Scotiabank has announced it is reducing interest rates for mortgages and small business loans to new lows.
The bank revealed new reduced loan rates of 6.99 per cent for mortgages and 9.99 per cent for Small Business Loans at its Annual General Meeting last Friday.
“Scotiabank will now lead the market with a 6.99 per cent rate for residential mortgages, the lowest among local banks and building societies,” the bank said in a statement. With regard to small business loans, Scotiabank said the 9.99 per cent interest rate for small business loans that will be funded by a special $3 billion fund.
President and CEO of Scotia Group Jamaica, David Noel, expressed optimism about Jamaica’s economic outlook and announced that the bank would cut its loan rates in this regard.
“We believe these new rates are important to help drive the expansion of credit in the market and we anticipate a very positive response from the public,” Noel said, noting that the single digit rate offers a strong opportunity for companies to expand their operations.”
He added: “One of our strategic priorities at Scotiabank is to offer value and be our customers’ financial partner for growth and development.”
Executive Vice President of Retail Banking for Scotiabank Jamaica, Audrey Tugwell Henry said "Home ownership is a huge priority and often the number one financial goal for our clients so we are very pleased to offer this.
