This is how Infonavit AMLO reform will benefit

According to Infonavit, the acquisition of a new home only represents 30% of the 9.4 million actions required in housing matters and detected by Infonavit; the rest of the needs correspond to improvements, extensions, expansion and improvement, and replacement of housing.

Direct delivery

Direct mechanisms exist in Infonavit and are intended to strengthen with the reform, including traditional mortgage credit, as long as it is not done with the intermediation of a real estate agent, it is a direct transfer to the worker.

For example, the improvement credit is deposited on a card to the worker and from there he can buy his construction materials and pay masons for the remodeling of his home.

“What is intended is that the worker has total control over his savings. There he puts a challenge to us to do a more effective work of approach and advice. Then there are information asymmetries, where the worker does not even know how much he has in the (housing) subaccount, how it is used and others. Some take advantage of that, often fraudulently, so that the worker can take out the loan and receive the money, “he explained.

In addition, with the Official Mexican Standard (NOM) for the sale and purchase of housing issues – currently under discussion at the Ministry of Economy – which includes several chapters, the reform will be very well complemented.

Construction monitoring

We have electronic surveillance systems, especially on the subject of sharing information with points of sale, where the exercise of the resource in the purchase of materials and others can be traced.

With the self-construction loan, which we started on October 21, they will have electronic verification mechanisms, that is, workers will be able to upload progress of their work on an electronic platform.

Offer and demand

The manager explained that with regard to the housing supply, the developers are not taking sufficient risk in serving the population that they can serve.

“They have territorial reserves, they have construction experience and they simply are not serving that market. We are inviting them to do so. As for demand, this government has been emphatic in increasing the minimum wage, which clearly affects the contribution base to the housing subaccount, and that is very important because it increases credit capacity, “he explained.

In addition, Unamos Credits, for example -initiative that Infonavit undertook this year- allows a family to pool their housing subaccount and access a higher loan, it helps families with the minimum wage to access houses with a price of three or three four times higher than what they could access only with the minimum wage.

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Cheap credits could be extended until 2021

The possibility for people and companies to easily access credit is vital to boost investment and consumption in an economy like the Colombian one.

In times of crisis, such as the current one, the Banco de la República has been lowering its reference rate from 4.25%, before the pandemic, to 1.75% for this month of October, precisely with the purpose of stimulating the national economy.

That decision has several consequences. On the one hand, it should be reflected in cheaper credits for individuals and companies, due to the effect this has on the interest rates at which banks lend in the country. On the other hand, an increase in local investment is expected.

Julio César Alonso, director of the Center for Research in Economics and Finance, Cienfi de la Icesi, explains that it is not easy for the issuer’s rate reduction measures to be immediately reflected in the banks and that this may take a few months.

Can read: Valle increases exports to Belgium, Italy and Germany

“One would like, in times of pandemic, a rapid effect of these measures, but it must be taken into account that uncertainty increases and that prevents the rates charged by financial institutions from falling at the expected rate.”

Is there cheap credit?

According to Banco de Occidente, there is cheap credit and, due to the economic impact of the health emergency, “interest rates on free investment and payroll loans have decreased by 9 basis points per month, averaging for 2020 in free investment 1 , 07% and 1.02% in payroll ”.

The same was commented by an advisor from Banco de Bogotá. “A few months ago, free investment credit, other than by payroll, had an average rate of 1.9% and now it is being lowered to 1.5% or 1.6% and drafts range between 0.99% and 1 2% ”, he commented.

According to the banking system, due to unemployment and the impact generated by the crisis, risk levels have increased, generating more rigor in the credit granting processes.

But the cost of credit does not depend only on what happens with the Banco de la República referral rate, but also on the risks, and at times like the current one, with a high unemployment rate and uncertainty, banks are careful to when placing the money: through greater demands or not by reducing the cost of that loan much.

Even so, according to the Superfinancial, with cut to September 25, the average interest rates of the different credit modalities corresponding to the isolation period register a reduction compared to the average interest rates at the beginning of 2020 for both households and companies . In particular, it reports decreases in the cost of financing with credit cards for individuals and corporations.

