They may request a payroll loan, public servants, retirees and pensioners, because they have uninterrupted fixed income. This is a prerequisite, since the installment in this type of credit is deducted automatically and systematically from the borrower’s income.
What are the payment terms?
The term of payment of the payroll loan may vary according to the category of the applicant. There are up to 72 months for INSS retirees and pensioners and up to 96 months for public servants. The deadlines are more flexible to allow the portion value to be smaller and fit into the borrower’s budget without leaving it tight.
Can I anticipate the payment of the installments?
Yes. It is possible to request the advance payment of the installments of the payroll at any time, since this is a right of the borrower. Just contact the bank or financial institution where you made the hiring. It will issue a ticket with the total amount of the remaining portions or parts thereof. With this, there will be discount on the interest rates that would be applied in the anticipated installments. In addition, the procedure allows the borrower to repay the debt in a shorter term than expected.
What is assignable margin
The assignable margin is the limitation of the percentage of income that can be used to pay installments of payroll-deductible loans. Currently, for the payroll loan, the settable margin established is 30%. Thus, there is no possibility for the borrower to contract an amount that he does not have the resources to remove in the future.
In addition, it is guaranteed that it maintains a minimum amount for basic expenses with water, electricity and food. However, not every portion of the loan corresponds to a discount of 30% of the rent. For example, for retirees, a loan of R $ 1,000 corresponds to a discount of approximately R $ 27.00 per month.
In addition to this percentage, the assignable margin also includes a limit of 5% of the salary or benefit that can be directed to the payment of the consigned card. Thus totaling 35% of the applicant’s monthly income as the assignable margin.
Why are interest rates lower?
Since the payout of the payroll loan is directly debited from the borrower’s income, statistically speaking, the risk of default is lower. That is, banks have greater guarantee of debt repayment. Thus, there is greater flexibility for financial institutions to apply lower and more attractive interest rates.
In this way, interest on payroll loans currently revolves around 2.10% per month. It is a much lower percentage compared to the overdraft, which can up to 20% per month, according to data from the Central Bank.
What is refinancing the payroll?
In the processes of refinancing the payroll, the bank will repay your outstanding debt and release a new amount to you. The amount deducted will be discounted from the new loan granted and new interest rates will be calculated. It is worth mentioning that, to request the refinancing of payroll, approximately 25% of the original debt should already be paid off. Thus, this can be a good resource for those who have not yet paid off all the debt of the loan, but want to request a new amount, without there being a limit on available margins. Or, when the borrower does not want to further compromise their income, increasing the amount of monthly discount.