Last Updated on August 28, 2023 by ufiling
The prescribed interest rate is the maximum rate at which interest can be charged on certain types of debts or transactions in South Africa. It serves as a benchmark for various legal and financial purposes.
The Prescribed Rate of Interest Act sets the prescribed interest rate at a default rate of 10.25% per annum. This means that if a specific rate of interest is not agreed upon between parties in a contract or agreement, the default rate of 10.25% per annum applies. It applies to a wide range of scenarios, including but not limited to:
- Court-awarded judgments: When a court orders the payment of a debt, the prescribed interest rate may be applied to calculate the interest on the judgment amount.
- Delays in payment: If a debtor fails to pay a debt by the agreed-upon due date, the creditor may be entitled to charge interest at the prescribed rate on the overdue amount.
- Claims for damages: In cases where a person suffers harm or loss due to the actions of another party, they may be entitled to claim interest on the amount of damages awarded.
It’s important to note that the prescribed interest rate can change over time. Therefore, it’s advisable to consult the latest information from reliable sources such as government publications, financial institutions, or legal professionals to obtain the most accurate and up-to-date information on the current legal interest rate in South Africa.
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