Regulatory Alerts2024-09-05
Added
Instruction No. 13/2024
The Bank of Portugal establishes maximum interest rate limits for consumer credit contracts concluded in the fourth quarter of 2024, effective October 1, 2024. These caps apply to personal credit, education, health, renewable energy, equipment leasing, automotive credit, credit cards, overdrafts, and credit overdrawings, with specific maximum Effective Annual Percentage Rates (APR) and Nominal Annual Rates (NAR) defined for each category. The document clarifies that these limits are maximum charges and must not be referred to as "legal rates," while preserving the freedom to contract other financing conditions.