How to get a loan through Caixa TEM?

Are you familiar with Caixa Tem loans? Over time, the Caixa TEM app has become familiar to many Brazilians. 

In these nearly two years of the COVID-19 pandemic, the Federal Government's platform has helped millions of families maintain a minimum monthly income through the payment of Emergency Aid.

Now, with vaccination progressing further and Brazilians finally seeing a light at the end of the tunnel, payments of this benefit are coming to an end.

The Caixa TEM app is beginning to undergo changes, such as offering new services to customers. 

And the main one is the loan from Caixa TEM.

To give you an understanding of how Caixa's new credit line works, we've created this content. In it, we discuss the main points of this loan. 

The following text will be divided into the topics listed below:

• How Emergency Aid Works
• What is the Caixa TEM loan?
• How does the update schedule for applying for the Caixa TEM Loan work?
• How to get a loan through Caixa TEM?
• What is the interest rate on the Caixa TEM loan?
• Types of loans offered by Caixa TEM
• Conclusion

How Emergency Aid Works

Created by the Federal Government and launched in 2020, Emergency Aid is a benefit designed to guarantee a minimum income for Brazilians who, due to social isolation caused by actions to combat COVID-19, ended up without a main source of income.

The benefit, which consisted of monthly payments, was intended for self-employed workers, individual micro-entrepreneurs (MEI), unemployed people and informal workers, and consisted of three installments worth R$$ 600.

But as the pandemic – and, consequently, social isolation – ended up lasting longer than everyone expected, the benefit ended up being extended and gained two more installments of R$ 600, totaling 5 installments.

As the months passed – and the pandemic situation worsened further, the Federal Government decided to extend the benefit again, but with a reduction in the amount paid. 

The installments in 2021 went from R$ 150 to R$ 375. These adjustments were made taking into account the profile of the beneficiary family.

According to the Federal Government, the new payment criteria would be as follows: 

• for families in general, the payment is R$ 250; 
• for women who are heads of households, the value would be R$ 375; 
• for people living alone, the amount paid would be R$ 150.

During all payment phases, the citizen received the benefit by registering on the Caixa TEM platform, created exclusively for the payment of the benefit.

What is the Caixa Tem Loan?

This new line of credit – called Crédito Caixa TEM – was developed directly within the Caixa TEM app. 

Through it, citizens can apply for so-called microcredits – when the amounts offered are lower than conventional loans.

This microcredit is available to both legal entities – who want to invest in their business or manage its expenses – and individuals – to pay personal debts or carry out a project.

To facilitate organization when releasing credit, the program will follow the user's birth month. 

How does the update schedule for applying for the Caixa TEM Loan work?

As mentioned in the previous topic, it is necessary to update your registration so that the credit analysis can be carried out. 

This update – which will follow users’ birth month – follows the following order:

– Those born in January and February: will be able to update their registration from September 27th

– Born in March and April: from October 18th

– Born in May and June: from November 8th

– Born in July and August: from November 29th

– Born in September and October: from December 13th

– Born in November and December: from December 27th.

How to get a loan through Caixa TEM?

After updating your registration, the option to request credit will be available to you in the Caixa TEM app. 

Applicants undergo an analysis and, if approved, the amount is released.

Initially, the values available for request are from R$ 300 to R$ 1 thousand. 

The customer who chooses to take out the loan has up to 24 months to pay the amount. 

Another interesting point about this line of credit is that the entire procedure is carried out online, ensuring greater accessibility for users, as there is no need to travel from home to the branch to negotiate the loan.

What is the interest rate on the Caixa TEM loan?

In this microcredit offered by Caixa TEM, the interest rate is 3.99% per month, regardless of the term requested by the user or the purpose of the loan – for legal entities or individuals.

Types of loans offered by Caixa TEM

Within the app, users seeking this line of credit will find two different loan options. 

These two options—which take into account the need/purpose of the loan—are automatically selected by the app. They are:

Caixa Tem Personal Credit

This option is free to choose. 

Just like other personal loans currently on the market, with this credit model, the customer can use the amount for general expenses, paying off debts, or even dealing with a financial emergency.

Caixa Tem Credit for your business:

This option is a little different. 

In this model, the guidance is that microcredit be used for expenses involving a micro/small business, such as: helping to pay suppliers, purchasing raw materials and paying water, electricity and rent bills for that business, for example.

Conclusion

Despite the convenience of taking out a loan directly through the app, the available interest rate may not be the most attractive for users looking for an affordable line of credit.

As with any other type of loan, it's important to remember to do the math and calculate all your expenses to see if the installment amount actually fits your budget and won't disrupt your monthly budget.

Taking this precaution is important so you can keep your loan payments up to date, ensuring your financial life is always as organized as possible.

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