The prime rate in South Africa refers to the average rate of interest charged on loans by major commercial banks to private individuals and companies. The current prime lending rate in South Africa is 11.75%, based on a repo rate of 8.25% as determined by the South African Reserve Bank. The prime lending rate is the minimum rate banks will charge on a loan. The South African Reserve Bank determines the prime rate, and it is used as a point of reference by lenders. The prime rate varies, so it is important to check its value before signing a loan contract, and to see whether you can negotiate a better interest rate.