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See the new INSS Payroll Loan Rules

See the new INSS Payroll Loan Rules

As a result of favorable conditions, retirees and retirees seek payroll deductible loans. INSS (Instituto Nacional do Seguro Social), which in turn can put a portion of the benefits income as security for debt repayment. It is precisely because of this factor that the interest charged for the service is less.

In 2020, due to the effects of a pandemic COVID-19In order to facilitate the contracting of credit service by those assisted by the Agency, the procedure for raising the limit of the loan sent to 40% has been implemented.

However, this expansion is valid until December 31, 2021. Therefore, this year, the beneficiaries of the authority can use only 35% of the interest in contracting the loan, as the payroll limit reverts to the old percentage.

It should be noted that in addition to changing the limit, the interest ceiling charged for the loan category will increase. Check out the following topic for all planned changes to INSS payroll.

INSS Payroll Loan in 2022

In short, changes refer to the percentage of benefits that can be committed in the payroll loan, the increase in the interest charged on the contract for the service and the deadline for repaying the debt. Check out all of them in more detail below.

salary loan limit

  • From April 2020 to December 2021: It was possible to commit 35% of the benefit to a payroll loan and another 5% to contracting a credit card, in total 40%;
  • The rule applicable in 2022: Now, it is possible to commit 30% of the benefit to a payroll loan and another 5% to contracting a credit card, in total 35%.
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Salary benefits

  • Loan Limit Fee: increases from 1.8% to 2.4% per month;
  • Credit Card Limit Fees: increases from 2.7% to 3.06 per month;

Loan repayment deadline

  • How was it before: The contractor had up to 84 months (7 years) to pay off the debt arising from the loan;
  • How’s it going in 2022: The debt repayment deadline is 72 months (6 years).

Importance! Finally, it is worth noting that this year the rule that allowed to reduce the grace period to apply for a new payroll loan after contracting from a previous day to 30 days is no longer in effect. In 2022, this period will go back to 90 days.