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Recipients of the BPC (Continuous Benefit Payment) will once again have the chance to access payroll-deducted loans through certain banks. This credit option, suspended since March of this year due to decisions by the Federal Supreme Court (STF), received legal approval from the judges on the 11th of the same month.
Therefore, banks are authorized to resume offering this type of loan, with deductions made directly from the benefit payment. In this text, we will take a closer look at the reactivation of BPC payroll-deducted loans and the terms proposed by the banks.
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The Compliance of BPC Payroll-Deducted Loans
The BPC, an initiative of the National Social Security Institute (INSS), assists more than 1 million people in Brazil. This benefit is intended for people over 65 and low-income individuals with disabilities, with a monthly amount of R$ 1,320.
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Before the beginning of this year, several BPC beneficiaries could apply for payroll-deductible loans, that is, credit with installments deducted directly from the benefit. However, in March 2023, this credit service was put on hold for review by the STF.
The verdict regarding the legality of the BPC payroll-deductible loan took place on September 11, and the judges concluded that this form of loan complies with the law. Thus, banks were authorized to once again offer payroll-deductible loans to BPC beneficiaries.
Terms of the BPC Payroll-Deductible Loan
After the STF's decision, some terms were established for granting BPC payroll-deductible loans. This credit may commit up to 35% of the benefit amount, with 30% allocated to the loan and 5% to the credit card. Additionally, caps were set on the interest charged by banks.
Banco do Brasil is among the institutions that will offer BPC payroll loans, with interest rates between 1.76% and 1.89%. Itaú will also introduce this type of loan, with an interest rate of 1.91%. Mercantil and C6 Bank are among the banks that will reintroduce BPC payroll loans, with rates of 1.91%.
Bradesco, despite confirming its participation, has not disclosed details regarding its interest rate. Mercantil is the only one among these banks that will also offer payroll loans through a credit card, with rates of 2.83%.
Advantages of BPC Payroll Loans
The reintroduction of BPC payroll loans offers multiple benefits to their holders. This credit service is a more viable way to obtain financial resources, since interest rates are usually lower than those of other types of credit. The automatic deduction from the benefit minimizes the risk of late or missed installment payments, providing greater protection to the holder.
Read also: BPC and Bolsa Família Simultaneously: Who is eligible for both benefits?
Payroll-deducted loans can also remedy emergency circumstances or make personal projects possible. With the ability to commit up to 35% of the benefit amount, BPC beneficiaries can use this resource to pay off debts, carry out home renovations, invest in education or even enjoy recreational moments with their families.
In addition, the reinstatement of BPC payroll-deducted loans represents an opportunity for beneficiaries of this program to obtain financial resources more affordably and safely. With the terms defined by the STF, banks can offer this type of credit, deducting the installments directly from the benefit.
It is crucial for BPC beneficiaries to consider their needs and possibilities before taking out a loan, always opting for the best terms and interest rates. Payroll-deducted loans can be the solution for emergency situations or to carry out personal projects, provided they are used consciously and carefully.
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