What is a payroll loan and what is its margin?
In simple terms, we will explain what it is. payroll loan, how margin determines the amount you can obtain, and what options are available for applying for this type of credit. Curious? Keep reading to find out more!
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What is a payroll loan?
THE payroll loan It receives this name because the payment of the installments is automatically discounted from the applicant's payment or benefit.
Furthermore, its main target audience is INSS retirees and pensioners and public servants.
However, some banks sell private payroll loans, exclusively for employees of private companies.
This loan model is one of the more economical and advantageous alternatives of the market.
This is because, as the bank has more security in its operations and the risk of default is low, it can offer lower interest rates.
Currently, the The interest rate ceiling for this type of loan is 2,14% per month.
In addition to the lower interest rate, the payroll loan is more advantageous because:
- It has a longer waiting period;
- Longer payment terms;
- Smaller plots;
- Easy to approve;
- Accepts negative.
Since loan installments are automatically deducted from payroll or benefits, the government has stipulated a consignable margin.
What is the assignable margin?
The assignable margin is the limit of the payroll loan. According to the law, beneficiary cannot commit more than the assignable margin with loan and payroll card.
The percentage of the assignable margin defines how much of the salary or benefit can be committed to the loan installments.
What is the margin for a payroll loan?
At the beginning of the week, a Provisional Measure issued by the Executive increased the margin of the loan assigned to public servants, workers and insured, from 35% to 40%.
Whereas, 35% is for a loan and 5% is for a payroll credit card. See the table below:
| Group | CLT Employees | Brazil Aid | Public servants | INSS retirees and pensioners – BPC and RMV |
| Consignable margin | 40% | 40% | 40% | 45% |
| Distribution | 35% for payroll loan | 35% for payroll loan | 35% for payroll loan | 35% should be used for loans, financing and leasing |
| 5% for expenses on the assigned credit card | 5% for expenses on the assigned credit card | 5% for expenses on the assigned credit card | 5% for expenses and withdrawals with the assigned credit card | |
| 5% for spending with the Benefits Card |
The percentage of the assignable margin before the MP was 35%, that is, 30% for the loan and 5% for the card.
Furthermore, according to the new Provisional Measure, the applicant cannot take out new loans if the sum of optional and mandatory discounts exceeds 70% of their payment or benefit.
Now that you've figured out what the margin of payroll loan, I invite you to continue reading to see a list of some banks where you can apply for a payroll loan.
