rates will go a long way to drive down the cost of borrowing in the country.   

Do you ever witness news or have a story that should be featured on Pulse Ghana?
Submit your stories, pictures and videos to us now via WhatsApp: +233507713497, Social Media @pulseghana: #PulseEyewitness & DM or Email: eyewitness@pulse.com.gh.

Recommended Articles

Recommended Videos

Top Articles

1 Number 12 Panic withdrawals hit savings & loans company following...bullet
2 Menzgold Ghana Don't deposit money with Menzgold – BoG cautions public...bullet
3 Investment banks in Ghana Top 5 investment banks in Ghana and why...bullet
4 Nana Appiah Mensah Zylofon boss to create one million jobs for...bullet
5 Menzgold Ghana Investment company closes down its Gold Vault Marketbullet
6 Salaries In 2018 Here are the dates public workers will be...bullet
7 Education Top 5 private high schools in Ghana according to WAECbullet
8 Tax Policy Government not planning to increase VAT, MP...bullet
9 Banking In Ghana Afb Ghana Bonds rank 3 notches above...bullet
10 Corruption In Ghana MDAs financial irregularities cost...bullet

Top Videos

1 Forbes 2018 Africa's billionaires rich listbullet
2 Support Finance minister buys Kantanka carbullet
3 New Discovery Ghana discovers new mineral, lithium in commercial...bullet
4 Money Alert Meet Africa's richest womanbullet
5 Dr Joseph Siaw Agyepong Nobody can collapse my company – JOSPONGbullet
6 Plane Crash Starbow suspends operations following plane crashbullet
7 Bozoma Saint John 10 quotes from Uber top official, Bozoma,...bullet
8 New Phone Nokia’s MWC 2018 Event in Under 10 Minutesbullet
9 Tech 6 reasons you should buy an iPhone SE instead of...bullet
10 Video We are determined to move Ghana beyond aid - Bawumiabullet