The maximum rates applicable to consumer credit contracts will decline in the fourth quarter in most cases, compared to the previous quarter, announced today the Bank of Portugal (BoP).
Personal credits destined to education, health, renewable energy and leasing of equipment, are the ones that keep the maximum interest rate in the fourth quarter: 5.8%. In other personal credits (no specific purpose, home, consolidated and other purposes), the maximum limit goes from 16.3% to 16.1%. No car loans, the maximum rates established by the BOP for the months between October and December fall from 7.8% to 7.6% for the leasing or long term rental for new vehicles and pass 9.1% to 8.8% in used.
In the last quarter of the year, the regulator also established that can be charged a maximum of 20.5% interest in the case of cards credit, lines of credit, bank accounts and overdraft facilities, which compares with a threshold of 21.5% set for the third quarter.
The maximum nominal annual fee (TAN) for overruns credit also can not exceed 20.5% in the fourth quarter, 1.5 percentage points less than in the previous period.
The BoP went on to establish the end of 2010 the maximum interest rates applicable to contracts consumer credit to combat usurious practices. Under the law, the “maximum for each type of credit rates are determined based on Annual Charges Effective Global Exchange (APR) average prevailing market by credit institutions in the previous quarter, plus a fourth” and ” the maximum rate of any type of credit can not exceed the average APR of the entire consumer credit, plus 50% “market.
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