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The Financial Superintendence of Colombia updated the limits that banks can charge on their interest for the loans they handle with their clients.
Through Resolution No. 0769, the banking supervision entity certified the current banking interest for the period between September 1 and 30, 2020.
With the aforementioned resolution it was certified that the annual effective current bank interest for the consumer and ordinary credit modality was set at 18.35%, which represents an increase of 6 basis points (0.06%) in relation to the previous certification (18.29%) .
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The remuneration and default interest that may The collection of credit institutions was 27.53% annual cash, for the consumer and ordinary credit modality. It should be noted that the remuneration and default interest may not exceed 1.5 times the current bank interest, indicated the SFC.
The usury rate was 27.53% effective per year for the consumer and ordinary credit modality, a ceiling that represents an increase of 0.09% with respect to the one that was in force until August 31, 2020. Supervised establishments that exceed this interest will incur the crime of usury (Article 305 of the Penal Code.
