FGTS as collateral for a payroll loan
The FGTS was created by the Federal Government to provide workers with guarantees and benefits.
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Another point is that the Guarantee Fund can also be used to finance real estate, in addition to compensation for unfair dismissals.
However, what few people know is that the FGTS can be used as collateral for a payroll loan.
In this article, you'll learn everything about how it works, how to apply, and which financial institutions offer this option.
How does the FGTS work as a guarantee for a payroll loan?
To qualify for a payroll loan, you must be a beneficiary of the INSS (National Social Security Institute), a civil servant, or a member of the Armed Forces. However, it can also be granted to those who work for private companies that have agreements with financial institutions.
Anyone who wants to take out this type of loan guaranteed by the FGTS and works in a private institution needs to contact the company's HR department to find out if they have any type of agreement.
Currently, the law that regulates the FGTS allows the worker to use a maximum of 10% of the total balance.
In short, the larger the available FGTS balance, the lower the interest rates. Therefore, this option becomes quite advantageous for the consumer, guaranteeing significant savings.
On the other hand, if the employee is dismissed without just cause, he/she may use up to 100% of the termination fine amount to guarantee the payment of the loan.
It is worth remembering that, when using the FGTS as collateral for a payroll loan, the balance will be frozen until the debt is fully paid off.
Which financial institutions accept FGTS as collateral?
Consequently, not all banks still offer this type of payroll loan, even though this law has already come into effect.
Caixa Econômica is already offering this benefit. It follows the same rules as a payroll loan and requires a few additional requirements:
- The employer must have an active agreement with the bank;
- Available balance margin in the account;
- Receive your salary in a Caixa checking account;
- Be registered with the company for at least 12 months;
- The loan amount must be 10% of the amount available in the FGTS balance;
- The loan margin is up to 30% of the salary.
The term applied for payment of installments is up to 48 months and the maximum interest ceiling is 3.5% of monthly interest.
How to apply for a loan?
The first step in applying for a loan is to find out whether the company you work for has an agreement with Caixa Econômica Federal.
If the answer is yes, simply go to a Branch. For customers who have a current account, the request can also be made through Internet Banking or at an electronic self-service terminal.
However, for workers who are not clients, it is necessary to go to the institution for a credit analysis.
Take advantage and learn how to apply for a credit card from Box even if you are negative clicking here.
