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Read the text and find out how the BPC payroll loan works: amounts, interest rates, where to apply and much more!
THE Continuous Benefit Payment is the guarantee of a monthly minimum wage for the elderly or people with disabilities.
This benefit is not a retirement and can be suspended if the beneficiary no longer meets the requirements, as with Auxílio Brasil.
BPC is the main source of income for many Brazilian families, however, the amount is low and does not always cover the beneficiary's basic expenses.
Recently, the government authorized the BPC payroll loan on the same date it approved the loan assigned by Auxílio Brasil.
So, many families ended up investing in this financial product as an opportunity to get out of debt and organize their finances.
In today's text you will find out how this product works and where to order yours. Don't miss it!
How does the BPC payroll loan work?
This type of loan is payroll-deductible. In this alternative, the holder who receives BPC can request a loan linked to the benefit.
Since the installments will be automatically discounted from the payment and the amount must follow the consignable margin stipulated by law.
Furthermore, this type of credit is less bureaucratic and has a lower interest rate compared to other lines of credit.
However, the interest rate ceiling for BPC and Auxílio Brasil payroll loans is much higher than the ceiling for traditional payroll loans.
What is the interest rate ceiling for the BPC payroll loan?
The payroll loan is one of the cheapest financial products on the market. Since the transaction is more secure, the bank can apply a lower interest rate and better payment conditions.
Currently, the interest rate ceiling for payroll loans is 2.14%. This means that banks cannot apply an interest rate that exceeds this percentage.
However, in the BPC and Auxílio Brasil payroll loan, the interest rate ceiling was much higher, perhaps due to the lack of security in the operation.
Considering that this loan model is intended for low-income families, in addition, the benefit is not lifelong; it can be canceled at any time, if the beneficiary no longer meets the main requirements.
The interest charged by banks on BPC loans cannot exceed 3.5% per month (51.1% per year).
It is worth noting that this is the maximum rate, institutions may offer a lower interest rate.
It’s up to you to research and choose the bank that offers the lowest interest rate.
What is the maximum amount of the loan assigned to BPC?
The payroll loan must follow a consignable margin determined by law. In this case, it is 40% of the benefit value.
In other words, the applicant cannot commit more than 40% of his/her benefit to loan payments.
The value of the BPC is one minimum wage, which is currently R$1,212.00, so you can commit up to R$484.80 to the loan installments.
Furthermore, the BPC payroll loan cannot be paid in installments over more than 24 months (2 years).
Considering only the assignable margin and the payment term, that is, without the interest rate, the maximum value of the consigned BPC is R$11,635.20.
This is just the maximum amount you can borrow, without taking into account the interest rate. However, this does not mean that you will get the maximum amount.
Everything will depend on the analysis carried out by the bank where you choose to apply for your loan.
What is the grace period?
Among the main advantages of a loan, we find the grace period. This is related to the period of time that the applicant has to start paying the debt, that is, to pay the first installment.
Normally, this period is 30 days, but it can reach 60, 90 or even 120 days in traditional consignment.
However, in the financial product for families under BPC and Auxílio Brasil, the government vetoed the grace period; banks are prohibited from offering this period to loan applicants.
Therefore, the first installment will be discounted from the next payment. Therefore, it is essential to plan ahead before applying for a payroll loan.
Who can take out this loan?
Holders of the Continuous Benefit Payment (BPC) are eligible to take out the BPC loan.
Additionally, the applicant must have started receiving the benefit more than 90 days ago.
How long does it take to receive the money?
After the contracting process is completed, the bank has up to 2 business days to release the amount.
The money is deposited into the same account where the applicant receives their benefit. If you are not the account holder, but have power of attorney as the account holder's representative, you can also request it.
When will the BPC payroll loan be released?
This loan has already been released. Since October 10, 12 banks have been authorized to provide this credit model.
Can people with bad credit apply for a BPC loan?
Yes. People with a bad credit history can apply for this credit. However, the bank is not obliged to approve it.
If you have a negative credit history and need money to pay your debts, look for an institution that accepts people with negative credit history.
Which bank offers payroll loans for BPC?
To date, only 12 banks have been authorized to offer this type of loan, namely:
- Federal Savings Bank;
- Agibank Bank;
- Crefisa;
- Daycoval;
- Pan Bank;
- Safra Bank;
- Capital Consig Direct Credit Company;
- Financial Fact;
- Pintos S/A Credits;
- QI Direct Credit Society;
- Value Direct Credit Society;
- Zema Credit, Financing and Investment S/A.
Although they are authorized to grant the BPC payroll loan and Auxílio Brasil, not even half of the names mentioned in this list started to sell this product.
Check below which institutions are already approving this credit.
#Banco Pan
Banco Pan offers loans for BPC, in fact, it has always served this public, however, with different payment conditions.
You can access the Banco Pan website to perform a simulation. Click on “I want to simulate” and fill in the fields with your data.
Then wait for the bank to get in touch.
#Federal Savings Bank
Caixa Econômica Federal is also offering this credit model. The interest rate applied by this bank is 3.45%, just 5% less than the maximum ceiling.
You can hire yours at Caixa branches, Caixa Aqui correspondents or lottery shops.
#Pintos S/A Credit
Pincred Soluções Financeira offers one of the lowest rates on the market BPC payroll loan, only 2.89% per month.
Pincred does not have an online channel for requesting a loan, only in person in the Teresina region.
#QI Direct Credit Society
You will take out your loan through the banking correspondent of QI Sociedade de Crédito Direto, My Everything.
The interest rate applied to the INSS beneficiaries' payroll loan is charged from 1.59% per month, but in Auxílio Brasil it is charged from 3.39% per month.
BPC is a benefit paid by the INSS, that is, the citizen is insured by Social Security.
In this way, BPC beneficiaries can take out the loan offered to this public.
Therefore, they can apply at other banks, including those with better payment conditions and lower interest rates.
How to unlock the loan?
As previously mentioned, BPC is a benefit paid by the INSS. To apply for the payroll loan, the beneficiary must unlock it.
You can unlock the benefit in two ways:
- INSS telephone number 135;
- My INSS application.
Using the app, simply type the term “Consignado” and the option to block or unblock the loan benefit will appear.
Click on the “unlock” option and follow the instructions. You can also check if there is a loan option in the app.
Despite there being many banks that provide loans to INSS beneficiaries, BPC beneficiaries still encounter difficulties when applying for this loan.
It is very important to research and be careful of scams. Remember that no financial institution will ask for money to release the BPC payroll loan.
If you are asked to make an advance deposit, do not make one and end the service immediately.
Is it worth applying for a BPC payroll loan?
A loan is a debt that you are taking on and will be tied to for months. In addition, the installments will be automatically deducted from your benefit, your main source of income.
In other words, you will receive a lower amount until all installments are paid. Therefore, it is very important to plan ahead and carry out financial planning.
Of course, it should only be requested in case of emergencies or perhaps even to invest in a new source of income for your family, which could cause the benefit to be cut, however, it can bring freedom, autonomy and a better quality of life for your family.
Use your money with discipline, intelligence and don't lose focus. Do with your money exactly what was in your financial plan.
Conclusion
Applying for a BPC payroll loan is still not that simple, not all institutions accept this public or there is a lot of bureaucracy.
Look at the alternatives we mentioned in this text and compare to find out which bank offers the lowest interest rate.
Keep following the news on our blog to learn about the best products and services in the financial market.
