The Government, through the Ministry of Internal Trade, updated the interest rates of the program now 12 for purchases made in 3, 6, 12, 18 and up to 24 fixed installments.
It should be remembered that through this campaign, citizens can buy at affiliated stores with credit cards at fixed installments; furthermore, the now 12 offers a lower interest rate than the one handled in the rest of the market.
In accordance with what was announced today in the Official Gazette, hereinafter, in the now 12“the maximum direct discount rates that bank issuers can apply to the trade, will be charged within 10 business days after the sale is made for each financing plan.”
In this sense, rates go, for purchases of three installments, from 5.11% to 7.06%; from 9.77% to 13.3% for six; from 18.18% to 24.16% for 12; from 24.55% to 32.2% for 18, and from 35.83% to 40.78% for 24.
Regarding the average Annual Nominal Rate (TNA) of the program, this will increase 59.08% for financing in 3, 6, 12, 18 and 24 fixed installments. To date, this stood at 42% for installments of 3, 6 and 12 fixed installments and 49% for 18 and 24 installments.
The Government pointed out that the financing rate is a “stimulus to boost sales of locally manufactured products and, therefore, is convenient both for suppliers and businesses, as well as for consumers.”
And they added: “The sectors involved in the marketing of goods and services included in the program have steadily increased their local supply, managing to supply domestic demand and sustain the levels of demand from consumers.”
When will the new rates apply?
As detailed by the Government “The new direct rates will become effective as of the fifth business day after the day on which the Central Bank of the Argentine Republic modifies the reference rate”.
They further explained that the program “It will be in force until January 31, 2023, so that Argentines can buy appliances, clothing, furniture, shows and cultural services, among 30 other items, with rates below the market.”
