Nacional And Popular Lower
Interest Rates
Both the Banco Nacional (BN) and the Banco Popular, following the
lead of the Banco de Costa Rica (BCR) this week, announced a drop of
2% points in their interest rates. The move is in line with the call
by Costa Rican president, Oscar Arias, last week as part of his
"Plan Escudo" to face the economic crisis.
The rate drop will be effective as of February 15 at the Nacional
and in March at the Popular. Both financial insitutions say the
lower rate will be held for the next 24 months.
At the Nacional the lower rate is only applied to mortgage loans
less that ˘50 million colones and to all loans under the BN
Desarrollo.
At the Popular, the lower rate is applied to all mortagages no
matter of their value. In the case of small and medium sized
business loans, each loan will be dealt with on a case-by-case
basis. The bank says that extensions and grace periods may be
applied to business loans in addition to the lower rate.
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