A set of measures to be available in BB’s branches starting on April 12 will reduce interest rates, increase limits and encourage the conscious use of loans in the country
Banco do Brasil announced “BOMPRATODOS”, a set of measures that promotes the reduction of interest rates in its main credit lines for individuals and small and micro enterprises - SMEs.
BB will increase credit limits in R$ 26.8 billion for SMEs and in R$ 16.3 billion for individuals. These measures are the result of a mix between a new methodology for risk analysis focused on good payers and society’s consuming trends.
"With BOMPRATODOS we will reduce spreads, increase credit offer, stimulate the conscious use of loans and also attract new customers within the Banking Mobility Act", says BB’s CEO, Aldemir Bendine. "This is only possible because of our low delinquency rates and will allow us to expand our business, thereby helping the country to grow."
Decrease of interest rates for auto loans
Although BB already has the lowest interest rates among large banks in Brazilian banking industry, the spread of the main lines for individuals will be significantly reduced. In auto financing, for instance, the decrease for clients with pre-approved credit and no built-in fees will be of 19% minimum, allowing the financing auto acquisition with interest rates starting in 0.99% per month.
Reduction of rates and incentive for consumption financing
The average interest rates will drop 45% for consumer goods acquisition loans. Customers will have the option to use Ourocard Crediário, a loan created to promote conscious consumption by offering credit with lower rates at the time clients buy electronic equipment, building supplies, tourism services, computer equipment, and so on.
Lower interest rates for retirees and pensioners of INSS – Brazilian Social Security Service
Payroll loans’ rates will range from 0.85% to 1.80% per month for INSS’ beneficiaries.
Revolving credit card rates will be of 3% per month
Employees who receive their salary in Banco do Brasil and choose to be part of BOMPRATODOS will have access to an exclusive package of benefits. Revolving credit card interest rate will be of 3% per month – average rate is 12,25%. The customers will receive the new credit card Ourocard BOMPRATODOS, have access to an overdraft account free from interest rate for up to 10 days, count on financial consulting and have a series of advantages with no extra charge, like SMS warning for financial transactions and pre-paid credit card for family members. This pre-paid credit-card has neither charge nor fees on its emission and on the first time it is charged-up with credit.
Lower interest rates for working capital
SMEs will also benefit from lower rates. Although it already charges the lowest rates for working capital loans, Banco do Brasil will reduce the average rates for this line of credit by 15%. Backed by receivables loans’ taxes will be cut in 16%. With this set of measures entrepreneurs can now finance their working capital need with interest rates starting at 0.96% per month. Sales in installments backed by postdated checks, trade bills, and credit cards can be anticipated with taxes starting at 1.26% per month.
Companies that keep their financial turnover in Banco do Brasil and choose to accept automatic installment of credit card’s debts will receive the new credit card Ourocard Empresarial Giro BOMPRATODOS and will benefit from an interest rate of 3% in revolving credit. Soon they will also be able to hire working capital loans at the moment of the acquisition of goods or services.
The access to these new conditions will be according to the level of relationship between the customer and BB. The companies which operate their cash flow (checks and trading bills, mainly) and their domicile for the receipt of sales with credit cards with Banco do Brasil will also allow for access to cheaper credit.
Guaranteed operations will also be considered for reduction of interest rates. Preferably, BB will link loans to FGO (Fundo de Garantia de Operações).
BB already offers more than 20 service packages with different compositions and fees. Customers choose the best option according to their preferences and needs. This rational remains in BOMPRATODOS, with the creation of five other service packages available to individual customers and two more for SMEs.
With these measures, BB expects to increase customer satisfaction, improving competitiveness and expanding its market leadership.