The new increase in the Selic, announced this Wednesday (15) by the Central Bank, will have little impact on the reduction of consumer credit if viewed in isolation. However, the 11 consecutive increases in the basic interest rate already make the consumer pay two more PlayStation 5 consoles in a used car loan of R$ 40 thousand.
On the credit card, the increase from 12.75% to 13.25% per annum of the Selic results in an increase of 373.24% in revolving interest in the last 12 months.
Purchasing a personal loan has also become more expensive. The credit of R$ 5,000 for payment in 12 months to the bank had installments of R$ 507.72 a year ago, for example. The same installment with the new interest rate will rise to R$ 532.45.
In the end, the borrower will pay BRL 6,390 to pay off the debt instead of BRL 6,093 when the Selic rate was 2% per year, according to a survey by Anefac (National Association of Executives).
The entity’s data also show that to buy a refrigerator for R$ 1,500, the consumer will now pay about R$ 75 more in each of the 12 installments.
“As inflation is high, the Central Bank raises interest in order to discourage consumption. So that people stop buying, prices can rise less”, says Miguel Ribeiro de Oliveira, executive director of economic studies and research at Anefac .
Check the readjustments in the installments of the main credit operations
| Credit line | January/21 – Selic 2% pa | June/22 – Selic 13.25% pa | ||
|---|---|---|---|---|
| Month | Year | Month | Year | |
| trade interest | 4.66% | 72.73% | 5.31% | 86.05% |
| Credit card | 11.19% | 257.10% | 13.83% | 373.24% |
| Overdraft | 7.10% | 127.76% | 7.98% | 151.26% |
| vehicle financing | 1.34% | 17.32% | 2.03% | 27.27% |
| personal loan banks | 3.18% | 45.59% | 3.99% | 59.99% |
| personal financial loan | 6.21% | 106.06% | 7.17% | 129.55% |
Credit simulations with the new Selic
Purchase of a refrigerator – cash price R$ 1,500 – financed in 12 months (0+12)
| Monthly fee | Number of installments | installment value | Total paid | |
|---|---|---|---|---|
| With Selic of 2% pa | 4.66% | 12 | BRL 166.01 | BRL 1,992.10 |
| With Selic of 13.25% pa | 5.31% | 12 | BRL 172.21 | BRL 2,066.52 |
| elevation of | BRL 6.20 | BRL 74.42 |
Overdraft check for 20 days of BRL 1,000
| Monthly fee | interest value | |
|---|---|---|
| With Selic of 2% pa | 7.10% | BRL 47.33 |
| With Selic of 13.25% pa | 7.98% | BRL 53.20 |
| elevation of | BRL 5.87 |
Credit card – Use of the revolving card for 30 days of R$ 3,000
| Monthly fee | interest value | |
|---|---|---|
| With Selic of 2% pa | 11.19% | BRL 335.70 |
| With Selic of 13.25% pa | 13.83% | BRL 414.90 |
| elevation of | BRL 84.20 |
Personal loan in the amount of BRL 5,000 financed with a bank in 12 months (0+12)
| Monthly fee | Number of installments | installment value | Total | |
|---|---|---|---|---|
| With Selic of 2% pa | 3.18% | 12 | BRL 507.72 | BRL 6,092.67 |
| With Selic of 13.25% pa | 3.99% | 12 | BRL 532.45 | BRL 6,389.42 |
| elevation of | BRL 24.73 | BRL 296.75 |
Purchase of a vehicle with a cash price of R$ 40 thousand financed in 60 months (0+60)
| Monthly fee | Number of installments | installment value | Total paid | |
|---|---|---|---|---|
| With Selic of 2% pa | 1.34% | 60 | BRL 974.42 | BRL 58,465.40 |
| With Selic of 13.25% pa | 2.03% | 60 | BRL 1,159.09 | BRL 69,545.53 |
| elevation of | BRL 184.67 | BRL 11,080.13 |
Simulations carried out by Anefac with the increase in the Selic to 13.25% per year
I have over 8 years of experience in the news industry. I have worked for various news websites and have also written for a few news agencies. I mostly cover healthcare news, but I am also interested in other topics such as politics, business, and entertainment. In my free time, I enjoy writing fiction and spending time with my family and friends.
