No respite for borrowers as more banks hike loan rates

The trend comes from the government's increase of debt security sales. [iStockphoto]

More banks have joined the race to increase the cost of loans, with interest rates expected to pass the 20 per cent mark, leaving already squeezed borrowers with a massive debt servicing burden.

NCBA Bank Kenya is the latest top-tier lender to write to its customers, explaining the change under the new terms, ushering more pain for borrowers.