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More Options to Have Access to UVA Loans

June 14, 2019.June 14, 2019. Under Communication A6715, the BCRA decided to expand the options for individuals and MiPyMEs to have access to UVA loans. At the time of applying for a loan, institutions must offer those clients at least one of the following options:

-Increase the number of installments originally planned when the installment amount to be paid is 10% higher than the installment amount that would result from applying a capital adjustment to such loan based on the Wage Change Ratio (CVS) since its disbursement. This situation must be informed to the client through electronic means when possible. After the client’s express request of this option, the financial institution must extend for up to 25% the term originally planned for the loan.

-The installment amount must not be 10% higher than the installment amount that would result from applying a capital adjustment based on the CVS since its disbursement, without having to increase the number of installments originally planned. For loans granted within the framework of ProCreAr, the cost of this option may be passed on to the client. This second option is new.

Thus, financial institutions can offer their clients an additional option when applying for UVA loans. This regulation, effective as from the time of this publication, applies to the new loans granted according to these options.

In a context of economic development with social equity, the BCRA will continue taking measures to foster people’s financial inclusion through access to loans for consumption purposes in a safe and sustainable way for the system as a whole.

 

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