Per data from the Bank of Ghana (BoG), individuals who sought loans with a one-year tenor from Standard Chartered Bank obtained the lowest average interest rate of 29.07%.
GCB Bank Limited came in next, offering a 29.80%
The rates from these two banks were slightly lower than the common reference rate of 30.45% for all banks for March 2024.
When it came to loans with a three-year tenor, Standard Chartered Bank and GCB Bank Limited continued to dominate offering the best rates 25.83% and 27.27% respectively.
Other banks in this category with rates lower than the reference rates included Fidelity Bank (28.22%) and Republic Bank (28.74%).
If the loan was to be extended for five years, Standard Chartered Bank maintained the lowest average rate of 25.83%.
It was followed by Fidelity Bank, GCB Bank, and Republic Bank with rates hovering between 26% and 28%.
The Annualized Percentage Rate includes the interest rate plus additional fees charged with the loan and it is an important measure for borrowing from financial institutions.
It helps borrowers understand the total cost of borrowing money from a bank.
So, if you’re planning to get a credit facility for that dream home, car, or personal project, the Annualized Percentage Rate should guide your decision on which financial institution to approach.
