Now 12 more: up to how much interest companies can charge for payment in installments

The Secretary of Internal Commerce, responsible for Guillermo Hang, has renewed the maximum discount rates that banks can apply to commerce and the maximum interest limits that companies can charge to consumers for each ongoing funding plan included in the Now 12 program. The official has arrived Resolution 490/2022 published this Tuesday in the Official Gazette.

Currently, the initiative to promote national consumption and production subsidies the possibility to buy in 3, 6, 12, 18 and up to 24 fixed installments with bank credit cards, with a lower interest rate to that offered on the market.

The measure includes goods and services in more than 30 items of national production throughout the national territory.

In this way, the maximum direct discount rates that bank issuers can apply to trade are charged within 10 working days after the sale for each financing plan they are 5.11% for three installments; 9.77% for six; 18.18% for 12; 24.55% for 18; and 35.83% for 24.

In turn, although many companies do not charge interest, new ceilings have been set that the company can charge the consumer in any financing plan included in Now 12. In this way, the maximum interest it can charge on the cash price it is 5.39% for three installments; 10.82% for six; 22.22% for 12; 40.53% for 18 years; and 55.85% for 24.

Similarly, the Resolution formalizes the readjustment – announced last Thursday – interest rates for the program, valid in this phase until June 30th. The nominal annual rate (TNA) for payments in three, six and 12 fixed installments will be 42%While for 18 and 24 fixed installments will represent 49%.

Previously, the tariffs they stood at nominal annual 33% and 38% respectively.

In both cases, Now 12 interest rates remain below market ratessince a personal loan has an approximate interest of more than 60% per annum.

Domestic trade stated in a statement that “This adaptation responds to the growth that the Now 12 program has had, and in consideration of its sustainability in relation to the recent evolution of the monetary policy rates of the Central Bank of the Argentine Republic (BCRA) and the policy of the national state to aim at harmonizing interest rates “.

According to the recitals of the resolution published this Tuesday, “The expected financing rate represents a stimulus for the increase in sales of locally made products and, therefore, it is convenient both for suppliers and businesses, and for consumers ”.

In this way, the Government has extended the validity of the program – as the companies had requested – first launched in 2014 and currently encompasses 30 product and service categories. Even if the cost sharing purchases with Now 12 becomes more expensivethe new rates are still lower than the market rates.

Basically, the conditions of the Now 12 program are maintained. It will work 7 days a week and all products and services can be purchased through online purchase and in participating stores across the country. Among the most important items are household appliances, appliances, computers, notebooks and tablets, mattresses, furniture, construction materials and tools, bicycles, clothing and footwear.

“With 24.9 million purchases, the program recorded operations for $ 411.677 million pesos from January to April this year with an average ticket of $ 17,585. Among the best-selling items are clothing, appliances and building materials. “, underlined the secretariat days ago.

YN