Bank of Industry Reduces Interest Rates to 8%

• Bank of Industry Reduces Interest Rates to 8%

In an effort to ease the economic impact of COVID-19 on businesses, the Bank of Industry has joined the list of financial institutions adjusting interest on loans to reflect current economic reality.

The bank said it has reduced interest rates on all its funded projects by two percent from ten percent per annum to eight percent.

The lender said the new interest rates, which took effect from April 1, had been communicated to customers and partnering financial institutions.

In a statement issued by the bank, it said the move was in line with the presidential directive on loan moratorium to easy COVID-19 burden on businesses and individuals.

The bank also said it has approved a moratorium period of three months to customers.

It, however, added that customers that need more time could apply for a further extension of up to one year.

Bank of Industry said it has gotten the Nigerian Content Development and Monitoring Board to reduce interests on credit facilities approved under its managed fund from eight per cent to six per cent.

It said: “All intervention funds granted by the Central Bank of Nigeria and disbursed by the Bank of Industry have been covered by the CBN’s palliative measures, which include moratorium extension and interest rate reduction to five per cent per annum.”