The Social Security Bank (BPS) approved in its board of directors a reduction in the interest rates applicable to the social loans it grants, a measure that will take effect starting next week. Debtors who apply for a six-month loan will have access to a rate of 23.5%; for 12 months, 26.5%, and for 18 and 24 months, rates of 28%. Currently, more than 200,000 people have current loans from the institution.
The reduction of four points was made in order to facilitate access to financing for beneficiaries who receive pension benefits, and it covers administrative and insurance costs. The president of the Social Security Bank, Alfredo Cabrera, explained that it was possible to do so because the rates were reduced and the efficiency in administrative management made it viable. “The optimization of management allows us to reduce costs, reducing operating costs, and not make a profit, which is not the point, because they are social loans,” he argued.
With the measure approved this Wednesday 14th in a board meeting, those who request a new six-month loan will have to pay a rate of 23.5%; for 12 months, they will be charged 26.5%, and for 18 and 24 months, the value rises to 28%. Those who have paid at least 40% of the original amount will be able to renew the application. In this case, the conditions of the previous one will be eliminated and they will have access to the new rates. The benefit will come into effect as of this Monday 19th.
