Regulatory Alerts2022-03-09
Added · Updated
Instruction No. 5/2022
The Bank of Portugal establishes the maximum annual effective global rates (TAEG) and maximum nominal annual rates (TAN) applicable to consumer credit contracts concluded in the second quarter of 2022. The document specifies that personal credit for education, health, renewable energy, and equipment leasing is capped at 6.4%, while other personal credits are capped at 13.1%. Car leasing for new and used vehicles is capped at 3.0% and 4.8% respectively, and credit cards, overdrafts, and bank accounts are capped at 15.8%. These limits entered into force on April 1, 2022.