Payroll loans for those who receive the Auxílio Brasil, income transfer program, reached R$ 5 billion in October, according to data released on Monday (28) by the Central Bank (BC).
The survey covers since October, when the money began to be transferred to those registered in the former Bolsa Família.
Due to the possibility of obtaining credit from the line created to serve those who receive the benefit, banks registered a 328.6% increase in the granting of payroll loans in October, according to the BC.
According to the head of the Statistics Department of the Central Bank (BC), Fernando Rocha, private payroll disbursements jumped from R$ 1.5 billion to R$ 6.7 billion in one month.
The rise in concessions was accompanied by a rise in interest rates. According to Rocha, the private payroll rate rose from 37.5% to 45.6% in October, the highest rate in the historical series.
The payroll loan has an interest rate of 3.45% per month, close to the 3.5% limit set by the Ministry of Citizenship. The maximum installment is 40% of the value of the Brazil Aid; and the minimum installment, R$ 15. The duration of the loan is up to 24 months.
The ceiling of 3.50% per year is higher than that charged by banks for INSS payroll: 2.14%. In addition, according to BC data, it is above the rate, on average, of various types of payroll: for private sector workers (2.61%), for public sector workers (1.70%), for retirees and INSS pensioners (1.97%) and total personal payroll (1.85%).
Caixa was one of the 12 banks accredited to operate the line, and the only one among the five largest in the country. The public bank officially launched the line on October 11, after the first round of elections.
The modality was classified by analysts as electoral and with great potential for increasing indebtedness.
Rocha said that the payroll advance for Auxílio Brasil beneficiaries considers loans made by Caixa and other financial institutions. However, he did not detail how many banks are offering the line.
Source: CNN Brasil
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