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Retirees and pensioners can commit up to 40% of your profits with loan, being 35% with payroll and 5% with credit card withdrawals. The government decision, signed by President Jair Bolsonaro last Thursday (1/10), was published yesterday in the Official Gazette of the Federation (2).
The new limit applies to loans granted until the end of 2020, during the term of the emergency public decree for the coronavirus pandemic. As it is a Provisional Measure, the new regulations came into effect immediately and was sent for approval by the National Congress. Before, INSS policyholders could commit up to 30% of their income with payroll and another 5% with credit card, totaling 35%.
The new margin applies to all policyholders, including those who already have a loan. However, the application of installments in higher amounts must be negotiated directly with the bank.
For the economist and coordinator of the MBA in Finance at Ibmec RJ, Filipe Pires, the government’s objective is to inject liquidity into the economy. However, a credit that is very advantageous for financial institutions, since the payment is made through a discount, can bring risks to the financial health of the consumer:
– We probably have a run to the banks to get that loan. The fact is that the average Brazilian does not plan and takes more credit than he can pay. This value even goes beyond the orientation of committing only 30% of the income in debt – says Pires: – as it is not possible to postpone this expense, perhaps people hire a more expensive one to subsidize the payment, tending to the unpayable.
The interest rates charged on payroll loans are lower than those of other credit options on the market, due to the low risk of default. According to the economist, the average rate in the five largest Brazilian banks is around 15.5% per year.
– It is a trend that, in a continuity of recession, relatives look for retirees, such as grandparents and parents, to raise money at a more viable value. Even if that person is very close, that person may not be able to pay the debt. So I recommend having a reservation specific to fill this gap if necessary – Pires guide.
Read More: Bolsonaro increases margin for INSS insured payroll loans
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Only during the first semester, the volume of payroll loans granted to beneficiaries of the National Social Security Institute (INSS) increased by almost 25% compared to the same period last year, and the number of active contracts already exceeds 34.4 millions.
The Brazilian Confederation of Retirees, Pensioners and Elders (Cobap) considers that, by authorizing the commitment of 40% of the income with this loan, the government assumes the risk of debt also, this portion of the population.
“Debt with the payroll loan for retirees and pensioners is already a reality. Cobap maintains that, especially at this time of crisis where retirees are responsible for a large part of Brazilian families, the creation of the 14th salary for retirees and pensioners is approved , Bill that is already pending in the Federal Senate, “he said in a note.
In order not to compromise income in the future, the coordinator of the MBA in Financial Management at FGV, Ricardo Teixeira, recommends do not take the consumer loan.
– There are many families that are united … that may be paying high interest rates for overdrafts. And that credit can lower interest rates and provide budget relief. But people should only take this loan if they need it, because it is a type of debt, he warns.
Teixeira also clarifies that the interest rate charged by the 35% borrowed is different from the one charged by the remaining 5%, available to withdraw with a credit card:
– The rate above this 5% is not as expensive as a standard credit card withdrawal because there is guaranteed payment. However, it is not as low as the fee charged for the payroll loan.
See also: The financed property can be used as collateral for the loan
What the banks say
THE Itaú, which offers payroll loans at 1.15% per month, for a period of up to 84 months, reported that it is already making credit available under the new conditions for retirees and pensioners. The loan is not exclusive to clients and can be requested through a cell phone application, Internet banking, ATM, branches or through a correspondent.
THE Bradesco, Santander and Banco do Brasil He replied that they are only waiting for the formalization of the Normative Instruction by the INSS to begin offering the payroll in a new limit. For clients who already had the loan in BB, the possibility of renewal remains.
Wanted, the ATM did not comment on the subject.
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