Authorized banks still do not have a deadline to offer Auxílio Brasil loan

Caixa Econômica Federal and 11 other institutions, including banks and finance companies, were authorized to offer payroll-deductible loans to beneficiaries of Auxílio Brasil and BPC (Continued Payment Benefit) as of this Monday (10). The contracting of credit, however, does not have anything certain to happen.

Although the Ministry of Citizenship has released the new credit operation 20 days before the second round of the election to the Planalto, the institutions are still evaluating the product and are waiting for Dataprev to adapt the system for the endorsements of the contracts.

One of the main players in the payroll loan market, Banco Pan will offer credit, but only for those who pre-registered. For now, the bank will not receive new proposals. “At first, the work will focus on the credit analysis of requests already registered, considering the conditions of the ordinance that regulated the subject. Those that are pre-approved will go on to the process of formalization by the client, registration and payment as soon as the operation is released by the federal government, scheduled to begin on October 10th”, said Pan.

Caixa is preparing to make information about the new loan available next week, without detailing the day. As informed this Thursday (6th) the president of the bank, Daniella Marques, the loan should be available between October 10th and 15th.

Agibank, one of those authorized to offer the new credit operation, told Sheet still don’t have a deadline to confirm whether or not you will have the product. “Our purpose is to make people’s daily lives better and generate financial and digital inclusion for everyone. Therefore, we are still evaluating the impacts of the normative instruction, verifying if it meets Agibank’s criteria and policies and, mainly, if we can generate a proposal of value to our customers”, said the bank.

Banco Daycoval, on the other hand, decided not to promptly initiate the Auxílio Brasil credit operation. “The institution, which has been operating with payroll-deductible loans for almost 20 years, is carefully studying the rules for adhering to MC Ordinance No.

wanted by Sheet this Friday (4), Crefisa, Capital Consig and Facta Financeira did not make any comments until the publication of this text. Safra bank and Pintos Créditos, QI Sociedade de Crédito Direto, Valor Sociedade de Crédito Direto and Zema Crédito, Financiamento e Investimento could not be located.

Auxílio Brasil is one of Jair Bolsonaro’s bets for his re-election. The benefit replaces Bolsa Família, created by his rival in this election, former president Lula. The PL candidate’s investments in the social program range from the increase in the amount paid monthly to the payroll and the promise of the 13th for women benefited from 2023.

The aim is to increase Bolsonaro’s popularity among low-income voters. The granting of payroll-deductible loans to beneficiaries of Auxílio Brasil has been criticized by specialists in consumer law and family budgets for the possibility of deepening the indebtedness of the most vulnerable population.

Several institutions, such as Itaú Unibanco, C6, BMG, Bradesco and Santander, in addition to financial BV, have already stated that they will not offer this line of credit.

The loan is limited to 40% of the minimum aid amount of R$400. The extra amount of more than R$200 scheduled to be paid until December of this year is not considered. With this, the maximum discount is R$ 160 monthly in up to 24 months. It is therefore possible to hire up to R$ 2,569. The interest rate is up to 3.5% per month, equivalent to 51% per year.

RATE IS HIGHER THAN THAT OFFERED TO INSS RETIRED

Although limited by the government, the interest rate on the Auxílio Brasil loan is higher than the payroll loan for INSS (National Social Security Institute) retirees and pensioners, at up to 2.14% per month.

Whoever lends R$ 2,569.34 for the INSS payroll pays R$ 21.99 less per month. In total financing after two years, the difference is R$ 527.76 more for those who hire through Auxílio Brasil. The monthly installment in the INSS payroll is R$ 138.01, with interest of 28.93% per year.

THE MAIN RULES OF THE BRAZIL AID LOAN

• The interest rate cannot be higher than 3.5% per month
• The loan can be made in up to two years, in 24 successive monthly installments.
• The amount is released within two business days after credit approval
• The documents required for contracting the loan are an identity card (RG) or CNH (National Driver’s License) and CPF (Cadastro de Pessoas Físicas)
• There can be no grace period for the loan to start being deducted from the benefit
• Banks and finance companies cannot charge TAC (Credit Opening Fee) and any other administrative fees
• The family head registered with Auxílio Brasil needs to authorize the loan and the discount on the benefit
• You will need to authorize the financial institution to have access to personal and banking information
• Authorization must be in writing or electronically (it will not be accepted over the phone)
• Banks and finance companies will not be able to call to offer the consignment (any type of active marketing is not allowed)
• The government cannot be held responsible if the loan is not paid to the bank