Fresh pain for borrowers as banks rush to raise rates, again

Interest rate increments come at a time when the high cost of living is already squeezing Kenyans hard. [iStockphoto]

Banks have started steeply increasing the cost of loans, with interest rates expected to pass the 20 per cent mark, leaving borrowers with a massive debt servicing burden, a spot check by The Standard shows.

The increments come at a time when the high cost of living is already squeezing Kenyans hard.