maximum amount granted falls more than ten times with change in rules. Understand

The changes established by the federal government in the rules for granting the Auxílio Brasil payroll loan will bring down the maximum limit that can be accessed by beneficiaries of the income distribution program. The difference between the maximum amount borrowed under the old rules is more than ten times compared to the amount released under the new conditions, according to a simulation carried out at the request of EXTRA by Professor of Economics at Ibmec-RJ, Caio Ferrari.

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The government has set 5% limit for payroll deduction of the benefit, assignable margin that was previously 40%. The maximum amount that could be deducted for the monthly payment of the debt was R$160. The previous calculation used the R$400 of the benefit as a reference, and not the current R$600 – since at the time of defining the rules for granting the credit, there was still no certainty that there would be room in the budget to maintain the R$600.

Now, the assignable margin drops to BRL 30, equivalent to 5% of the BRL 600.

In addition, the federal government also limited the six monthly and successive installments the deadline for paying off the loan, which previously could be paid off in up to 24 months. already the interest rate per month increased from 3.5% to 2.5%.

The changes are only valid for families benefiting from Auxílio Brasil who access the loan from this Friday (the 9th). The new rules are contained in an ordinance published this Thursday (the 9th) by the Ministry of Development and Social Assistance in the Official Gazette.

Read more: Minister classifies old rules of the payroll loan of the Brazil Aid as ‘perversity’

In the calculations of the Ibmec-RJ professor, in the past scenario the amount granted was a maximum of R$ 1,684. That’s because, of the total R$ 3,840 – paid in 24 installments of R$ 160 – R$ 2,156 was accrued interest in the period.

With the new rules, the maximum credit released is BRL 155, plus BRL 25 in interest, totaling the BRL 180 allowed by the assignable margin of 5% of the BRL 600 over six months.

– The calculation does not take into account possible fees that may be incurred in releasing the loan – explains Caio Ferrari.

Coordinator of the Idec Financial Program, economist Ione Amorim believes that the change in the rules is a conservative and precautionary measure, but one that allows the credit granted to be more in line with the financial reality of the beneficiary families of the Auxílio Brasil:

– What existed before was an incentive for people to take credit with a promise that they would undertake and solve problems – he analyzes: – This credit is an emergency measure. The six-month period and the reduced amount allow the family to breathe, enter the sport and leave. It is better for the government to adopt a more conservative policy now, but in line with the reality of families.

Caixa revises conditions

Calculations by the Brazilian Institute of Consumer Defense (Idec) estimate that, since the beginning of the credit operation, in October last year, R$ 9.5 billion have been granted in loans to 3.5 million beneficiary families, with Caixa Federal Economic Fund being responsible for R$ 4 for every R$ 5 borrowed, totaling R$ 7.64 billion.

The public bank was the only one among the largest in the country to qualify for the modality, but 11 other financial institutions are accredited.

In mid-January, however, the Caixa suspended the modalityon the grounds that the Ministry of Social Development would review the registration of Auxílio Brasil beneficiaries and that the interest rates were high, in the words of the bank’s president, Rita Serrano.

With this Thursday’s changes, Caixa informed that the new rules are under analysis and will be included in “ongoing studies to review the operating conditions of the credit line”.

“Until the analyzes are completed, new concessions remain suspended by the bank. For contracts already carried out, nothing changes. Payment of installments continues to be carried out automatically, through the discount on the benefit”, informed Caixa, in a note.

Other financial institutions authorized to operate the modality also suspended concession. This is the case of Pan and Daycoval banks. EXTRA also contacted Agibank, Crefisa, Banco Safra, Capital Consig Sociedade de Crédito Direto, Facta Financeira, Pintos S/A Créditos, Valor Sociedade de Crédito Direto, QI Sociedade de Crédito Direto and Zema Financiamento e Investimento, but has not yet received a response. .