See the value of the INSS consignment with the limit of 45%

INSS (National Social Security Institute) retirees and pensioners can commit up to 45% of their social security income to payroll-deductible loans.

The 5% increase in the margin refers exclusively to expenses made on the payroll-deductible benefit card, a new type of card. The installments are deducted directly from the retirement or pension payroll.

It is also allowed to withdraw up to 70% of the card’s limit without compromising the assignable margin for contracting new loans.

The new product charges interest and experts warn of the risk of indebtedness, even though the rates are lower than those of common credit cards. It is mandatory to have life insurance, free funeral assistance and assistance, in addition to discounts at affiliated pharmacy chains.

at the request of Sheet the lawyer Wagner Souza, a partner at Roberto de Carvalho Santos Advogados Associados, calculated how the installments, interest payments and indebtedness of beneficiaries with different income brackets are going to take the loan with a direct discount on the benefit, the payroll-deductible credit card and the new payroll card.

In the case of payroll-deductible personal loans, the simulations show that, although there is an interest limit of 2.14% per month, below the rates applied in other types of credit in the market, the debt of the payroll loan contractor for a maximum period of 84 months will be almost double the credit taken.

If an INSS pensioner receives the minimum wage of R$1,212 and commits 35% of her income to 84 installments of R$424.20, for example, she will borrow approximately R$16,475. At the end of the contract, she will have paid the finance company R$35,633, more than double what she put in her pocket.

The same pensioner can use an additional 5% (R$ 60.60, in this example) on the consigned benefit card to buy medicines at pharmacies or cash withdrawals. However, you need to pay attention to interest payments. If you use all the margin released for the new card, the beneficiary who receives a minimum wage from the INSS will pay R$ 320.65 in interest.

At least three banks are offering the new INSS payroll-deductible card.

At Santander, hiring is done through a bank correspondent of Santander Olé, by a Santander branch or by Crediperto, which belongs to the same group, in a digital way, through facial biometrics and SMS. If you do not pay the entire bill, interest of 3.06% is charged on the next month’s account.

At Banco BMG, the interest rate varies from 3.06% to 4.70% when the minimum invoice amount is paid.