Regulatory Alerts2019-03-13
Added · Updated
Instruction (Archive) No. 6/2019
The Bank of Portugal establishes maximum interest rate limits for consumer credit contracts concluded in the second quarter of 2019, effective April 1, 2019. These limits are calculated based on the previous quarter's average Effective Annual Percentage Rates (APR) plus a quarter, with an overall market cap of the average APR plus 50%. Specific maximum APRs are set at 6.4% for education, health, renewable energy, and equipment leasing; 13.6% for other personal credits; 4.8% for new car leasing; 5.9% for used car leasing; 9.7% for new property retention sales; 12.3% for used property retention sales; and 16.1% for credit cards, credit lines, current accounts, and overdraft facilities. A maximum nominal annual rate of 16.1% applies to credit overdrafts.
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