At least one of the major commercial banks has already suspended unsecured lending following Wednesday’s signing of the Bill capping interest rates.
A staff at the bank told the Star that they received an email from the head office with instructions that they suspend processing of any unsecured loan.
"We are not accepting new applications for all unsecured loans, including the ones pegged on payslips or salary loans. But other loans where you have security like a title deed we are processing," said the banker.
"Our bosses have been in and out of meetings after the signing. We are just waiting for further instructions on the way forward," said the banker.
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