Type of loan factored the value of benefits
The Social Institute consignment loan discount of installments directly on the payroll for retirees and pensioners of the Social Institute was authorized by Federal Law No. 10,820 / 2003 in the Lula government.
As the name implies, this type of loan factored the value of benefits are automatically deducted every month (for the duration of the loan) in social security benefits, with interest rates controlled by the Ministry of Social Welfare and set by the National Council of Social Welfare, and used as beacon by banks, financiers or credit promoters. Currently maximum interest is 2.14% and minimum 0.79%
What are the loan modalities for Retired and Pensioner? There are three ways to use or apply for the Social Institute retired paycheck loan, but it is important to remember that only Social Institute social security benefit holders must make the loan contracting.
1 ) – In the first type of loan assignment, the discount is made directly and automatically to the benefit of the Social Institute retiree and pensioner. The Social Institute deducts the value of the provisioned benefit and transfers it to an agreed financial institution.
2 ) – In the second loan modality of the Social Institute payroll, the amount of the installment is retained through Law 10,953 / 2004. The Social Institute makes the transfer of the total value of the social security benefit, whether retired or pensioner to the financial institution that pays the benefit every month, and retains the value of the discount itself. This operation is only possible for the respective institutions paying the benefits.
3) – The third type of discount payroll loan to Social Institute retired and boarder, is provided by publishing Social Institute Instruction No. 117 is one made with “deductible credit card”, 10% of assignable margin is the maximum discount allowed on the payroll deductible credit card.
If you would like to know more about loan for retiree and interest rates charged by banks and credit unions agreed with Social Security, visit the website.
Currently interest rates vary according to the number of plots and the contracted amount on the loan for retired and pensioner has a limit of sixty (60) times, with assignable maximum of 30% of the monthly benefit. Read also: How to make consignment loan for retired Social Institute?