Have you ever stopped to think about how good it would be to pay lower interest rates? Even smaller than today’s in your loan or financing agreement? With loan portability this becomes possible as well as super practical.
But what is portability loan really?
Loan portability is a kind of extremely advantageous operation. The problem is that nowadays it is very little used. It can be done by anyone, whether legal or physical. But it must be through cancellation of the contract, as well as discharge of the debt with the bank in which it was made.
Currently the rules of portability of loans were made by the National Monetary Council. He established them in 2013. When this idea was created, his goal was to stimulate competition and also to reduce interest in banks. This happens so that the consumer can transfer his debt between banks, looking for what else is advantageous.
But how does this work in practice?
A lot of people still do not know how loan portability works in practice. And without understanding the possibility of passing a debt to another bank. This allows you to pass your debt to some bank that has lower interest rates.
Among the main reasons for the customer wanting to change banks, no doubt is the quality of service. In other words, the service and the more attractive conditions, in particular the lower interest rates, are what most calls attention.
To be able to do this, the contractor must send to the bank where the loan was made the full amount of what is owed, removing the debt in advance. This causes the debt to be paid without interest. Who will pay this is the new bank, which will take the credit.
The current bank will be completely responsible for making a new contract. In this new loan only the interest rate can be changed. All payment terms, as well as the value of the transaction, will be maintained.
This portability is generally allowed for several lines of credit. These lines are granted to individuals, such as credit card, car financing, special checks, personal loans, payroll, and some other lines.
What people can do this portability of credit?
Any contractor who is a natural person with a current contract in which he or she has contracted the loan in one of the several financial agencies that are part of the SFN, the National Financial System. In cases of leasing contracts, it is necessary to respect the deadline established in the contract, before making the portability operation of the loan to any other bank.
How can I make payable loan portability?
The first thing to do is go after information about the contract that was made. This information regarding the operation to be requested is: the contract number, a statement of the evolution of the balance, the current balance, the annual interest rate, the total term, which payment system was used, the amount of the installments and the date of their expiration.
The financial agency has the obligation to provide the information due within a period established by law. If she refuses, the client can go to the Central Bank ombudsman’s office and register the appropriate complaint. All banks are, by law, required to accept any application for loan portability.
What are the costs of portability?
Portability is not charged for fees, except for real estate or leasing. However, the bank may charge a fee to make the registration in order to start this new relationship. The process can be canceled at no cost by the customer at any time. In other words, you can do this if there has been no money transfer between banks.
Advantage of concentrating your debts
If a pensioner, retiree, or public servant has many outstanding debts and contracts, it is best to centralize them. Portability is an appropriate tool right now as it encompasses all debts, helping you to control your budget better and create greater visibility into the financial transactions that are taking place.
Now you already know how this portability works, and what are the main advantages that it offers! In addition to having your debts all concentrated in just one location, you can get friendlier rates, and ultimately pay well less than you were paying before.
But to be able to do this in a safe way it is good to know thoroughly about every detail and how the loan portability really works and revolves, all so you can organize yourself financially to receive this new account every month, time to pay your dues.