Business and Technology

Stanbic Bank Zambia announces interest rate hike on loans

Stanbic Bank has announced an increase in loan interest rates following the adjustment in the Monetary Policy Rate (MPR) by the Bank of Zambia. On 24 November 2021, the Bank of Zambia announced an increase in the MPR by 50 basis points from 8.5 to 9.0%.

“Consequently, we hereby notify our esteemed customers that interest rates for local currency loans and advances that are linked to the bank of Zambia MPR will be adjusted upwards by 50 basis points from 8.5 to 9.0% effective 3 December 2021. The increase in MPR will affect loan repayments through an increase in loan tenure or an increase in monthly repayments,” the notice read.

“We, therefore, encourage our customers to take advantage of the notice period between now and the stated effective date to contact the bank and advise their preferred option failure to which the bank will proceed to increase their monthly instalments.”

In other news – Latest on Man who dragged a girl out of the car – This is what really happened

Social media went abuzz yesterday following the video of a girl who was being dragged out of the Mercedes Benz V-class car.

Princess Mtetwa

It ended in tears after the lady wearing a white outfit who goes by the name of Princess Mtetwa on social media platforms was dragged out of the car by the driver. ”Get out of my car, is that how you get money from men,” the driver said as the girl kept on apologizing. Learn More

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