Starting this Tuesday (11), beneficiaries of Auxílio Brasil can take out a payroll loan with interest of 3.45% per month at Caixa Econômica Federal. In a press conference, the bank reported that, until early this afternoon, it had signed 23,500 contracts, resulting in the release of R$ 61.3 million in credit.
Interest of 3.45% per month is equivalent to 41.4% per year. According to the vice president of Retail Business at Caixa, Thays Cintra, the rate is higher than that of other payroll-deductible credit models because it is a new product. According to Thays, the bank’s risk area carried out simulations and considered that there may be losses for the institution due to the entry and exit of beneficiaries of Auxílio Brasil.
About 20.6 million families who receive Auxílio Brasil are entitled to apply for payroll-deductible loans. Requests can be made through the Caixa Tem app and at more than 26,000 Caixa’s in-person service points, such as branches, banking correspondents and lottery outlets. The loan can be divided into 24 months, with a minimum installment of R$15 and a maximum of 40% of the benefit amount.
The loan can only be requested by the family responsible who has received Auxílio Brasil for at least 90 days and who has not failed to attend any summons from the Ministry of Citizenship. As the installments are deducted directly from Auxílio Brasil, experts recommend caution when contracting the payroll loan.
After the sanction of the law that released the credit modality, the economist and professor of Financial Market at the University of Brasília César Bergo listed some scratchs, such as harassment from financial institutions, scams and commitment of up to 40% of monthly income by low-income families. Caixa informed that it offers financial education tips for users.
other banks
According to a decree published yesterday (10) in the Official Gazette, 12 financial institutions are authorized to operate the Auxílio Brasil payroll loan. Of the registered banks, however, only three intend to offer this type of credit at first.
In addition to Caixa, which is already operating the Auxílio Brasil payroll, Zema Crédito, Financiamento e Investimento and QI Sociedade de Crédito Direto intend to offer the new line. Banco Pan informed that it is not accepting new proposals, only carrying out credit analysis for pre-registered individuals and sending proposals to pre-approved customers.