What could be expected then for the next few months and for 2021 is that the cost of taking out a loan will be a little cheaper, if there are no other conditions that affect the direction of the economy.

“According to the macroeconomic analysis and the impact suffered by the country, the bank is seeing a gradual recovery and in the same way it will be the expansion of credit as risk levels normalize,” said Banco de Occidente directives .

As of July 2020, households had debts of $ 155.5 billion, 4.7% more than a year ago and companies owed $ 278.4 billion, 8.11% more than for the same month of 2019.

Additionally, last July about 1.2 million credit applications were made for an amount of $ 58 billion. Of this total, 79% were approved, according to the Superfinanciera.

Who does it affect?

Julián Cárdenas, protection economist, stressed that the strategy of lowering the benchmark interest rates of the Banco de la República is a measure that is good for consumers and companies that have debt, because it alleviates a little in the cost of money.

But he considers that this determination also has some risks and that is that low rates do not motivate foreign investors, that is, the country becomes less attractive because generally those capitals are looking for high returns.

Likewise, they do not motivate savings so much due to low profitability. “Conservative and traditional investments, for example, those who keep their money in CDT (Certificate of Term Deposit) at the moment are not making much profit, because the rate is below 3% a year,” he said.

Even so, in Colombia there were deposits in CDT for $ 182.7 billion, as of July this year. 73.3% had companies and 26.7% natural persons.

On the subject, Felipe Campos, research director of Grupo Alianza, agreed that the Issuer’s low rates do not stimulate international investment, but says that it does boost local investment because people decide to do projects because they can borrow cheaply or consume more . Therefore, they help to generate a consumer environment that stimulates the economy and “if this occurs, indirectly international investment may come, but it is not a direct effect.”

He stressed that in times of low rates, worldwide, as we live today, investment (projects, companies, papers) can be stimulated because saving is not so profitable.

Low rates will continue

Economists at Bbva Research consider that the conditions of weak demand will continue in the coming months and, therefore, they believe that the Banco de la República will maintain low rates for a considerable period of time, at least until the middle of the year 2021.

“This as long as the economic scenario does not deteriorate significantly in the near future.”

Likewise, Juan David Ballén, Director of Investigations at Casa de Bolsa, says that the country is overcoming one of the largest recessions in recent history and that because of this he believes that the Banco de la República will maintain the interest rate throughout 2021 reference at its lowest level.

“Until the economy improves, there will be cheap credit. The increase in interest rates will depend on economic growth, the Issuer would increase interest rates when the economy no longer needs it and is growing close to its potential ”, he stated.

In figures

Throughout the period of isolation due to the pandemic (March 20 to September 25, 2020), companies and households have financed their economic and personal activities with loans. In that period, disbursements were made for $ 160.72 billion, according to data from the Financial Superintendence.

Likewise, until last July, the grace periods, extensions or redefinitions, which the banks made with the loans of companies and individuals, covered a total of $ 225 billion of the portfolio, corresponding to 11.7 million clients in the country.

For the month of July, the total balance of the credit portfolio in Colombia amounted to $ 526.2 billion.

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Ecobonus building 110 percent, the platform for tax credits

Roma – Construction eco-bonus 110 percent, there is a digital platform where tax credits will be negotiated. CRIF, the company that deals with credit information systems and Workinvoice, an Italian fintech active in the exchange of trade receivables, makes it. The birth of the marketplace is part of the concessions provided for by the Relaunch Decree, in particular with a view to the new 110% building Econobus: on the marketplace it will be possible to sell and purchase, as a tax credit, the tax deductions provided for by the legislation, creating, for for the first time, a market dedicated to tax credits (now open to those related to the Ecobonus, in the future also to other types), facilitating the transformation of credit at market prices into liquidity, accelerating the spread of the use of incentives and, ultimately, by supporting the construction sector.

The new 110% Ecobonus legislation allows, as an alternative to the direct use of the deduction, to opt for an advance contribution in the form of a discount from the suppliers of goods or services, or for the transfer of credit corresponding to the deduction due. This is an important innovation that is already creating great turmoil in the world of the credit market, also because the subjects who receive the credit (for example construction companies) will, in turn, have the right to transfer, thus opening the way to creation of a market where supply and demand will meet in order to exchange credits that may have already been the subject of a transfer between subjects for the first time (in this case we speak of the “secondary market” of credit).

