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INSS: After government cuts payroll interest, banks suspend offer
Recently, the Government announced a reduction in the interest rate on INSS payroll loans, from 2.14% to 1.7% per month.
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Recently, the Government announced a reduction in the INSS payroll interest rate, from 2.14% to 1.7% am. Days after the announcement, several banking institutions decided to suspend offering the credit modality.
The new limit is 0.44 percentage points lower than the previous limit. The interest ceiling for payroll credit cards also showed the same drop, reducing from 3.06% to 2.62% am
The reduction in interest rates was approved by the CNPS (National Social Security Council) last Monday, the 13th. By 12 votes in favor and 3 against, the approval took place and should come into force when the normative instruction is published in the Union Gazette.
Febraban already provided for suspension by institutions
The CNPS only defines the interest ceiling. On the other hand, the definition of the rate is made by each financial institution. Thus, they may decide not to offer the credit modality if they understand that the new limit makes the product unfeasible.
In a note, after confirming the interest rate reduction, Febraban stated that “The interest levels set do not support the cost structure of the product“. In other words, it was already expected that financial institutions would suspend the credit modality.
Furthermore, it was also foreseen by the entity that:
“The new ceilings have increased the risk of reducing the supply of payroll-deductible credit, leading a public, lacking affordable credit options, to products that have more expensive rates in their structure (products without guarantees), as a considerable part is already negative. ”.
Finally, Febraban justified that 42% of people who have INSS consignments “They are people who are negative at credit bureaus.” Therefore, the two modalities (credit and card) “are practically the only lines accessible to this most vulnerable public“. Therefore, due to the risk of the loan, reducing rates is not interesting for financial institutions.
Banks that have already confirmed the suspension of INSS payroll loans
The news of the suspension was reported by G1, and was confirmed by InfoMoney, which contacted Itaú Unibanco (ITUB4), Bradesco (BBDC4), Santander (SANB11), Banco do Brasil (BBAS3), Caixa Econômica Federal and the Banco Pan (BPAN4).
See below what the banks mentioned above responded to InfoMoney:
- O Itaú confirmed the suspension of INSS payroll loans, however, did not give details about the reason for the decision.
- O Pan Bank also confirmed the end of the credit offer. According to the bank, the decision was made “due to the reduction in the interest ceiling approved by the National Social Security Council (CNPS)”. Analyzes by Itaú BBA and Bradesco BBI show that Pan is one of the main players in the payroll market, and is therefore one of the most affected by the reduction in rates.
- O Banrisul stated that the bank's own service network will continue offering INSS payroll.
- O Bradesco and the Santander did not comment on the issue.
- A Box stated that “suspended the offer of payroll loans to beneficiaries of the National Social Security Institute (INSS) for evaluation”.
- O Bank of Brazil said that “As soon as there is news about the resumption of hiring under the agreement [with the INSS], we will inform you”.
To the newspaper O Estado de S. Paulo, the following financial institutions also confirmed the suspension of credit:
- O Daycoval stated that “decided to concentrate efforts on the payroll loan operation for public employees in the 200 active agreements”.
- O Mercantile said that “evaluating the situation and adjusting the product to new conditions”.
- O PagBank also confirmed that it is no longer offering the credit option.
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About the author / Tiago Menger
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