The Bank of Portugal have published on September 3rd the Instruction no. 13/2015 which determined for the fourth quarter of 2015  the maximum rates applicable to consumer credit contracts.

4th quarter of 2015                                                                                                                     Maximum TAEG
Personal Loans

Purpose Education, Health, Renewable Energies and Equipment Leasing                                                                                        5,40%
Another Personal Loans (with no specific purpose, home, consolidated and with other purposes)                                           14,80%
Car Loans

Leasing or Long-term leases: new cars                                                                                                                                                       6,20%
Leasing or Long-term leases: second hand cars                                                                                                                                       7,70%
With ownership lien clause and others: new cars                                                                                                                                  10,50%
With ownership lien clauses and others: second hand cars                                                                                                                 13,20%
Credit Cards, Credit Lines, Bank current accounts and Overdraft Facilities                                                                                   18,40%

Overrunnings                                                                                                                                                                                      18,40%

TAEG- Annual Global Interest Rate

TAN – Annual nominal interest rate

The above consuer credit maximum annual interest rates come into force on the 1st of October 2015.

If after that date your Bank would charge you a higher rate than the one above applicable to your consumer credit agreement, you may complain to the Credit Institution itself, requesting the application of the above maximum allowed interest rate and complain to the Bank of Portugal in case of non compliance.