What happens with punitive interest for late payment

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The unpaid installments will be incorporated in the months following the end of the life of the loan, considering the accrual of the compensatory interest rate.

The Central Bank (BCRA) confirmed that companies that have agreed to 24% loans for the payment of wages, working capital or any other type of financing, will not pay punitive interest for arrears in installments until September 30.

The measure is part of a package of reforms implemented since the end of March to guarantee the efficient functioning of the financial system and provide operational facilities to SMEs and people in the framework of the Covid-19 pandemic.

“All credits, including personal and mortgage but also commercial, who do not pay the installment until September 30, will pay it at the end of the loan term, at the agreed interest rate and without penalties, “they stated from the BCRA.

In this way, loans granted by any financial institution, including those that are updated by UVA, could begin to be paid in October without suffering additional interest for late payment.

In any case, the unpaid installments They must be incorporated in the months following the end of the life of the loan, considering the accrual of the compensatory interest rate.

Originally, the deadline for exemption of punitive interests was June 30, but last week the Central Bank extended its validity and that of another series of measures, such as the elimination of the payment of commissions or the suspension of the closing of accounts for issuing documents without funds.

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The 24% credits will not pay punitive interest for arrears in installments until September 30

Until December 31, a bank account may not be closed or disabled to those who write a check without funds or without authorization to write overdraft or due to formal defects.

The deadline to submit was also extended to 60 days declined common or deferred payment checks and a second presentation was accepted for checks rejected on the grounds “Not enough funds available in account”, although not to electronic checks or Echeq.

Finally, financial entities were prohibited from charging commissions related to the rejection of checks until the same date.

Cheap credits with minimal requirements

Last week, the Central Bank authorized new lines of financing to subsidized rate of 24%, which includes a special tranche for investment in capital goods of national origin and another with minimum requirements for companies that until now have not had access to bank credit.

The decisions made by the Board of the Central Bank imply an injection of at least 200 billion extra pesos into financing lines.

The Investment Line will allow companies, regardless of their size, to access 24% rate credit for the acquisition of capital goods produced by local MSMEs. All the equipment and machinery of national origin are reached.

The line MiPyME Plus, which allows companies without current bank loans to access a line of financing, will be extended to companies with credit ratings and status 1 or 2 at the debtor center as of March 20.

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The deadline for submitting rejected common or deferred payment checks has been extended to 60 days

Banks will be obliged to provide these lines of credit to companies that have the FoGar warranty and appear in the database prepared by the Ministry of Productive Development.

The MiPyME Plus line It can be managed with minimal requirements and has already approved financing for $ 1,083.6 million, of which $ 752.5 million has been disbursed to 1,340 companies.

In addition, it was established that the companies that accessed the MSMEs financing 24% can renew credits for the equivalent of the monthly salary bill.

This line reached 161,817 operations, with a total disbursement of $ 263,887.4 million.

“The combination of lines of financing guarantees that the financial system reaches the universe of micro, small and medium-sized companies, and also large companies that invest in the acquisition of capital goods of national origin,” said the BCRA.

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