The marketplace can operate: – Private subjects interested in the sale of the Super Ecobonus credit to transform it into liquidity or because in the absence of sufficient tax debts to offset, in particular: a) Construction companies and related supply chain, which obtain the credit as a counterpart for the interventions facilitated; b) Banks and other lenders, which acquire credit from individuals who have accrued it or who obtain it as a counterpart of the loans granted to meet the needs of working capital of the construction companies; – Private subjects (corporate, insurance companies, banks, funds, etc.) interested in the purchase of credits in order to optimize their tax burden.

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With US $ 2.3 million, Samsung expands the production of refrigerators in Cañuelas | Business Opening

The South Korean company Samsung announced this Tuesday, with the presence of President Alberto Fernández, that will expand the production of refrigerators in the plant that its Argentine partner Visuar has in the Cañuelas Industrial Park, Buenos Aires province.

With a US $ 2.3 million investment, the company plans to add a new line of refrigerators to expand its production by 22%, 70,000 to 85,000 or 90,000 units per year, and to incorporate new models with inverter technology of lower capacity and more accessible in price. To do this, Visuar will gradually incorporate 100 employees.

“At the plant we only produce Inverter refrigerators, which allow more than 30% energy savings versus traditional cyclicals. We make models from 320 to 380 liters, but now we are going to incorporate one of 300 liters, also Inverter and with Twin Cooling, by which freezer and refrigerator work independently. Still cyclicals capture 70% of the market. We aim to launch a more accessible model, to be competitive in price and so that more consumers can purchase an Inverter model”, Diego Puhl, Samsung Home Line director, explained, a The chronicler. In the remaining 30% of the market, 70% are Inverter and 30%, No Frost. The model will cost between $ 60,000 and $ 65,000, compared to 45,000 for a traditional cyclical, but between 15% and 20% lower than other higher-liter inverters.

At that plant, Visuar also manufactures next-generation washing machines, microwaves and vacuum cleaners for Samsung.

So far this year, the sale of refrigerators decreased by 14% in units until August, compared to 2019, being a category less affected than others by the pandemic, according to sector data. In fact, the demand for household appliances in general fell by around 24% in the same period. Last year, the sale of white goods (refrigerators, washing machines and kitchens) had decreased by 6.5%, compared to a general decrease of 24% in the total sector.

“Our sales evolve in a similar way to the market. After having shortages since May, due to the factories being closed for two months, since August there is a certain recovery in demand of refrigerators. A month ago, we estimated a drop of 9% to 10% for all of 2020; the quarantine did not affect the seasonality of the refrigerator, because more are sold in summer. By 2021, we had projected that the market would grow from 3% to 5%, but the measures announced today could boost consumption more and the improvement could be greater, ”explained Puhl.

After touring the plant, Alberto Fernández announced a line of credit to acquire domestic appliances and another for productive investment; lThe former aim to encourage the purchase of national products from eight categories, including refrigerators, at prices agreed with manufacturers, financed by Banco Nación for 36 months and a fixed rate of 15%. Among the products, there are 35 models of refrigerators, 22 of washing machines, nine of kitchens, nine of hot water tanks, seven of water heaters, four of electric hot water tanks, one of dishwashers and 144 of fans.

In addition to that new line of credit, These products also participate in the Now 12 and 18 programs. Thus, it is expected to reactivate the demand for refrigerators and other household appliances that have a high national share in their production.

“Financing helps a lot to purchase refrigerators, with which we estimate a positive impact on the market, more with 36-month loans”Puhl commented. In addition to the national model of 300 liters Inverter, Samsung will launch, at the end of the year, the high-end model Family Hub, imported from Mexico, with Side by Side doors, with touch screen and Internet connectivity, than cost less than $ 300,000 to the public. “With the quarantine, we spend a lot of time in the kitchen; they changed the uses and customs. The refrigerator transforms the kitchen into an entertainment center, with touch screen, Spotify and speaker to listen to music or send it from the cell phone; interior camera to know, from the smartphone, what is missing in the refrigerator when shopping, among other characteristics ”, said Puhl.

