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
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%
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%
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.