Regulatory Alerts2022-12-30
Added · Updated
Instruction (Historical) No. 20/2022
The Banco de Portugal establishes maximum effective annual rates (TAEG) and maximum nominal annual rates (TAN) applicable to consumer credit contracts concluded in the first quarter of 2023. The document specifies that personal credit for education, health, renewable energy, and equipment leasing is capped at 6.3%, while other personal credits are capped at 13.0%. Auto leasing for new and used vehicles is capped at 3.5% and 5.5% respectively, and credit cards, overdrafts, and credit lines are capped at 15.7%. These limits apply to contracts signed in Q1 2023 and entered into force on January 1, 2023.