I&M Bank has announced a reduction of its loan interest rates by 0.5%, effective December 23, 2024, following a 0.25% Central Bank reduction implemented on Thursday, November 28.
The interest rate reduction is expected to provide much-needed relief to businesses and individuals who have been grappling with higher rates for the better part of the year.
The rate reduction follows the Central Bank of Kenya’s decision to cut the Central Bank Rate (CBR) from 12.75% to 12.0%
I&M Bank is the latest Kenyan lender to cut loan rates after the Central Bank of Kenya reduced the base lending rate.
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