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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