The National Bank wanted somehow honor the 40th anniversary of the return of Democracy in Argentina and decided to do it with a new line of credit available for both individuals and companies with rates of 40%not just less than half of this year’s forecasted inflation (which is already over 100%), but almost half of what an individual pays today.
The conditions are so advantageous that on Twitter there were already those who advised taking out the loan, to then see what they could spend it on. or directly put it on a fixed-term basis with rates of 78%which is what the banks, including Nación, currently pay.
The new line has 10,000 million dollars available to lend, under special conditions, to small and medium-sized enterprises, retirees and workers who collect salaries in the institution.
“On Memorial Day and for the 40th anniversary of the restoration of democracy, the president of Banco Nación, Silvina Batakis, announced a financing program of 10,000 million dollars with 40% interest rates and special conditions,” the agency reported. in a statement dated March 24. .
Batakis made the announcement at the institution’s headquarters together with the general manager, María Barros, and the head of the La Bancaria union, Sergio Palazzo, during an act for the 47th anniversary of the coup, in homage to the 31 arrested and missing employees.
The destination of the credit line will be for investments in general and for the redial of working capitalwith a combined nominal annual rate of 40%, during the first year, e then Badlar plus 7 points annual percentage rates for the remainder of the period.
“The maximum loan amount will be up to $40 million for capital expenditure and up to $10 million for working capital. The deadline reaches up to 60 months for the first case and up to 18 months for the second.
Another of the lines of the program is intended to finance people belonging to the “micro” segment. It’s a loan with single signature guarantee and for investment and working capital. In this case, the payback period will be 24 to 40 months and 18 months, respectively, and will have a combined interest rate that has been set at a fixed 40% TNA and then 53%.
The line of personal loans for retirees, retirees and those who receive their assets across the nation is split up duration between 24 and 40 monthswith a maximum amount of up to $1 million and a fixed annual nominal rate of 40% during the first year, to then move on to 48%.
On the bank’s page, however, they clarify that in addition to having to collect their assets throughIn addition to the Nation, individuals are not expected to be notified in Banco Nación’s central debtors as of December 2020. The loan will not be granted to those receiving income exceeding the equivalent of 4 minimum, vital and movable salaries. At the March minimum wage ($69,600) that would be an income of $278,000, and as of April, with the SMVM of $80,342, the limit to take out the loan will be $321,368.
In the bank they add that in this case the credit does not have a pre-established destination, but that it is “without verification of the request for funds”.
The compensation calculated for thirty days cannot exceed 35% of the applicant’s net income. And it is necessary to have a seniority of three months.
For example, for a loan of €100,000 for 24 months, the value of the first installment will be €6,818.77. This means that the 40% nominal rate has a nominal annual financial cost of 50.44% and an annual effective rate (TEA) of 63.90%.
Source: Clarin
