I
Loans
Interest Rate
The percentage charged by a lender on the outstanding loan balance, usually expressed as an annual rate. In South Africa, the National Credit Act caps interest rates depending on the type of credit agreement.
Usage Examples
"The interest rate on my personal loan is 18% per annum."
"Short-term loans can have interest rates as high as 5% per month under NCA regulations."
"A lower interest rate doesn't always mean a cheaper loan — check the APR instead."