Regulatory Alerts2024-03-06
Added · Updated
Instruction No. 3/2024 on Maximum Interest Rates for Consumer Credit Contracts in the Second Quarter of 2024
The Bank of Portugal establishes maximum effective annual percentage rates (APR) and maximum nominal annual rates (NAR) applicable to consumer credit contracts concluded in the second quarter of 2024. Specific caps include 8.5% for education, health, renewable energy, and equipment leasing; 15.6% for other personal credits; 6.3% for new car leasing; and 19.0% for credit cards and overdrafts. These limits apply to contracts signed from April 1, 2024, onwards, without restricting the freedom to negotiate other financing conditions.