Hellenic Bank cuts its base interest rates by 1%
- 1% reduction in the interest rate for credit cards
- As a result, either the outstanding balance is reduced or the payback period shortened
In line with its commitment to support Cypriot households and enterprises, Hellenic Bank is reducing all its base interest rates by 1%. This reduction applies to all performing and non performing loans linked to the Bank’s base interest rate.
Specifically, the base rates of the Bank set as follows:
The Bank’s reduced interest rates, effective from 1st March, will automatically cause either a reduction of the loan repayment instalments or shorten the repayment period, without any need for additional procedures, in accordance to the customers’ loan agreements.
From March 1, the interest rate of all credit cards will also be reduced by 1%.
Hellenic Bank considers this another positive step towards reviving the Cyprus economy. At the same time, it reaffirms its commitment to continue to work with the Central Bank and the Ministry of Finance, to find solutions to the complex problems that have caused the economic crisis.
Source: Hellenic Bank
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