Regulatory Alerts2021-03-10
Added · Updated
Instruction No. 3/2021
The Bank of Portugal establishes maximum interest rate limits for consumer credit contracts concluded in the second quarter of 2021, effective April 1, 2021. These caps apply to various credit types, including personal credit, auto loans, and credit cards, with specific maximum Effective Annual Percentage Rates (APR) and Nominal Annual Rates (NAR) defined in the accompanying tables. Financial institutions must adhere to these ceilings when drafting new contracts, although they retain freedom to set other financing conditions below these limits.
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