Consumers will finally be able to pay again in up to 12 installments for their purchases in more than 30 items adhered to the “Simple Installment” plan, promoted by the Government. And they will not have to wait for the program to expire at the end of the month, but as of this Friday the new scheme will be in force until the end of the year and which not only includes the possibility of paying on the 3rd, 6th, 9th and 12th. quotas at a rate lower than the market rate, but also incorporates six new sectors.
As of the publication of the resolution in the Official Gazette, scheduled for tomorrow, all businesses in the 35 incorporated items – 29 existing plus 6 new – will be able to offer financing in up to 12 installments at a rate equivalent to 125% of the rate. of monetary policy, which recently dropped to 40%. Therefore, today the program rate will be 50%, but it will decrease to the extent that the reference rate decreases. For consumers, there will be no difference since it is the same rate that applies today for the program; What does improve is the possibility that many businesses will offer 12 payments and there will be some that absorb that cost and offer the customer the interest-free installments.
For consumers, there will be no difference since it is the same rate that applies today for the program; What does improve is the possibility that many businesses will offer the 12 payments
One of the items that will be incorporated is construction materials, a sector that has been demanding greater financing due to the sharp drop it is registering, largely due to the halt in public works. Also tourism, which was permanently incorporated last week.
In turn, they may offer up to 12 installments, if they wish, in the following sectors: glasses and contact lenses, lighting fixtures, bookstore items, bookstore items, Bicycles, Footwear and leather goods, Mattresses, Computers, Notebooks and Tablets , Durable kitchen items, Medical equipment, Cultural shows and events, Clothing, and Musical instruments.
Also Toys, Books, Appliances, Machinery and Tools, Motorcycles, Furniture, Tires, accessories and spare parts, Small Appliances, Perfumery, Educational services, Kit for home connection to water and sewage services, Sports preparation services, Repair services, Automotive vehicle and motorcycle repair shops, Cell phones with 4G and 5G technology, Televisions and monitors.
An important difference that this stage of the program will have is that the rate will no longer have a state subsidy. Although what was agreed with the banks is a lower cost than the systemic rate – that is, the one that any trade outside the program would negotiate – the franchise that existed with BCRA reserve requirements was eliminated. Until now, the monetary body allowed financial entities to release 15% of the reserves and place them at the rate, which gave them an additional improvement in the rate. But the entity that leads Santiago Bausili He had already been warning that he did not want to sustain the franchise, not only because it is not well regarded by the International Monetary Fund (IMF), but because it increases the remunerated liabilities, which the entity seeks to reduce as much as possible.
But, without public subsidy, the program rate remained above the monetary policy rate, although for the consumer it will not imply a difference with respect to what was in force until now.
“They took the benefit of the reserve requirements from us, but for the banks it is better that the rate be higher than for the improvement to be tied to that franchise, since it is something that, as they already did, they can modify at any time,” said one source of the financial sector. Regarding how the program rate turned out, he considered that “it is not a super deal, but the equation gives something better than what there was.” In any case, the banks’ request was a rate of 140% of the monetary policy rate, which today would be 56 percent.
