The pandemic caused by the coronavirus has had great impacts on the health sector, on our routine and, consequently, on our financial life. The crisis, which has reached worldwide proportions, has caused a strong blow to the economy. To minimize this problem, the Federal Government created several measures for the financial sector. One concerns the new payroll loan rules . Know the main adaptations made in this banking service.
How is our financial life in this period of crisis?
In this moment that demands care, social isolation and collaborative spirit, everyone has been looking for ways to reduce the effects of coronavirus on health, not only physical, but also financial. Many companies are suspended or have limited services indefinitely. This ends up causing the economy to fall and, of course, many losses, especially for those who depend on their salary, pension or retirement to live. In this scenario, the payroll loan can be a light at the end of the tunnel. If you are thinking of asking the bank for money, see what are the special credit conditions with payment of the discounted installments on the payroll.
What changes in the payroll loan service?
The payroll loan is intended for registered workers, public servants, pensioners and retirees. This type of credit has lower interest rates compared to personal loans. In this group, retirees are the most cause for concern. As you already know, many people over the age of 60 and who have chronic diseases are the most affected by Covid-19, a disease caused by the coronavirus.
That is why the National Social Security Institute (INSS) and the National Social Security Council got together and drafted a regulation that favors the beneficiaries of payroll loans. Interest rate reduction: In the new payroll loan rule, the interest rate decreased from 2.08% to 1.8% per month.
Number of installments: INSS beneficiaries can pay the payroll loan in up to 84 months, that is, 7 years. Without the coronavirus, the term was 72 months (6 years).
Maximum amount: The consignable margin continues depending on the monthly income of INSS beneficiaries. What changed was the percentage of income commitment, which increased from 35% to 40%.
For what cases are these changes taking effect?
Changes in the payroll loan apply only to new contracts as of the date of publication in the Federal Official Gazette. In the case of the consignable margin, it still depends on approval by the National Congress. The ideal is to always keep an eye on the information provided by the official communication channels of the INSS and CNPS.
Beware of false news and pay more attention not to fall into scams.
Never pass on personal data, bank account number, card details and passwords to anyone, whether by phone, WhatsApp or any other means of communication. If you, who are reading this article, already know this, guide your family members. In this delicate moment, many people want to take advantage of the fear and tension caused by the coronavirus to apply blows, especially to more vulnerable people.
Care you should take when applying for payroll loan
First, only apply for payroll loans from banks authorized by the Fine Bank. Remember that each institution has its own fee collection policy and the Total Effective Cost of the loan varies from bank to bank. So stay tuned. Despite lower interest rates, INSS retirees and pensioners must calculate other charges, such as insurance, administrative fees, among others. Together, these items can make the paycheck loan installments more expensive, even with the interest rate cut determined by the government.
What should I do if I cannot get a payroll loan?
If you fail, and end up not benefiting from the new payroll loan rules, a good way out is to apply for a personal loan online. Has a partnership with more than 30 banks that also created special measures and conditions at this time of crisis. Visit our website, tell us how much money you need and how long you want to pay. After that, complete the registration so that we can forward your proposal to our partners.
Within minutes, depending on your financial profile, you have a good chance of receiving payment terms and installments that fit in your pocket. Together, we will go through this difficult phase. Be sure to stay on top of the information we share on our blog about financial education and news on the credit market in Brazil.