Bank of Cyprus reduces interest rates on loans

Bank of Cyprus, the largest lender on the island, has announced a series of decisions regarding interest rates, which are expected to benefit a large number of existing and new consumers.

According to the decisions, the basic interest rate on housing loans is reduced from 4,25% to 3,50%.

In addition, the Bank of Cyprus offers the opportunity to its existing clients (permanent citizens of Cyprus) who have a housing loan with an interest rate of more than 4,75%, to opt for the new basic interest rate and reduce their rate to 4,75%.

Additionally, the Bank introduces the basic rate for business facilities at 4,25%. The Bank offers the opportunity to its business clients to secure a significant reduction in their loan interest.

The benefit of the reduction depends on the circumstances of each client and it is expected to be up to 1%, and in some cases much more.

Decisions have also been taken on personal loans and car loans, and concern the reduction of the interest rate between 1.25% and 2.50%.

These decisions will come into effect as of August 17.