Falling lending rates raise hope for cheaper loans

Customers being served at Family Bank Tower branch in Nairobi on May 2, 2019.

Photo credit: File | Nation Media Group

The average lending rates by commercial banks fell for the first time in nearly two years, signalling incoming relief for borrowers who have contended with expensive loan costs over the last year.

New data from the Central Bank of Kenya (CBK) shows that the average commercial bank lending rate fell to 16.84 percent in July from 16.85 percent in June, the first monthly drop since October 2022.

PAYE Tax Calculator

Note: The results are not exact but very close to the actual.