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Car Loans in Ghana Car loans hit 34.2% in Ghana- Bank of Ghana Reports

According to the report, Standard Chartered Bank offered the cheapest car loan as at May 2016, ranging from 18.4 percent to 28 percent, followed by Bank of Baroda at 21 percent.

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Middle-income car play

Middle-income car

Average interest paid on car loans in Ghana is currently 32.4%, according to a report released by the Bank of Ghana highlighting interest paid on commonly acquired loan facilities.

According to the report, Standard Chartered Bank offered the cheapest car loan as at May 2016, ranging from 18.4 percent to 28 percent, followed by Bank of Baroda at 21 percent.

SG Bank followed closely, with rates ranging between 21.8 percent to 29.8 percent. The fourth, fifth and sixth positions are occupied by Energy bank with 28.5 percent Zenith bank 29 percent and FBN Ghana from 29.1 percent to 31 percent.

READ MORE:Banking in Ghana Bank of Baroda and StanChart provide cheapest loans in Ghana

Seventh was HFC with between 29.7 percent and 30.3 percent, followed by Stanbic bank at number 8 with 30 percent, GN Bank number 9 at 31.3 to 38.4 percent and UT bank at 32.2- 35.2 percent.

Royal bank(40.2), Bank of Africa(36.5), Barclays bank (40.1) were found to be the most expensive.

Meanwhile Access bank, Capital bank, Fidelity bank, First National Bank, GT bank, NIB and Universal Merchant Bank according to the report do not offer car loans.

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