The Central Bank of the Argentine Republic (BCRA), through communication A6715, decided to expand the options for the contracting of Purchasing Value Units (UVA) loans by individuals and MSMEs. At the time of contracting, institutions must offer these customers at least one of the following options:
-Extend the number of installments originally foreseen when the amount of the installment to be paid exceeds by 10% the value of the installment that would result from having applied to that loan a capital adjustment by the Wage Variation Coefficient (CVS) since its disbursement. In this circumstance, which must be notified to the customer – by electronic means when possible – and upon their express request to exercise such option, the financial institution must extend the term originally foreseen for the loan by up to 25%.
-That the amount of the installment does not exceed by 10% the value of the installment that would result from having applied a capital adjustment to that loan by the CVS since its disbursement, without this implying an extension of the number of installments originally foreseen. In the case of financing granted within the framework of ProCreAr, the cost of this option may be passed on to the client. This second modality is new.
The aim is for financial institutions to be able to offer customers an additional alternative when taking out credit. The rule, which comes into force as of its publication, applies to new contracts that are signed with these modalities.
Within the framework of the promotion of economic development with social equity, the BCRA will continue to adopt measures aimed at promoting the financial inclusion of the population through access to credit in a safe manner for the consumer and sustainable for the system as a whole.
