Added to this are administration expenses, debt balance insurance and VAT, which ends up giving a higher rate in many cases that can reach 90%. This, as long as the amount financed does not exceed $200,000 because a higher rate is applied to the excess, where the CFT can be almost 200%.
Rate also increased for Now 12
The Government acceded to the demands of the banks and authorized the increase in interest rate who owns the program now 12 to buy in dues with Credit cards.
In the resolution published today in the Official Gazette by the Ministry of Productive Development, it is indicated that “the banking chambers and associations have expressed the need to update the discount rates provided for in the aforementioned Program, in order to maintain its sustainability.”
And “that as a result of the evolution of the reference rates for financing with credit cards and personal loans, as well as the trajectory of the prices and the growth of the “NOW 12″ Program, it is appropriate to modify the planned financial conditions”.
Within the framework of Resolution 404/2022, the Ministry of Domestic Trade renewed the maximum discount rates that bank issuers can apply to businesses and the maximum interest limits that businesses can charge consumers for each current financing plan included in the Now 12 program.
In this way, hehe 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 is 4.06% for 3 installments; 7.81% for 6; 14.73% for 12; 23.56% for 18; and 29.68% for 24.
In turn, although many businesses do not charge interest, new maximum limits were established for each financing plan.
Thus, the maximum interest that can be charged on the cash price is 4.23% for 3 installments; 8.47% for 6; 17.28% for 12; 30.83% for 18; and 42.20% for 24
Source: Ambito
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