The BPC payroll loan may now be available to you!

With a BPC payroll loan, you can receive money to organize your finances or carry out an important personal project.

What is BPC?

THE Continuous Benefit Payment It guarantees a minimum wage for seniors aged 65 and over and people with disabilities of any age.

THE BPC is provided for in Organic Law on Social Assistance _ LOAS. To receive this benefit, you must meet certain requirements, for example:

Age 65 or older;
Being a person with a disability that causes physical, mental, sensory or intellectual impairment;
Be registered with CadÚnico;
Have income per person in the family group equal to or less than ¼ of the minimum wage.

Furthermore, people with disabilities still undergo medical and social evaluation at the INSS.

It is worth noting that BPC is a benefit, meaning it is not necessary to have contributed to the INSS in order to be eligible.

If you meet all the requirements, know that you can request your benefit, in addition to the cash amount, you can enjoy other advantages, for example, social tariff on the energy bill and the BPC payroll loan.

In the next topic you will learn more details about the loan.

How does the BPC payroll loan work?

The payroll loan is a credit model where the installments are automatically discounted from the applicant's benefit/payment.

Furthermore, it is only granted to people with some type of fixed or lifetime income, for example, public servants and INSS retirees and pensioners.

However, it is still possible to find banks that approve this credit model for private sector employees.

In fact, beneficiaries of Auxílio Brasil and BPC will also be able to count on this credit model.

Although the law has already been sanctioned, the regulations for beneficiaries of the former Bolsa Família have not yet been released, but they are expected to be published in the coming days.

For now, read the text: How to apply for the Auxílio Brasil loan and who can apply?

The payroll loan is one of the most economical products, as it has a lower interest rate.

Because the bank's operations are secure, as the installment discount is automatic, it can offer a more attractive interest rate.

Furthermore, interest rates on the payroll loan must comply with the ceiling of 2.14% per month.

In this type of credit there is also a consignable margin, that is, the beneficiary cannot commit more than the percentage of the consignable margin to loans and credit cards.

Want to know what this margin percentage is and how it works? Read the text: What is a payroll loan and what is its margin?

In addition, BPC beneficiaries must request authorization from the INSS to take out the loan and have at least 90 days of program time.

Some advantages

The main advantage of this loan model is the lower interest rate, however, it also has a longer repayment term.

Furthermore, the time it takes to begin paying the first installment of the loan is extensive, in some cases up to four months. This way, applicants will have more time to organize their finances.

The payroll loan is bureaucratic-free, so it even covers people with bad credit and low scores; you just need to be an eligible beneficiary.

Now, continue reading and find out about some banks that release the payroll loan BPC and how to apply!

Where to apply for a BPC payroll loan?

This line of credit must be unlocked in the Meu INSS app > home screen > New order > Consigned Credit.

The institution may take up to 30 days to respond, but it won't take that long. Then, contact an institution and request your BPC payroll loan.

See below some alternatives to compare!

1. Federal Savings Bank

Known as Consigned Cash, This product can be requested by Caixa customers and non-customers.

However, it is exclusive to employees under CLT, public servants and INSS beneficiaries.

The interest rate applied to the BPC beneficiary starts at 1.47% and can reach up to 19.13%.

Although the payment is made automatically, you can pay in advance whenever you want.

Applicants who already receive their payment or benefit from Caixa can enjoy even more advantages, including interest rates and fees.

You can request your BPC loan from Caixa Econômica Federal through the following channels:

Internet Banking;
Caixa Aqui Negocial Correspondent;
Caixa branch and self-service channels.

2. Bank of Brazil

Banco do Brasil's payroll loan can be requested through the BX blue platform. Once the contract is approved by the agency, the amount will be deposited into your account instantly.

Your loan installments are fixed, and you only start paying the first installment within 180 days. The amount can be paid in installments of up to 96 months, giving you plenty of time to stay within your budget.

The contract is signed via SMS, digitally or on paper, depending on where you request it.

Regarding the amount, it's possible to get approval for up to R$1,400,000. To apply, you must be a BB customer and have a pre-approved credit limit.

3. Itaú Bank

At Itaú, you have the flexibility to choose the installment amount, as long as they respect the assignable margin.

Plus, they're fixed, and you can make advance payments whenever you want. This bank offers a 90-day grace period.

This means you'll have up to three months to start paying back your loan. Only account holders can apply for Itaú payroll loans.

The channels to request are:

Itaú App;
Website;
Itaú branches.

Additionally, you can find a bank correspondent closest to you on the website and request your credit.

4. Bradesco Bank

Bradesco is one of the largest institutions in Brazil and it also provides loan for BPC/LOAS beneficiaries.

Interest rates start at 2.14% per month, and the payment term can be up to 8 years.

The first installment can be paid within 120 days after signing the contract and the amounts will certainly follow the assignable margin.

The Bradesco payroll loan can be requested through the app, Internet Banking, branches or Bradesco self-service channels.

5. Santander Bank

Node loan for those who receive the Continuous Payment Benefit Offered by Banco Santander, the customer can choose the installments that best fit their budget, respecting the assignable margin.

Furthermore, the installment plan can last up to 12 years. It's certainly not ideal to be tied down to debt for that long.

However, this gives you the freedom to choose installments that will certainly not affect your family budget.

To complete your contract, access the Banco Bradesco app.

6. Bank of the Northeast

To apply for this loan model at this bank, you must be an account holder and have a pre-approved limit.

At Banco do Nordeste, the beneficiary has up to 72 months to pay back their loan and the grace period can be up to 65 days.

Interested parties can request theirs through the different service channels of Banco do Nordeste.

7. Banco Pan

After the new rules, Banco Pan also started to make the BPC payroll loan.

If you want to apply for this loan easily, conveniently, and with less bureaucracy, Banco Pan is the perfect place for you!

The amounts can be paid in installments over a maximum of 96 months, and the minimum interest rate is 1.20% per month. The funds can be requested through the Banco Pan website.

Conclusion

BPC is a benefit that covers low-income families, therefore, BPC payroll loan also.

We know that money can help in different ways, but it is a loan, meaning it has a negative interest rate.

Therefore, it's crucial to be careful not to fall into the trap of over-indebtedness and affect your family's financial well-being due to a loan—and, in fact, your quality of life as well.

Even though it's a type of credit with lower interest rates and better payment terms, it can also weigh on your budget.

Mainly because the deduction automatically comes from your main source of income. Therefore, it's essential to evaluate this possibility.

So, if you ever need to apply, look for banks with the lowest interest rates and fees. Run a simulation before deciding which institution to apply to.

Keep following our blog for more tips on the best financial products and services on the market.

Loans

Nara August 13, 2022