Interest rates on overdrafts and consumer loans fall - BoA indicators averaging the activity of banks and non-banks
Average interest rates on consumer loans fell further in the second half of last year. According to data from the Bank of Albania, the average effective interest rate on loans up to 200 thousand lekë fell to 70.91%, from 71.39% in the previous half-year and 89.22% and 74.78% in the second half of 2023.
For bank advances (overdrafts) up to 200 thousand lek, the average effective rate decreased to 13.9%, from 14.04% in the first half of 2023 and 13.93% in the second half of 2023.
Meanwhile, for credit cards up to 200 thousand lek, the average interest rate increased to 20.47%, from 19.7% in the first half of the year, but was slightly down from the level of 20.54% in the second half of 2023.
Even for installment loans worth 200 thousand to 600 thousand lek, the average effective interest rate fell to 27.42%, from 28.07% in the first half of the year.
For loans ranging from 600 thousand to 2 million lek, the average interest rate dropped to 11%, from 11.68% in the first half of the year.
The above interest rates are calculated on all consumer loans granted by banks and non-bank financial institutions, based on the factual data reflected in the Credit Register of the Bank of Albania. The average effective interest rate does not only mean the nominal interest rate of the loan, but all costs charged to the client for the loan, including commissions or other fees.
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