The latest Annual Percentage Rates (APR) and Average Interest (AI) report by the Bank of Ghana has shown that Unibank still leads as the bank with the most expensive rate on vehicle loans.
For three consecutive times, Unibank’s rate on your car loan has hit 45.5 percent from the 40.8 to 45.8 percent as at August last year. The rate is higher than the industry average of 34.3 percent.
The report however stated that though Standard Chartered Bank offered the lowest vehicle loan of 18 percent, the rate could however go as high as 33 percent depending on other factors.
Of the twenty-one banks that offer vehicle loans to customers, Unibank’s 45 percent was the highest. This is the third consecutive time the indigenous bank is leading with the most expensive rates.