The Ministry of Education announced the “humanization” of Icetex, to mitigate the impact of inflation and benefit young students with credits that have “the highest” history interest rate reduction.
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Mauricio Toro, president of Icetex, indicated that the decision to reduce rates will contain the increase in loans of those students who are currently in amortization.
“We are talking about some 130,000 young people who are going to benefit from the exercise of the $350,000 million that we got for 2023 and that will continue to be valid throughout the year”said.
The entity currently manages rates of 7.5%, 9% and 12% plus CPI, which is why, according to a case explained by the official, a young man who has a five-year loan with the entity for $30 million, who is the average, and that in 2022 he was paying a monthly installment of approximately $706,000, that is, an average rate of 9% + CPI, if this reduction is not generated, the quota for 2023it can reach $820,000.
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“We have cases of young people who have fees of $1,200,000 that could be escalated to $2,500,000, if we did not have this contingency plan. But once the implementation is done, we are going to lower the rate from 9% to 3% and to 2% plus CPI. (…) If these measures are not taken, these quotas would be increased by $200,000, $300,000, or even triple for those who have CPI + 12%. We are stopping the scaled growth that was going to take place during 2023“, said.
Minister Alejandro Gaviria stated that the rates are currently between the CPI + 7 points and the CPI + 12 points, starting in January and during 2023 the CPI will be reduced + 2 points for those who as of December 31, 2022 they were up to date with their credit, and the CPI + 3 points for those who are in arrears. “This plan will serve to mitigate the impact on Colombian families associated with the economic situation,” she stressed.
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