Bank of Baroda and Standard Chartered emerge best place to secure credit

Bank of Baroda and Standard Chartered Bank are the best place to secure when it comes to favourable interest rate.

That’s according to Bank of Ghana (BoG)’s Annual Percent Rates (APR) and Average Interest (AI) paid on deposit report ending January 31 report.

Businesses in manufacturing, agriculture, commerce and construction that turned to Bank of Baroda, actually paid an interest of 24.5 percent or up to 28.8 percent.

While firms in the same sector that turned to Standard Chartered Bank also paid 18- 33 percent, the rate offered by the two banks stood out the best among the 29 banks assessed.

The two banks also came on top as those offering the best interest rate with regards to individuals who turned to these banks for loans to buy vehicles, mortgage, and other consumer credits. 

New entrant, Sovereign Bank offered 19.5 percent on deposits, the highest among the 29 banks reviewed. On the average, borrowers were paying 33 percent on loans.

According to the Central Bank, APR and Average Interest paid on deposit are the actual rates that consumers paid on loans, it reflects the cost of borrowing and includes commission levied by Banks. 

The BoG maintains that the publication of these loans is to promote transparency in the pricing and provision of banking services.