Cost of Credit Calculator app available on playstore

A new app, credit calculator that is aimed at helping customers to compare interest rates from different banks has been developed using the Kenya Bankers Association (KBA) APR rates.

KBA is the financial sector’s leading advocacy group and the umbrella body of the institutions licensed and regulated by the Central Bank of Kenya (CBK) with a current membership of 47 financial institutions.

The association has continued to reinforce a reputable and professional banking sector in a bid to best support Kenyans, who entrust their ambitions and hard-earned resources with its member banks.

According to the app developer, the Cost of Credit Calculator is a must have for those people who want to know which bank offers the best rates for a loan.

“This tool provides you with an estimated APR which is a numerical value that captures the loan interest rate plus all associated costs,” says the developer.

The Annual Percentage of Rate charge (APR) Calculator was developed by Kenya Bankers Association.

The version 1.87 app is available on Play Store for free.

The website

The app comes just a few months after Kenya Bankers Association (KBA) announced the official launch of Cost of Credit website.
The website provides information on fees and charges relating to loan products offered by commercial banks and microfinance banks; specifically, personal secured loans, personal unsecured loans, and mortgage loans.

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