O increase in the margin of the payroll-deductible loan to INSS retirees and pensioners (National Institute of Social Security), which has just come into effect in the country, may not be as advantageous despite the fact that the interest rate is lower than others applied in the market. Simulations made by R7 demonstrate that, considering the monthly interest ceiling of 1.8% and the deadline of 84 months, the debt can cost almost double (95%) at the end of the contract.
The law that expands the payroll margin from 35% to 40% of the benefit amount was sanctioned without vetoes by President Jair Bolsonaro and published on Wednesday (31) in the Federal Official Gazette. The measure was taken due to the covid-19 pandemic and determines the deadline for new hires as December 31, 2021.
Read also: Bank is sentenced to fine for offering payroll-deductible credit to the elderly
The approved text also provides for the possibility of suspending the loan installments for four months, as assessed by each financial institution. This shortfall will apply to the old and new payroll loan operations.
Experts heard by R7however, they recommend that retirees use the payroll only in emergency cases, as the personal loan is not always worthwhile. For that, some simulations were made that already consider the new 40% margin. See below:
For those who earn the floor (R $ 1,100)
– The retiree who obtains a loan of R $ 23.2 thousand with an interest rate of 1.2% (the lowest in the market) will pay, at the end of 84 installments (maximum term) of R $ 440 (the equivalent of 40 % of benefit), a total of R $ 36,960 (59% higher debt);
– If the retiree takes the loan with an interest rate ceiling of 1.8%, he / she will be able to get R $ 18,900. You will pay the 84 installments of R $ 440 and will have spent, at the end of the contract, the same R $ 36,960 (but here the debt is 95% higher).
For those who earn R $ 3 thousand *
– With interest at 1.2%, the retiree can take a loan of R $ 63 thousand and pay in 84 installments of R $ 1,200. In the end, you will have paid R $ 100,800 (59% more than the amount taken), in addition to IOF and other fees;
– If the interest rate is the highest, 1.8%, the maximum loan may be R $ 51.7 thousand. The retiree will pay the same 84 installments of R $ 1,200. The total paid will also be the same R $ 100,800 (in addition to IOF and other fees), but in this case the debt is 95% higher.
The benefits above R $ 1,903.98 also include the income tax discount (for those under 65 years of age)
Only in emergencies
For economist Hugo Garbe, professor of economics and finance at Mackenzie Presbyterian University, the retiree should only resort to payroll deductions as a last resort, as in medical emergencies. “The person needs to keep in mind that it is a long debt. He must think if he will be able to survive on a 40% lower income in this period”, he says.
Even so, if the option is really for the loan, the retiree must research the best rates in the market, generally in public banks. “Furthermore, one should never make a decision on impulse. Before signing the contract, the ideal is for the person to talk to family members first to make sure it is the right decision,” says Garbe.
Accountant and financial educator Cíntia Senna agrees. She says the first step is to reflect on the purpose of the loan. “Often, the person takes the payroll to pay another debt, and it is not worth it. It is better to try to negotiate the original debt,” he says.
Cíntia also suggests that the retiree take a kind of test drive. “If he gets the floor, he should try to spend a month living on just R $ 660 (which will be left over with the 40% discount on the benefit). As it is a long debt, it is important to know if you will be able to live with the lowest income. ”
Another warning from the specialist concerns the harassment of banking and financial institutions. “Payroll loans are liquid and certain money for banks, so they try to push at all costs. Often, the retiree takes out the loan because he was deceived by an employee,” he says. To avoid this type of enticement, Cíntia recommends requesting a loan block in the Meu INSS application or by calling 135. “If the person changes his mind, just unblock it.”
The new law extends the limit of 40% for payroll-deductible loans to other categories, such as federal civil servants, workers with a formal contract (CLT), military personnel from the Armed Forces, military police and state and municipal civil servants (active and inactive).
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