Also, Samsung plans to add more models of washing machines in the plant that Visuar has on the same property in Cañuelas, where it makes front and top loading Inverter and non-Inverter models. “We are also going to expand production with models that are more accessible in price and we also plan to bring others with greater kilage and connectivity,” he anticipated.

The manager also highlighted the importance of productive credits announced for companies, that contemplate fixed installments at a rate of 24% or 22%, for 36 months, with Banco Nación. “It is important that there are these types of facilities, because companies have not received this impulse to invest for a long time; it is very difficult to expand with own investment “, he warned.

Visuar began in September 2017 to manufacture refrigerators for Samsung in Cañuelas, the year in which it allocated $ 1 billion at that time to install a new 30,000 m2 plant of Inverter refrigerators. In 2012, Visuar had started to manufacture, in another plant of the same property, washing machines, to which he later incorporated vacuum cleaners and microwaves.

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Credit cards without membership: these are the 10 banks that offer them | News


By Malena Miranda

There are 10 banks that offer credit cards that do not charge the annual membership commission to date, according to information on the respective banks’ web pages.

These are the following banking institutions:

Banco BBVA offers the Visa Cero credit card.

Banco de Crédito del Perú (BCP) has the Visa Light credit card.

Interbank has the Visa Access credit card.

Scotiabank offers the Visa Credit Card Without Membership.

Banco Pichincha offers the Carsa Mastercard credit card.

BanBif has the BanBif Zero Membership Visa credit card.

Banco Falabella has the CMR Visa Basic credit card.

Banco Ripley offers the Mastercard Basic credit card.

Banco Azteca has the credit card called Tarjeta Azteca Visa / Mastercard.

Banco GNB offers three credit cards: Platinum, Gold and Classic.

It should be noted that as of August 29, the regulation of the Superintendency of Banking, Insurance and AFP (SBS) that modifies the Regulation of Market Conduct Management of the Financial System came into force.

The regulations establish the obligation for issuing companies to have at least one card that does not charge the annual membership commission in order to provide greater alternatives to users in contracting credit cards.

Membership and commissions

Annual membership is a commission charged by banks for the service of managing the benefits that are provided according to the type of card, such as the administration of reward programs (points or miles).

Commissions are charges for additional and / or complementary services to the operations contracted with users, provided by financial institutions.

Banks in Peru

There are 16 banking entities in the financial system: Banco BBVA, Banco de Comercio, Banco de Crédito del Perú (BCP), Banco Pichincha, BanBif, Scotiabank, Citibank, Interbank, Mibanco and Banco GNB.

Banco Falabella, Banco Santander, Banco Ripley, Banco Azteca, Banco ICBC and Bank of China also participate in the Peruvian system.

It should be noted that banks and finance companies can issue and administer credit cards, according to Law 26702, General Law of the Financial System and the Insurance and Organic System of the SBS.

More in Andina:

(FIN) MMG / JJN

Published: 9/22/2020


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SBS provided greater facilities for debtors in trouble due to pandemic | News


By Malena Miranda

Borrowers can reschedule loans at a second time, reported the head of the Superintendency of Banking, Insurance and AFP (SBS), Socorro Heysen.

In an interview with the newspaper El Peruano, the official pointed out that the proposals to freeze debts are not necessary.

As of July this year, some financial entities showed losses. How to improve those results?

– It was predictable. The regulatory measures and facilities of the Superintendency of Banking, Insurance and AFP (SBS) made it possible for financial entities to reschedule debts, without deteriorating the credit rating of their clients and without constituting provisions at the time.

But, as the months progressed, we noticed that they recovered very few credits, such as what happened in May and June, because users had grace periods.

In July and August these credit recoveries increased significantly. There are entities that can show losses, but they also have clear options to solve those problems.

It was possible to observe debtors who never stopped paying, and others who had a couple of months of grace and then were able to meet their obligations.

– Are there any rescheduled debtors that show payment difficulties?

