By allowing loan installments to be debited directly to payroll, payroll-deductible loans have a higher guarantee than other lines of credit and, consequently, a lower interest rate.
The installments of payroll loans must respect the limit of 30% of salary and the maximum time of hiring is 60 months.
If hiring a payroll loan is really necessary then it is important to do your homework and compare the interest rates offered by the financial institutions.
We present the Lenders Bank of Brazil survey of the evolution of payroll loans interest rates of the 6 largest banks.
Payroll loans are divided into three groups. Payroll-deductible loans to employees of private companies (CLT), payroll-deductible loans to retirees by the INSS and payroll-deductible loans to civil servants.
In this survey of the Lenders Bank of Brazil, it can be seen that the average interest rate charged on payroll-deductible loans to civil servants is the lowest, followed by payroll-deductible loans to retirees by the INSS and, lastly, payroll-deductible loans to employees of private companies.
A private company employee has no job security as a civil servant, or a guaranteed income as a retired by the INSS, and for this reason, the interest rate ends up being higher.
Take care when hiring a payroll loan
There is a significant variation in the interest rates charged on payroll loans by different banks. For this reason, it is very important to research a lot before hiring a payroll loan.
The interest rates presented are average values and may vary according to the client’s history, term, relationship, guarantees, among others. However, these interest rates serve as a reference when hiring a payroll loan.
The graphs below show the evolution of payroll loans interest rates from January to November 2013. For comparison purposes, the average annual rates of the first week of each month practiced by the main banks were considered, according to data provided by the Brazilian Lenders Bank.
What are the advantages of Payroll?
The payroll loan has lower rates than a personal loan. For example, the interest on an unsecured loan can be around 4.6% per month. The fees may be even higher depending on the financial institution.
The installment of the loan, as well as the common payroll loan, is deducted directly from your salary or benefit, which reduces the possibility of increasing the debt and you can pay it off whenever you want.
Another great benefit of this type of credit is that the maximum loan amount is calculated according to what you earn in return, the installment cannot exceed 30% of your salary or benefit.
Another advantage of the loan is the agility, in addition to not requiring a guarantor, as soon as your credit is approved it is deposited in your account. Very practical and faster.
How to acquire the loan?
Caixa customers can apply for the guaranteed loan through Internet Banking. Those who are not account holders of the bank can call the call center or go to one of the branches.
See the main requirements made by the box to gain access to this type of credit:
- Have sufficient balance for the loan in the guarantee fund;
- The benefit amount cannot be greater than 30% of the monthly salary or benefit;
- The monthly installments are equal and discounted directly from the salary or benefit.
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