I&M Bank has announced that it has reduced the interest rate on its Kenya Shillings based loans by 2.00% effective 01/03/2025. This will be the second time that the bank has reduced interest rates on its loans after reducing lending interest rates by 0.75% in the 4th quarter of 2024.
This reduction is, however, subject to the applicable customer risk profile. This brings the total reduction in lending interest rates to 2.75% in recent months.
I&M Bank becomes the latest financial institution to lower its interest rates after the likes of KCB and Co-operative Bank. This is in response to the Central Bank of Kenya’s (CBK) recent decision to lower the Central Bank Rate (CBR) and the Cash Reserve Ratio (CRR).
Gul Khan, CEO of I&M Bank Kenya, said, “This action reflects our commitment to making credit more accessible and affordable for both businesses and individuals. We understand the challenges our customers face in the current
economic environment and this reduction will provide meaningful relief while supporting Kenya’s economic growth.”
This move aligns perfectly with I&M’s brand promise to always be ‘On Your Side’ and demonstrates our readiness to respond timely and positively to policy changes that benefit our customers.