As of today’s modification, the maximum direct discount rates that bank issuers can apply to the business, to be collected within 10 business days after the sale is made for each financing plan, they go from 5.11% to 7.06% for three installments; from 9.77% to 13.3% for six; from 18.18% to 24.16% for 12; from 24.55% to 32.2% for 18; and from 35.83% to 40.78% for 24.
For its part, The average Annual Nominal Rate (TNA) of the Program will increase to 59.08% for financing in three, six, 12, 18 and 24 fixed installments.
Previously, it stood at 42% for installments of three, six and 12 fixed installments, and 49% for 18 and 24 installments.
Thus, Now 12 interest rates – which are financed with a contribution from the National State and public and private banks – are still below market rates, since a personal loan has a TNA close to 100.50%.
The increase in rates responds to “the recent evolution of the monetary policy rates of the Central Bank (BCRA)” since it is considered necessary “to tend to the harmonization of interest rates”, as reported.
In mid-August, the BCRA increased the monetary policy interest rates from 60% to 69.5%, which apply to time deposits in pesos.
Despite the increase, the expected rate “means a stimulus for the promotion of sales of locally manufactured products, therefore, it is convenient both for suppliers and businesses, as well as for consumers”, indicates the resolution in its recitals.
The program works seven days a week, and all products and services can be purchased online and at participating stores throughout the country, which must display the program’s logo for consumers’ knowledge.
Among the most important items included in the program –which is valid until January 31– they find each other appliances, appliances, computers, notebooks and tablets; mattresses, furniture, construction materials and tools, bicycles, clothing and footwear.
Likewise, since last July the program also added a series of medical equipment products such as prostheses, crutches, nebulizers and wheelchairs, after the request of chambers and business associations in the sector.
During the first half of this year, Now 12 registered 32 million operations for a total of 548 billion pesos billed and an average ticket, in May 2022, of 19,224 pesos.
Purchases with Now 12 represented 24.92% of credit card transactions in the second quarter of the year, according to a survey carried out by Prisma Medios de Pago, with an upward trend compared to the 24.60% reached in the first quarter of this year and 22.24% in the second quarter of 2021.
Source: Ambito
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