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See how C6 Bank, Itaú, Santander and other institutions are introducing a new method to obtain additional funds. Learn more!
After the joint ruling by the STF (Federal Supreme Court) just last Monday (11), the validity of granting payroll-deducted loans to BPC (Continuous Cash Benefit) beneficiaries became clear. As a result, 6 banks informed InfoMoney that they were reintroducing this offer: Banco do Brasil, Bradesco, C6 Bank, Itaú, PagBank and Santander.
Social Assistance legislation defines the BPC Loas for seniors over 65 and individuals with disabilities who demonstrate low income. In addition, to qualify for this benefit, applicants must have an income of no more than one-quarter of the minimum wage per household member, equivalent to R$ 330.
STF ruling
Payroll-deducted loans for BPC beneficiaries were initially established by Federal Law No. 14,431, ratified in August 2022 by the then head of state, Jair Messias Bolsonaro (PL). However, at the beginning of this year, specifically in March, a decree that restructured Bolsa Família paused access to this financing.
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With the STF’s recent ruling, the legality of payroll-deducted loans for BPC beneficiaries was therefore consolidated, facilitating the return of this option for this group.
After the STF’s approval, the INSS (National Institute of Social Security) issued a regulatory directive enabling BPC credit. The updates allow beneficiaries to commit up to 30% of their income to financing and an additional 5% to a card or withdrawals.
Institutions offering the option
After the directive was published, at least 6 banks had already activated credit for beneficiaries of the plan, which guarantees a minimum wage. The banks that enable this option include:
- Banco do Brasil;
- Bradesco;
- Itaú Unibanco;
- Mercantil;
- C6 Bank;
- Santander.
BPC payroll-deducted financing offers the chance to pay in up to 84 installments, over seven years. The maximum rates are set at 1.91% monthly for loans and 2.83% monthly for cards. However, these percentages may vary depending on the institution.
About BPC
To access BPC, in addition to the criteria already mentioned, it is essential that beneficiaries be registered with CadÚnico (Single Registry). Additionally, it is worth noting that INSS contributions are not required to receive the benefit.
Today, approximately 5.5 million Brazilians benefit from the Continuous Cash Benefit, with at least 1.7 million of them having already taken out payroll-deducted loans.