–In the financial system there are other debtors who will need more grace periods and will demand more work from the entities and, perhaps, some type of interest rate reduction.

The way to implement solutions for clients is in phases, which is why the SBS published the changes to the market conduct management rules, which came into effect at the end of August.

This norm grants financial companies minimum standards of work with users with payment problems, offering them relief alternatives.

These models, which are already in force, are comparable to those of European countries in the crisis of 2009 and 2010.

–What other measures will you implement in the SBS for the debtors?

–The SBS constantly reviews the standards and works with the supervised entities to solve these problems. In addition, we ask them to deliver a loan portfolio management plan to ensure that they deal with the difficulties of non-payment of their debtors. Relevant situation from the point of view of solvency.

Later, we will probably ask finance companies for a self-assessment of their capital needs to determine if that equity is sufficient, or we will ask shareholders for additional capital.

–Is it possible that a debtor can reschedule his credits again?

– Borrowers with normal ratings and potential problems (CPP) before the pandemic agreed to reprofile their loans on a massive scale for the first time; however, they can have a second reprogramming individually.

In some cases, loans could even be rescheduled more times to refine the payment situation, but not indefinitely because this would no longer be good for the sustainability of the entities.

– Could a refinanced loan be rescheduled?

–As a first point, a debtor with a recently refinanced loan cannot access a debt rescheduling, since it already has a deterioration in its rating and to reschedule debts it must have a good payment behavior and evaluation prior to the pandemic.

However, it is possible that a user with a loan refinanced for quite some time, and who has a good repayment behavior in that period, and even improved his score, could reschedule his refinanced debt.

– When would you notice a deterioration in the quality of the portfolio?

–The delinquency will be revealed gradually in the coming months. Towards the end of the year and early 2021, we should already have a clearer idea of ​​the situation.

The important thing is to maintain technical work that preserves the stability of the financial system and not take generalized measures that could disturb the development of the situation itself.

The congressional proposals to freeze debts would cause significant damage to financial stability and savers, as well as to the payment culture, the economy and the public treasury.

That is why we repeatedly express our disagreement with these initiatives.

Changes to the rule

The head of the SBS informed that among the additional norms that they will issue is the norm on modifications to the licensing regulations, mergers and acquisitions.

This standard clearly defines the expectations of the SBS regarding shareholders, managers, business models, among others, as well as new entities or acquirers, he said.

“It gives more predictability to the admission process regarding requirements and time,” he added.

He stressed that in the guarantee programs that the Government could approve, the SBS provides regulatory flexibility as it does with the Mype Business Support Fund (FAE-Mype) and the Reactiva Peru Program.

Data

Loan rescheduling reached 124.059 million soles as of August 28, 32% of the financial system portfolio.

Financial entities rescheduled about eight million loans. Thus, 49% of all loans were rescheduled.

The largest rescheduling is in small business, consumer and micro-business loans.

Figures

54% of 2018 profits were capitalized by financial entities last year, according to the SBS.

76% of the 2019 earnings were reinvested by financial entities during 2020.

75% of the banks’ profits in 2019 were capitalized this year.

100% of the profits of the municipal savings and credit banks in 2019 were reinvested this year.

More in Andina:

(FIN) MMG

JRA

Published: 9/21/2020


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Santander, a pioneer in certifying social impact credits in response to the pandemic

“Our commitment is to be close to our clients, and to support families, companies and SMEs in these challenging times,” said Sergio Lew, General Manager of Santander Argentina. “We know that many families and businesses are making a great effort, and we want to accompany them on the road to recovery,” added Lew.

wind farms.jpg

The Bank also led the placement of a Green Bond to finance the construction of wind farms in Córdoba.

The reference framework to identify social credits was validated by Sustainalytics, a global leader in environmental, social and corporate governance (ESG) research, analysis and ratings, which judged the criteria of Santander aligned with international standards, such as the 2020 Social Bond Principles of the International Capital Market Association (ICMA), and provided a Second Part Opinion (SPO) on the soundness and credibility of the reference framework.

Onwards, Santander will report annually through the Responsible Banking chapter of its Annual Report the progress on the amount of social loans assigned by category, the description of the social impact of the loans, the number of SMEs assisted, and the number of healthcare providers and socially supported.

