As of yesterday’s modification, the maximum direct discount rates that bank issuers can apply to businesses, to be collected within 10 business days after the sale for each financing plan, 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 installments.
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.
In this way, the interest rates of Now 12, which are financed with a contribution from the National State and public and private banks, remain 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 rate “means a stimulus for sales of locally manufactured products.
Source: Ambito
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