Standard Chartered Bank Launches Campaign to Ease High Cost of Living in Kenya

At the beginning of 2022, Covid-19 in Kenya eased, heralding a new hope for businesses and rejuvenating businesses. Five months later, the cost of living has worsened, and Kenyans are finding it extremely difficult to make ends meet.

In Kenya, the economy remains far from normal. Commodity prices are rising at a faster rate and inflation has already crept into a broad range of products and services. Patterns of businesses, work, and spending, which were disrupted by the pandemic, has been slow to readjust.

In April, the Kenya National Bureau of Statistics (KNBS) announced that the inflation rate rose from 5.56 per cent recorded in March to 6.47 per cent. Food prices, fuel, and other essential services have become unaffordable for many individuals and households, and Kenyans are feeling gloomier about the economy today more than ever.

The increasing inflation results from various factors, including policy failures that have led to a significant rise in the cost of living. Additional and high taxation rates, the spiralling national debt, and corruption have placed punitive financial strains on ordinary Kenyans.

The increased cost of living has forced people to make adjustments to how they are paying their bills. Some of the changes include cutting back on essentials, borrowing from family and friends, taking out loans or credit cards, dipping into savings or overdrafts or selling items to cover essential spending.

Some have cut back on basic items such as groceries, school supplies and medicines – all in a bid to make ends meet.

With inflation treading the high levels, the government and businesses must take action to support vulnerable people, especially those who could find themselves in a desperate situation as the cost-of-living crisis continues to worsen.

Fortunately, companies such as Standard Chartered Bank are introducing strategies to ease Kenyans’ financial burdens. Standard Chartered Bank’s Retail Business is launching a 60 days loan campaign aimed at helping Kenyans continue their goals and aspirations and ensure that their objectives of growing their business, taking kids to school, investing, and saving remain.

The campaign targets personal loans, credit cards, mortgages, business working capital, and business loan against property (Business mortgages).

https://twitter.com/StanChartKE/status/1526446406780588033?s=20&t=PgPOCG3nGKnvoa-mTHgwIA

The details of the campaign are as follows:

Personal Loan Offer

With the StanChart personal loan offer, you can take a loan and start paying after 75 days and a tenor of up to 72 months. Interest rates start from 13 percent. You can also move your loan to Standard Chartered at zero arrange fees to enjoy the repayment holiday. In addition, every day, the 10th and 20th successful personal loan application will get a salary cashback of up to Kshs 50,000.

There is no other bank in the country offering such a loan repayment in Kenya. Also, the interest rate is comparative in the market.

Credit Card Offer

The credit card offer by SC allows you to take any credit card and enjoy zero annual fees for the first year. This gives you access to easy payment plans for any purchases above 20,000 shillings.

Better yet, you can also enjoy good savings by giving you up to 5 percent cashback on fuel and dining. This cashback is loaded back into your card every month.

The credit card offers rewards for you points that you can redeem in outlets in Kenya – Chandarana, Bata, and Nairobi Sports House, among others.

How is this any better? No other bank in Kenya is offering a waiver on annual fees for the first year.

Mortgage

Sometimes, if you are considering porting or transferring your mortgage, it makes the most sense to do it when your mortgage rate is lower than what is currently being offered by other lenders. The current SC campaign makes it easy for you to take advantage of such benefits.

You can easily apply or move an existing mortgage to Standard Chartered and get a rate of 11.75 percent! Best of all, you can top up this mortgage and get even better rates.

 The 11.75 percent is currently the lowest rate in Kenya, making it quite attractive and a viable option to easily own that home in a few years easily!

Business Mortgage/Business Working Capital

This is another opportunity for businesspeople to take advantage of an offer with the lowest rates in the country. This option is desirable if you are looking to unlock the value of your property and grow your business.

The upside of this SC offer is that you can take a business mortgage, or a business working capital and enjoy rates of 12.5 per cent with an arrangement fee of 1 per cent and zero valuation fee. Additionally, the business mortgage is processed and guaranteed in only 36 hours!

These SC offers are a great deal if you are looking to cushion your financial future against the high cost of living and the uncertain and potentially polarizing election year. And it is all so important now that we are nearing the August general elections. As is often the case, elections in Kenya are usually accompanied by declining economic activities and reduced investments as businesses and investors adopt a “wait and see” attitude in case of any election-related violence or unforeseen changes in government.

Therefore, whether it is Personal Loans, Credit Card, Mortgage or Business Loans, now is the time for legit deals with the Standard Chartered Bank. Check out more details and the terms and conditions of these offers through this link.

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