Regulatory Alerts2024-03-06
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Instruction (Historical) No. 3/2024
The Banco de Portugal sets maximum interest rates for consumer credit contracts concluded in the second quarter of 2024, effective April 1, 2024. Personal credit is capped at a maximum Effective Annual Percentage Rate (APR) of 8.5% for education, health, renewable energy, and equipment leasing purposes, and 15.6% for other personal credits. Auto loans have maximum APRs ranging from 6.3% to 14.2% depending on vehicle condition and ownership structure, while credit cards, overdrafts, and bank accounts are capped at 19.0%. Credit card overdrafts also carry a maximum nominal annual rate of 19.0%.
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