The INSS payroll-deductible interest rate will increase for those who request and contract payroll-deductible credit as a way of earning extra income, which will mainly affect INSS retirees and pensioners next year.
What this article covers:
What is payroll credit?
Payroll credit is similar to a personal loan, however, all installments are deducted from the retiree’s payroll, or another individual who needs a simpler and less complex loan.
This credit category has flexible and more tempting offers because it has a lower interest rate, with longer payment terms and has currently become the main choice of those who will take out a loan.
Which audience does payroll-deductible credit serve?
It will be possible to hire if you are retired or pensioner of the National Institute of Social Security (INSS), public servant, military of the armed forces and worker of a private company.
What is the updated payroll interest rate for INSS retirees and pensioners?
The INSS payroll interest rate will rise from 1.80% on loans and 2.7% on credit cards to 2.14% and 3.06% in January 2022. These rates were unanimously approved by the National Council of Social Security.
The readjustment was mainly due to requests from the February with the argument that there is a need to offer payroll loans to retirees and pensioners, however, according to the CNPS, what, in fact, caused the readjustment was the increases in the basic Selic rate, and the INPC in recent months.
Why are payroll loan interest rates lower?
These interest rates are mainly suited to the fact that there is some default, that is, the less risk there is of the debt being paid off, the lower the payroll interest. Something that banks feel more comfortable with is knowing that the payroll deduction is done automatically, and there will be no chance of default with the contracted bank.
The minimum payment is automatically deducted, that is, 5% of this assignable margin is equivalent to the credit card payment, one of the main factors for having a lower value on the card.
The INSS payroll-deductible interest rate is one of the main factors for retirees to request it, and rely on the convenience of not needing more bureaucratic payments because the entire month is deducted from the payroll automatically. However, it is important to be aware of changes in the percentage of this credit, study the payment methods and think carefully before carrying out any contract of this type.