O Auxílio Brasil payroll loan is a new credit that was created and launched in October last year. On that occasion, the Ministry of Citizenship had authorized the total 12 (doze) banks and financial institutions so that they could offer the program’s payroll loan to their respective customers.
However, the financial institution that granted the most new credit through this means was Caixa Econômica Federal – CEF, which is precisely the bank that pays the income transfer social benefit. However, recently, the bank announced that it is canceling the offer of the payroll loan for this public of beneficiaries of the Auxílio Brasil program.
When the Auxílio Brasil payroll loan was then launched, a series of criticisms followed its launch. Some consumer protection entities, such as the IDEC (Brazilian Institute of Consumer Protection), were against the new credit. At the time, the government of former President Jair Messias Bolsonaro, of the Liberal Party (PL), was even accused by a number of specialists and opponents of offering the benefit of credit as a bargaining chip for more votes in the presidential elections. last year.
What do the reviews say?
Most of the critics always had the same line of thought. The reasoning that Brazilian families living on the extreme poverty line could not compromise the financial aid they receive every month to pay off a loan debt. As it is a payroll loan, the credit installments are debited from the amount that is released monthly by the Auxílio Brasil program, reducing the amount to be received by the beneficiary by 40%.
In view of this, the large banks and financial institutions refused to offer the Auxílio Brasil payroll loan. This was the case of Bradesco, Santander, Itaú and Bank of Brazil, who then made the decision not to include the new product in their respective packages. The interest rate charged of a maximum of 3.5% was another point of criticism, since this rate is above a traditional charge for the payroll loan modality.
Conditions for contracting the Auxílio Brasil payroll loan
It is very important to highlight that the Auxílio Brasil payroll loan was not canceled in the country. In fact, what happens is that Caixa Econômica Federal (CEF), which was the main bank offering credit, being responsible for at least 80% of concessions, will stop offering it to its customers. . Thus, as beneficiaries use this financial institution as one of the main ways to apply for credit, the chances of getting the product drop considerably with this announcement.
Also in January, the federal government requested that the loan allocated to this public from the Auxílio Brasil/Bolsa Familia was paused. The idea of paralyzing the granting of credit was to reformulate the rules, as well as change what was seen as a critical point, such as interest rates. As a result, since February, new requests for payroll loans from Auxílio Brasil are made as follows:
- Interest ratewhich went from a maximum of 3.5% to a maximum of 2.5%
- Number of plotswhich increased from a maximum of 24 to up to 6
- assignable marginwhich increased from 40% to 5%