GCB reduces interest on Personal Loans amidst other incentives

GCB Bank has reduced its interest rates on personal loans to 23 per cent per annum in what the Bank says are in line with measures to mitigate the impact of Covid-19 on clients.

As part of the measures, GCB Bank has also granted a two-month moratorium on both principal and interest repayment and increased loan tenor to five (5) years.

A statement issued by the Bank said it has also reduced total up-front fees and introduced a waiver on early settlement fees for top-ups.

“This follows a similar move last year when the Bank reduced its interest rate from 26 per cent to 24 per cent per annum,” the statement said, adding that “Over the past year, GCB Bank has undertaken various initiatives to alleviate the impact of covid-19 on customers.”

The statement quotes the Bank’s Board Chairman, Mr. Jude Arthur as saying during the Bank’s 27th AGM held virtually on Friday, 28th May, 2021, that the Bank engaged customers, identified those in the hardest hit sectors of the economy and supported them with concessionary rates and moratorium on principal and interest on loan facilities.

“As a result, the Bank restructured loans totalling GH¢799.92 million to 130 corporate and SME customers. The bank also invested in Personal Protective Equipment (PPE) and broader Covid-19 protocols to ensure the health and safety of clients and employees.”

Commenting on the initiative, the Managing Director of GCB Bank, Kofi Adomakoh stated that the Bank is conscious of the difficult economic climate and is focused on going the extra mile to help clients to navigate this difficult period seamlessly by providing direct intervention under very flexible conditions.

“As Ghana’s largest indigenous bank, we have the mandate to seek the interest and well-being of Ghanaians and to be at the forefront of Ghana’s socio-economic drive,” he added.