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After CNPS announced the INSS payroll loan rate, find out the decision regarding interest rates at the main banks!
On October 11, the National Social Security Council (CNPS) decided to reduce 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, announced that they would adjust their rates according to 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 reduction in rates for this type of loan. Find out the decision regarding interest rates at the leading banks!
INSS payroll loan rates at state-owned banks
In this way, Caixa adopted the reduction in the benchmark 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 CNPS.
Similarly, Banco do Brasil clarified that the interest rate for INSS payroll loans follows the current regulations. Thus, the rates set 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 established before the CNPS decision, the bank emphasized that the interest on INSS payroll loans is in line with the amount 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 of interest on INSS payroll loans.
