Banks to cap interest rates on loans at 14.5%

The law capping interest rates on loans at not more than 14.5 percent has taken effect. This is expected to herald a new era of cheap loans even many borrowers remain wary of being turned away for being risky borrowers. even with clarity offered by the Central Bank of Kenya over the new law, it would appear that lenders are interpreting it differently when it comes to micro loans with some holding the position that such isn’t covered by the new law.

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