Regulatory Alerts2021-03-10
Added · Updated
Instruction (Archive) No. 3/2021
The Bank of Portugal sets maximum effective annual rates (TAEG) and maximum nominal annual rates (TAN) for various consumer credit contracts for the second quarter of 2021. These limits apply to personal credit, education, health, renewable energy, equipment leasing, automobile credit, credit cards, and overdrafts, with specific caps ranging from 3.5% to 15.6%. The instruction enters into force on April 1, 2021, and establishes that these rates are maximum cost limits rather than legal rates, preserving freedom of contract subject to these ceilings.