Loan with FGTS guarantee: how it works
The loan secured by the FGTS is a type of credit that has been available since September 26, 2018.
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So, in practice, it is a modality very similar to the payroll loan and, for this reason, it is important to understand more about it before signing up.
This makes it possible to compare it with other lines available on the market today.
Loan secured by FGTS – what is it?
The loan that uses the FGTS as collateral is nothing more than a type of loan that is initially offered only by Federal Savings Bank to workers who have a formal employment contract.
Therefore, it has a maximum term of 48 installments and the interest rates are low, reaching a maximum of 3.5% per month.
The decision was communicated on December 6, 2016, by the FGTS Board of Trustees, the collegiate body that has representatives of employees, workers and the government, and which is responsible for approving guidelines regarding the Guarantee Fund.
Therefore, at the moment it is not possible to carry out this operation in banks other than Caixa Econômica Federal, but Santander, Itaú and Banco do Brasil will discuss this matter further with the Brazilian Federation of Banks (Febraban).
What needs to be considered?
The proposal allows the worker to request a loan using the FGTS as collateral, with up to 10% of the fund being able to be used as collateral and up to 100% of the termination fine that is paid by the employer in the event of dismissal without just cause.
Furthermore, only employees registered under the CLT at a company that has an agreement with the bank can apply, just as with traditional payroll loans. Regarding the amounts, they must be requested directly from Caixa Econômica Federal.
Furthermore, the conditions include:
- Have a considerable margin available;
- Have worked for the company for at least 12 months;
- Receive your salary at Caixa, through your Current Account or Salary Account.
Thus, the value of the installments is deducted from the salary every month and, in the event of dismissal, the bank can block the amount to pay off the loan amount, which eliminates risks.
According to Caixa, the amount will be available to 36.9 million workers and the Ministry of Labor expects to grant R$126 billion in loans through this modality.
