average interest rate to borrow money from jamaica bank

Question from Martin, West Virginia, USA:

"What is the average rate to borrow money at this time?"

Answer by Wellesley:

Hi Martin! Jamaica’s lending rates depend on what type of loan you're looking at—personal, business, or mortgage—as well as the bank and collateral involved. Here's a clear breakdown:

The Bank of Jamaica’s policy rate currently stands at 5.75% as of May 21, 2025, following a recent rate adjustment.

However, what matters most to borrowers are the commercial bank rates. Here's a snapshot of the average rates from major banks:

• Scotiabank Jamaica: Personal Loans range from 18.00% to 24.99% APR, Mortgages are around 8.50% to 12.49%, and Auto Loans fall between 10.10% and 14.75%.


• First Global Bank: Commercial loan rates start from about 18.75% annually.


• JN Bank: Small business loan rates range from 15% to over 30%, depending on the product and risk profile.


• Sagicor Bank: Commercial mortgages are being offered around 12.95% per annum.

In summary: Typical consumer loan rates fall between 18% and 25% APR, while mortgages and auto loans range from 8% to 15%. Business loans can vary more widely, often from 12% to 30% based on security and loan type.

If you're exploring borrowing in Jamaica, always check directly with the bank for the most current product rates and ask if the quoted figure is an Annual Percentage Rate (APR) or Effective Annual Interest Rate (EAIR).

📚 Recommended reading: Jamaica on a Budget – Discovering Paradise Without The Price Tag!

Last updated: May 21, 2025