Proshare Logo
   Market Date: 30-01-2015   
Agriculture ARTS FINANCE All One Min News Archives Bonds Cap Mkt Sentiments Capital Market CASHLESS NIGERIA Commodities Corporate Earnings Daily & Weekly Market Updates Elections Enterpreneurship ETFs Forex Frauds & Scandals General Global Market Insurance Investors NewsBeat Islamic Finance Mergers & Aquisitions Money Market Mortgage Mutual Funds Nigeria Economy Oil Sector Opinions and Analysis Pensions People Personal Finance Politics Power Products & Services Professionals Property Public Offers Private Placements Regulators REITs Stock PICKS Taxation Telcos Travel & Tours Unlisted OTC MARKET World of Business

Diamond Bank Cuts Lending Rates

Category: Capital Market

  Read (3981)
Diamond Bank Cuts Lending Rates


Diamond Bank has cut all its retail lending rates to make loans more affordable by the people. The bank in a statement said it is also planning to launch Nigerian’s first ever fixed mortgage rate. 


The statement said: “Diamond Bank has dropped interest rates on all retail lending products by up to 5 per cent per annum.” He pointed out that the rates apply to all new lending from 1st April, 2010 and will also apply to all existing borrowing that is not delinquent while all delinquent debt or customers in default will stay on their existing rate until the accounts are regularised. 


“As part of our contributions towards boosting the growth and development of the Nigerian economy, especially at this critical period of recession, we are expanding our lending window. We have even moved a notch up in this initiative by crashing all our retail lending rates. Doing this, we strongly believe will create access to facilities required to drive the economy” the statement said.


Among the affected consumer products are Mortgages loans now pegged at 20 per cent variable with 2 per cent one off fee and the usual security and insurance requirements; auto Loans, which is now 22 per cent variable with 2.5 per cent one off fees; Personal Loans and Leases which is now 23 per cent variable with 2.5 per cent one off fees; while the Macro, Small, Medium Enterprises (MSME) that are (secured)- revolving credit and asset purchase loans is 24 per cent with 2.5 per cent one off fee; MSME (unsecured) - revolving credit and asset purchase loans is 25 per cent plus 2.5 per cent one-off fee.


The statement said: “We are fully aware of the challenges many Nigerians are passing through in acquiring their dream homes. That is why we are setting the pace in the mortgage industry with the introduction of our new Fixed Rate Mortgage pegged at 18.75 per cent fixed until 30th September 2011. It comes with a fee of N125, 000 plus the normal 2 per cent fee in addition to security and insurance arrangements.”


Tags: , 

Comment With Your Facebook or Yahoo! ID

Latest news

News on Capital Market

About Us

Who We Are
Our Team & Partners
Corporate Governance
Advertise with Us
Subscribe / Unsubscribe
Site Map
News Feed - RSS
Contact Us
Volunteer Program
Message from CEO

News & Features
The Analyst / Market Data
Investor Relations Portal
The Regulator
Economy & Politics
Training Portal
Events Calendar
NewsStands - Online Reputation

Products and Services

Research & Market Intelligence
Analyst Services
Offers & Rights Support Service
Investor Relations Services
Alert & Subscription Services
Share Support Services
Proshare Consult
Event & Seminar Coverage
Market Directory
File a Complaint
News & Analysis

News from TheANALYST
Video News from WebTV
Money Market Updates
Opinions & Analysis
Nigerian Economy
Market Data
The Regulator
Discussion Forum

Subscriber Agreement
Privacy Policy
Data Policy
Copyright Policy
Comments in Site
Advertising Code
Conflict of Interest
Content Partnership
3rd Parties

Online Trading and Execution
Legal Support Services
Web/Technology Services
File a Complaint

CBN Governor 2014