If the repo rate goes down, prime goes down, and you get to share in those savings.” For example, prime plus 1.75% at today’s rates means 10.25% + 1.75%, an effective rate of 12% interest. If the repo rate goes up by 0.5% and the banks increase prime by 0.5% as well, that loan would still be prime plus 1.75%, South Africa Prime Rate. South Africa Prime Rate results in real time as they're announced. Read related news and analysis, get historical data, and see the immediate global market impact. Prime overdraft rate (predominant rate) is th benchmark rate at which private banks lend out to the public. Show More. 1Y; 2Y; 5Y; MAX In South Africa, lending rate refers to commercial banks prime overdraft rate. It is a benchmark rate priced at 3.5 basis points above the repurchase rate and it is used by banks to price the lending rates offered to clients at either above or below the benchmark rate.