Last Updated on September 21, 2023 by ufiling
SARS (South African Revenue Service) is primarily responsible for administering tax laws in South Africa. SARS does not directly control interest rates on loan accounts. Interest rates on loans are determined by various factors, including market conditions, the prevailing interest rate set by the central bank, and the policies of individual financial institutions.
In South Africa, the South African Reserve Bank (SARB) sets the benchmark interest rate, known as the repo rate. The repo rate influences the interest rates offered by commercial banks and other financial institutions. Changes in the repo rate can have an impact on the interest rates charged on loans, including personal loans, mortgages, and other types of credit.
To obtain the most accurate and up-to-date information on interest rates for loan accounts, it is recommended to contact specific financial institutions or consult their websites. Banks and other lenders typically provide information on their current interest rates, terms, and conditions for various types of loans they offer.