INVESTRUST Bank Cuts Lending Rates By 4 %

INVESTRUST Bank has answered Government’s call for lower Kwacha base lending rate by reducing it from 20 percent to 16 percent per year.
This measure is with effect from tomorrow (November 1, 2011).
Investrust Bank managing director Friday Ndhlovu said the reduction follows numerous appeals and complaints from customers and other stakeholders over the high interest rates prevailing in the country.
Mr Ndhlovu said in a statement issued in Lusaka yesterday that the reduction relates to facilities to be granted after October 31.
“The bank took advantage of the strategic planning workshop held last week to discuss this very important subject and after a careful review of the various factors that we always take into account when determining interest rates, we found it necessary to review our base rate downwards,” he said.
Mr Ndhlovu said the bank reviewed its cost structure to ensure it optimises its operating costs and enhance the level of efficiency for the bank to be able to afford such significant reduction.
“The move is aimed at supporting Government’s desire for a vibrant local economy and we are hopeful that with the reduced cost of borrowing, as many businesses as possible will be able to access affordable credit to grow their businesses,” he said.
Mr Ndhlovu said as a local bank, its passion is for a flourishing local private sector and will remain committed to supporting efforts aimed at having a vibrant local economy.

Posted by Editor on October 31, 2011. Filed under BUSINESS. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

13 Responses to INVESTRUST Bank Cuts Lending Rates By 4 %

akadajah

October 31, 2011 at 9:02 am

90 days promise is working. viva PF
Babes

October 31, 2011 at 9:17 am

Welcome news.
Amake B

October 31, 2011 at 9:44 am

We hope the other banks can follow suit in the near future.
weno

October 31, 2011 at 10:14 am

Even these other lending institutions can emmulate this gesture. its so encouraging to hear such developments.
wasa

October 31, 2011 at 11:28 am

The bank can do better than what it has done.Any way a step in the right direction that other banks need to emulate
IN 90 DAYS

October 31, 2011 at 11:44 am

STANDARD CHARTERED BANK YOU ARE NEXT
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marvis

October 31, 2011 at 1:27 pm

well done investrut bank we hope other foreign banks will emulate you other banks are just exploiting zambians viva investrust bank
nckbnd

October 31, 2011 at 2:09 pm

90dayz promise is workin hpe dis other foregn banks can do da some
Dien

October 31, 2011 at 2:48 pm

Too late me, ninakongola kudala.
lady

October 31, 2011 at 3:30 pm

Ah Ah…ohhh so bama pasa ma loan ba investrust? Im there!
ba guy

October 31, 2011 at 3:41 pm

Nidown
samuel

October 31, 2011 at 4:32 pm

i was jst about to leave investrust now can someone tell me why you dont give loans to pipo with bayport on there payslips mwaka wakwenshiya