Aiming to offer better credit conditions for retirees and pensioners, the National Social Security Council (CNPS) approved a new reduction in interest on payroll loans. This change, which comes into effect from next week, marks the seventh reduction since the beginning of the current government, enabling policyholders to National Social Security Institute (INSS) access credit at lower costs.
Understand the impact of new interest regulation
The most recent CNPS decision sets a new ceiling for interest charged on payroll loans and credit cards for INSS beneficiaries. The reduction aims to provide a lower financial burden for elderlyallowing fairer and more sustainable access to credit.
- Consigned loans: the rate fell from 1.72% to 1.68% per month.
- Payroll credit cards: the rate reduced from 2.55% to 2.49% per month.
These new rates must be implemented by banks within five business days after the measure is made official, which was approved on April 24, 2024.
How can retirees check updated interest rates?
To help retirees and pensioners make informed decisions, the INSS provides a tool that allows them to consult the interest rates on loans offered by various financial institutions. This can be easily done through the Meu INSS application, following these steps:
- Access the My App INSS.
- Select the “Loan Interest Rates” option.
- Search by institution name or filter by the lowest interest rate available.
Expert opinion: is it worth hiring a consignment loan now?
According to Tônia Gallet, representative of retirees, this reduction is crucial to keeping the debt level of elderly people at healthy levels. She advises that, despite the lower rates, it is essential that interested parties carry out a detailed analysis of the loan terms and consider their ability to pay before signing the contract.
Furthermore, financial experts recommend that retirees compare the offers available on the market to ensure they choose the most advantageous loan. The variation that still exists between the rates charged by different banks can mean considerable savings in the long term.
Opportunities and alerts for retirees and pensioners
The new interest rates are excellent news for anyone who needs financial relief or is considering taking out a loan soon. However, financial responsibility is essential to avoid excessive debt. Take advantage of the tools available to make more informed and safer financial decisions.
