4U2K Hire Purchase and Credit Sales Act !

Irshad JACKARIA

Did you know that when the Hire Purchase and Credit Sales were enacted in the year 2000, the interest rates were at that time at a maximum of 24.8% with a penalty rate for late payment, not exceeding 8.0%?

This was revised in Nov 2012, with interest rates to be a maximum of 19.0% and penalty rates not exceeding 5.0%. And, again, this was revisited in Mar 2015, with interest rates to be a maximum of 12.0% and penalty rates not exceeding 2.0%.