It will also record the number and amount of credits granted to finance the payment of salaries, the number and amount of credits to finance capital expenditures on equipment to facilitate remote work; and the number and amount of credits to finance capital expenditures to improve the installed capacity of SMEs and health and social care providers. These metrics will be externally verified by the bank’s financial auditor to ensure that they meet the criteria of the framework for social loans.

Green Bond Issuance

On the other hand, Santander led the issuance of a Green Bond issued by Manque and Los Olivos, with the endorsement of Central Puerto, to finance the construction of wind farms in Córdoba. In total, 50.1 million dollars were issued in two classes of negotiable obligations (ON), one in pesos maturing in September 2021 and the other USD-linked in 36 months. This is the second operation of this type in the local debt market, after the AES issuance in February 2020, aimed at financing a wind farm in the province of Neuquén, where Santander also acted as placement agent.

With these initiatives, Santander reinforces its commitment to sustainability, inclusive growth and the development of SMEs.

About Santander in Argentina

Santander Argentina It is the first private bank in the Argentine financial system in terms of savings (deposits plus common funds). The entity has 430 traditional branches, 8 social integration branches, 5 digital offices, 3 Work Cafes, more than 3.7 million clients (including 2.2 million digital clients, more than 320 thousand MSMEs and 1,300 corporate companies ), more than 8,300 employees and is present in 22 provinces and in the City of Buenos Aires. Santander Argentina It also develops a broad program of responsible banking, which, focused on higher education, maintains more than 86 collaboration agreements with Argentine public and private universities.

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They already register for two lines of Procrear mortgage loans

The government launched Procrear, which has already opened the registration of two lines of mortgage loans for construction and expansion. The first will grant 30,000 credits of up to $ 3.5 million and allows financing works of up to 60m2 and the expansion line plans to grant 2,000 credits of up to $ 1.5 million for works of up to 30m2.

After the opening of registrations for the personal credit lines of Microcredits, Refurbishment, and Gas Improvements, the National Government now opens the registrations for the Extension and Construction mortgage credit lines. Registration for these lines is done from the website of the argentina.gob.ar/procrear program.

The credits may only be used to carry out construction, extension and completion works of the family home of permanent occupation of the person who registers.

In the case of the Procrear Ampliación line, the maximum work allowed must not exceed 30 square meters and the dwelling with the extension included may not have a surface greater than 90 square meters covered.

Extension is understood to be the works that are carried out in a habitable dwelling that require a project aimed at increasing its surface, trying to optimize its condition.

The amount of credit for the Expansion line is up to $ 1,500,000, with a term of 180 months and with a fixed rate with adjustable capital in relation to the evolution of wages (Salary Evolution Coefficient published by INDEC), according to the new Hog.Ar. coefficient

The Construction line, for its part, includes loans that finance the completion of works and construction of up to 60m2. Termination is taken as those cases in which the pre-existing work progress does not exceed 70% of the approved work plan and all building work without pre-existing progress will be considered as a construction destination.

BUILDING

In the case of construction, the property to be built must itself constitute an independent functional unit, that is, at least one studio apartment, with bathroom, kitchen and separate entrance.

The Construction line credits go up to $ 3,500,000, have a term of up to 360 months and also have a fixed rate with adjustable capital in relation to the evolution of wages, with the new Hog.Ar. coefficient.

Some of the general requirements to take into account at the time of registration are: be Argentine, natural or by option, or foreigner with permanent residence, have a valid National Identity Document, the registered family group must have income from formal jobs, Retirements and / or Pensions and the sum of this net monthly income must be in the range of two (2) and eight (8) SMVyM at the time of registration.

Likewise, those who register must be between eighteen (18) and sixty-four (64) years of age. The Procrear program has a total of nine lines of credit between mortgage loans and personal loans. Among the mortgage loans, in addition to the Construction and Expansion lines, there are those for Urban Development, Housing Development and Lots with Services.

On the other hand, personal credit lines are divided into Refurbishment, Microcredits, Gas Improvements and Sustainable Improvements.

