Credit to MSMEs: Banks Not Allowed to Charge Extra Fees

April 5, 2020. The BCRA has sent a letter to each bank association in order to urge banks to abide by regulations on lending interest rates on and to charge no direct or indirect fee that may increase interest rates for late payment or other compensation. This regulation is applicable to all loans granted under the special credit line to MSMEs.

The BCRA also clarifies in the letter that banks failing to charge micro-, small-, and medium-sized enterprises (MSMEs) a maximum annual percentage rate of 24% to finance working capital will not be allowed to reduce their minimum cash requirements in pesos as set forth in Communications A6937, A6943 and 6946. In turn, the Superintendence of Financial and Foreign Exchange Institutions will initiate proceedings to enforce the appropriate sanctions provided for in the Law on Financial Institutions.

Bank clients may report any irregularities or make complaints by email to, stating: MSME´s name, taxpayer identification number (CUIT), attorney-in-fact (representative) data, bank´s name, branch, and any other relevant information that may serve to explain the problem.

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