According to the new legislation, beneficiaries of the Brazil Aid can apply for loans of up to 40% of the benefit amount, with a repayment term of up to 24 months and unlimited interest charges. However, the release of credit is dependent on the regulation of the Ministry of Citizenship.
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Despite the possibility of a payroll loan on the aid amount, some banks showed no interest in offering this service. According to Octavio de Lazari Junior, president of Bradesco, the institution understands that it is best not to operate on payroll with the benefit. “The sanction of this measure represents the possibility of access to credit for millions of Brazilians who need the resource to carry out a specific project or even for basic day-to-day demands day. We understand it to be an important mechanism of financial inclusion for this public”, he highlighted.
Private banks such as Santander and Itaú are also disinterested in the service, probably motivated by the same reason as Bradesco. One of the only ones confirmed to offer this modality is Agi, formerly Agibank, which already works with payroll for INSS beneficiaries.
So far, it is believed that only Caixa Econômica Federal and Banco do Brasil will be the institutions that will offer the loan to beneficiaries. The lack of interest from large banking institutions raises some questions about the need for this sanction. The benefit is intended to support financially vulnerable families in poverty, but exposing these people to a situation of accessing interest-bearing credit is supposedly questionable. The banks' decision seems definitive, and so far few institutions are interested in this possibility.
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