articles | 05 February 2014

Business loan rates on the rise

Interest rates for business loans of up to a million euros rose at the end of last year after a fall last August, recent data from the Central Bank showed.

However, housing loan interest rates continued to fall in December 2013 along with the rates for consumer loans. Interest rates for housing loans dropped to 4.67% in December from 4.71% the previous month. Adding other bank charges raises the rate to 4.93% as opposed to 4.99% in November. Rates on consumer loans also dropped to 6.0% from 6.57% in November. On the other hand, the interest rate on business loans of up to a million euros rose to 6.0% in December from 5.62% the previous month. The interest rate on business loans of over a million reached 5.23% compared with 4.26%. The interest rate on one year fixed-term deposits for households also went up – 2.23% from 2.20%, as did the two-year deposit, 4.08% from 3.37%. The rate for three-month deposits dropped slightly in December – 1.84% from 1.85%.

Source: Cyprus Mail

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