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Usury Act maxima lending rates increase
The Usury Act maxima lending rates increased on 7 March 2007. The Minister for Department of Trade and Industry increased the annual finance charge rates provided for in section 2(1), (2) and (3) of the Usury Act, No 73 of 1968. The increase was announced in The Government Gazette Notice 26 February 2007, No. 29661.
The way the Usury Act maxima rates are calculated has also changed.
New rates are as follows:
- For transactions below R10.000 [(repo rate (9%) plus one third thereof plus 11 percentage points] = 23%
- For transactions exceeding R10.000 [(repo rate (9%) plus one third thereof plus 8 percentage points] = 20%
Please contact any Standard Bank branch should you have any questions relating to this.
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