Through the nine lines, 300 thousand loans will be granted, 44 thousand new homes will be built and 10 thousand new lots with services throughout the country will be awarded.

Applicants’ family income may not exceed the equivalent of 8 times the minimum wage

With this relaunch of Procrear, the National Government seeks to recover and give new impetus to a federal initiative that, with an investment in 2020 estimated at $ 25 billion pesos, seeks to reaffirm the role of the State in urban planning policies and the use of water. inclusive land, which guarantee the right to housing and promote equal access to better living conditions for thousands of Argentines.

The estimated date for the next Procrear draw is September 30, where the families who will be able to access the formation of personal credits for the Repair and Microcredits lines will be known. In the next few days, the registration cut-off dates and the draw for the mortgage credit lines will be reported.

REQUIREMENTS

Among the requirements, the applicants’ family income may not exceed the equivalent of eight times the minimum, vital and mobile salary, that is, $ 135,000, and for the construction line they must not be the owner or co-owner of a home. While both the participant and the joint owner must meet the following requirements:

– Be Argentine, natural or by option, or a foreigner with permanent residence.

– Have a valid National Identity Document.

– The family group must have income from formal jobs, Retirements and / or Pensions. The sum of the family group’s net monthly income must be in the range of two (2) and eight (8) minimum vital and mobile wages (SMVyM) at the time of registration, that is, between $ 33,750 and $ 135,000.

– Be between 18 and 64 years of age at the time of registration.

Those who want to access these lines of credit will register through the website of the Ministry of Territorial Development and Habitat (https://www.argentina.gob.ar/habitat/Procrear).

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Banco de Chile joins the trend and launches a 100% digital sight account

This will allow your customers to make national and international purchases online and withdraw money from ATMs in the Banco de Chile network without the need for a physical card.

Chile bank joined the trend of other banks to have products among their offer online and announced this Monday its 100% digital first view account. The product will allow customers to make national and international purchases by Internet, withdraw money from ATMs in the Banco de Chile network without the need for a physical card, use delivery applications and subscribe to services such as Uber, Netflix and Spotify.

The new “FAN Account” of the entity linked to Grupo Luksic and Citigroup It has no opening cost or charges associated with fixed monthly commissions or maintenance costs, and it can be acquired remotely on the bank’s website, through facial recognition or security questions; or in person at the different branches of the Banco de Chile Corporation (Banco de Chile, Banco Edwards and Banco Credichile) throughout the country.

The manager of the Marketing and Digital Banking Division of Banco de Chile, Claudia Herrera, stated that this new product “represents a great step in the digital transformation that we have been promoting as a bank. For us, the pandemic represented an opportunity to move towards new digital products and services with greater speed, understanding that this will improve the experience of our customers At the same time, in the case of the FAN Account, it will become an unbeatable option for broad segments of the population to access various financial services and, simultaneously, the different benefits that Banco de Chile offers. “

He also stressed that “we see with great satisfaction that the path of modernization and digital transformation that we have traveled in recent years has been successful, with the continuous incorporation of technological innovations, new processes, products and service channels to improve the experience of our customers. “.

The clients of this account, who must be over 18 years old, will be able to carry out banking transactions with the different applications of the bank and make money transfers at ATMs in the Banco de Chile network without the need for a physical card. In any case, those who wish to have a physical card can do so in the different branches established throughout the country.

They will also have at their disposal exclusive benefits from Banco de Chile in different home, beauty, clothing, footwear or health products, among others.



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Interest rates on commercial loans and mortgages rise again | Economy

This Monday the Central Bank (BC) reported the latest Weekly Situation Indicators in which a rise in interest rates on mortgage and commercial loans can be seen.

In detail, the interest rates of the credits to buy houses they averaged 2,61% between August 8 and 15.

In the previous two weeks they had averaged 2.57% and 2.56%. Previously, yes, they had been at 2.75% (between July 8 and 23).

For their part, the interest rates of the trade credits rose from an average 4.26% to 5,51%, while those of consumer loans fell from 21.32% to an average of 21,29%.

These last loans had an interest rate above 22% in the second week of July and reached their lowest level in recent weeks in the last days of that month, when they averaged 15.74%.

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