Regulatory Alerts2020-03-31
Added · Updated
Instruction (Archive) No. 7/2020
The Bank of Portugal sets maximum interest rates for consumer credit contracts concluded in the second quarter of 2020, effective April 1, 2020. Maximum Effective Annual Percentage Rates (APR) range from 4.3% for new financial leasing to 15.8% for credit cards and overdraft facilities, while the maximum Nominal Annual Rate (NAR) for credit overdrafts is set at 15.8%. These limits apply to specific credit categories defined in Instruction No. 14/2013 and Decree-Law No. 133/2009, and must not be referred to as legal rates.