NEWSFLASH 

With lowering of repo rate (RR) to 5,0% and prime lending rate of banks to 8.5% with effect 20/07/2012, credit providers who grant unsecured and secured credit/loans must lower their interest rates according to formulas:

Unsecured credit/loans

Formula: [(RR x 2.2) + 20%] per annum

          = [(5,00% x 2.2) + 20%] per annum

             = 11,00% + 20% per annum

             = 31,00% per annum.

Secured credit/loans

Formula:  [(RR x 2.2) + 10%] per annum

          = [(5,00% x 2.2) + 10%] per annum

             = 11,00% + 10% per annum

             = 21,00% per annum.

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