The average personal loan rate had a positive change of 0.74% in June, according to an interest survey by the Consumer Protection and Defense Foundation (Procon-SP). In the six banks surveyed, the average rate of personal credit was 6.82% per month, with an increase of 0.06 percentage point in relation to the previous month, when the rate was 6.77%.
Fees were collected on June 1st. The survey was carried out by the Intelligence and Research Center of the School of Consumer Protection and Defense at the following banking institutions: Banco do Brasil, Bradesco, Caixa Econômica Federal, Itaú, Safra and Santander.
The data refer to the maximum pre-fixed rates for non-preferred individual customers, regardless of the contracting channel. The term of the contract is 12 months.
Two banks changed their rates in the last month. Banco do Brasil increased the rate from 6.17% to 6.32%, which represents an increase of 2.43%. Bradesco, in turn, changed the rate from 8.43% to 8.55%. In this case, there was a positive variation of 1.42%.
Regarding personal loans, Caixa Econômica Federal offers the best condition for consumers, with a rate of 4.05%, followed by Banco Safra, with 5.90%. The highest interest rate belongs to Banco Bradesco, with 8.55% per month.
Overdraft
The average interest rate on overdraft was 7.96% per month. According to the survey, there was no change in the percentages practiced by the banks. The average rate remains the same as of February 2021.
In the case of overdraft, the withdrawal also considers the customer as a non-preferred individual, but the contract period is 30 days.
Procon-SP recalls that the Central Bank of Brazil limited the collection of interest rate on overdrafts for individuals to 8% per month. This resolution took effect in January 2020. Banco do Brasil is the only one that practices a percentage below the ceiling, with a rate of 7.73%.
The foundation guides that the consumer should avoid incurring debt. “If it is really necessary to obtain credit, you should research various modalities offered in the financial market and observe that with the limitation of interest on overdrafts, most banks have raised the personal loan rate a lot.”
