The information regarding the annual effective global charge rate (TAEG) and the nominal annual interest rate (TAN) is now available on the Banco de Portugal (BdP) Customer Portal. It pertains to the period from October to December and shows decreases of up to 0.7 percentage points, along with an increase in car loans for new vehicles.
In personal loans for education, health, energy transition, and equipment leasing, there will be a 0.5-point decrease to 8.6%. For other personal loans—covering home, renovation, consolidated, and other purposes—the decrease will be 0.3 percentage points from the third quarter, reducing to 15.6%.
As of October, in car loans, the financial lease or long-term rental (ALD) for new vehicles will have a maximum TAEG of 5.4%, and for used vehicles, 6.9%, down from 5.8% and 7.6% in the previous quarter.
For the purchase of new vehicles, the maximum TAEG will rise from 10.7% to 10.8%, while for used vehicles, it remains at 14.2%.
For credit card contracts, credit lines, bank current accounts, and overdraft facilities, there is a 0.3-point decrease from the third quarter, setting the rate at 18.8%.
The BdP indicated that the maximum TAN for credit overruns will decrease from 19.1% to 18.8%.
Under the law, the “maximum rates correspond to the average TAEG practiced by credit institutions in the previous quarter for different contract types, plus a quarter point. Additionally, none can exceed by 50% the average TAEG for all consumer credit contracts entered into in the previous quarter,” BdP emphasized.
The maximum rate scheme also stipulates that the maximum TAEG for overdraft contracts requiring repayment within one month and the maximum TAN for credit overruns should be equal to the maximum TAEG defined for credit contracts with an overdraft facility that has a repayment period longer than one month.
