“Relief for Colombians as Banks Lower Interest Rates amid Economic Slowdown”

In days of high costs and economic slowdown like the ones the country is experiencing, announcements like that of most banks on lowering their interest rates They are a relief for many Colombians, especially when it comes to applying for a loan.

Even though the Banco de la República, in its purpose of dealing with inflation, raised its interest rates to 13.25%, Financial entities such as Bancolombia, Davivienda, Banco de Bogotá, Banco de Occidente, Bbva, Pichincha and Scotiabank Colpatria decided to lower their rates for credit cards by more than 50%.

What’s more, in recent days they have adapted this measure to their other segments, among them, mortgage credit and that is why today interest rates are between 11.90% and 14.10% annual cash (EA) for social interest housing (VIS), and between 14.40% and 18.60% EA for non-VIS housing.