Regulatory Alerts2020-02-24
Added · Updated
Instruction (Archive) No. 4/2020
The Banco de Portugal revises the maximum effective annual rates (TAEG) and maximum nominal rates (TAN) applicable to consumer credit contracts for the first quarter of 2020 due to changes in Stamp Duty rates under the 2020 State Budget. The instruction sets specific maximum TAEG limits for personal credit (6.5% for education, health, renewable energy, and equipment leasing; 13.3% for other personal credit), automobile credit (4.3% to 12.3% depending on new/used status and leasing type), and credit cards/overdrafts (16.0%), along with a 16.0% maximum TAN for credit overdrafts. This instruction revokes Instruction No. 22/2019 and enters into force on the date the law approving the 2020 State Budget takes effect.
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