After the CNPS announced the INSS loan rate, find out the resolution regarding interest rates from the main banks!
On October 11, the National Social Security Council (CNPS) decided to lower the interest rate on loans for retirees and pensioners of the National Social Security Institute (INSS) from 1.91% per month to 1.84% per month. As a result, Brazil's two largest state-owned banks, Caixa Econômica Federal and Banco do Brasil, have announced that they will adjust their rates in accordance with the new limit.
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On the other hand, the previous week, the Brazilian Federation of Banks (Febraban) indicated that several banks could pause the offer of payroll loans due to the decrease in rates for this type of loan. Discover the resolution regarding interest rates of the dominant banks!
INSS loan rates at state banks
Caixa thus adopted the reduction in the basic interest rate (Selic) made by the Central Bank on September 20. Thus, the state-owned bank sets interest rates starting at 1.64% per month for INSS beneficiaries. The institution also clarified that its maximum rate is below the limit suggested by the CNPS.
Likewise, Banco do Brasil clarified that the interest rate on INSS loans follows current regulations. Thus, the rates established by the bank range from 1.72% to 1.84% per month. The maximum repayment period for the loan is 84 months.
Private financial institutions
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While Banco Inter confirmed that it will maintain the rates and conditions previously established before the CNPS decision, the bank highlighted that the interest on the INSS payroll loan is in line with the value determined by the council.
Additionally, when contacted by EXTRA, Santander mentioned that it is evaluating how to implement the new guidelines. However, when contacted, Itaú and Bradesco did not comment. Finally, click here to check Febraban's opinion on the reduction in interest rates on INSS loans.
