Are you in search of best banks in Uganda with the lowest lending rates?
Here are the top 10 banks in Uganda with the lowest lending rates.
The truth is things haven’t been the same since the country (Uganda) and the world at large was hit by COVID-19.
World economies around the globe have registered tremendous decline in economic growth and development.
Back here in Uganda, things haven’t been any better. Many Ugandans were left jobless as companies that previously employed them struggled to stay afloat during the pandemic.
The government has over the past few months tried to ease the burden on Ugandans by providing food relief among other things to help cope with the difficult financial times brought about by the pandemic.
In a bid to further ease the financial burden on Ugandans, the government through the Bank Of Uganda asked banks to restructure loans and give borrowers holidays of u to 12 months so they can easily cope with the disastrous effects of COVID-19 on the economy and then later resume payments.
There are many factors that influence the ways banks price their loans.
Some of these factors include the size of the bank, size of the economy and the costs that many banks in Uganda incur in running their normal day today operations.
Despite the fact that many of the banks have also been struggling to stay afloat due to the slow economic activity, majority have since lowered their lending rates.
Here is the list of banks in Uganda with the lowest interest rates
1.Absa Bank
2.Bank Of Baroda
3.Bank Of India
4.Citibank
5.Ecobank
6.NC Bank
7.Stanbic Bank
8.Standard Chartered Bank
9.United Bank Of Africa
10.Exim Bank
According to the Monetary Policy report for August 2020, the banks in Uganda listed above kept their lending rates below industry average I the first six months of the year.