CMN regulates Fies Empreendedor with interest of up to 11.19% per year

The CMN (National Monetary Council) approved this Friday (3) a resolution that establishes the rules and charges for Fies Empreendedor. The measure regulates the refundable credit line aimed at defaulting beneficiaries of the Student Financing Fund.

The new line of credit is aimed exclusively at individuals and legal entities that are up to date with Fies.

According to the regulations, the central objective is to strengthen the payment culture among students and guarantee the financial sustainability of the fund by offering access to subsidized credit for those who maintain their regular obligations.

The resources released have specific destinations depending on the profile of the borrower:

- Individuals: Financing of entrepreneurial activities.
- Legal entities: Use as working capital.

The resolution defines that the total cost for borrowers will be up to 11.19% per year. This amount is made up of a rate of up to 8.94% per year for the remuneration of financial institutions, plus 2.06% per year for the remuneration of Union resources.

Refund conditions also vary depending on the type of contract:

- Contracts with Individuals: Term of up to 60 months, with a grace period of up to 6 months for payment of principal and interest.
- Contracts with Legal Entities: Term of up to 96 months, with a grace period of up to 12 months.

In both cases, the regulations prohibit the capitalization of interest during the grace period.

Banco do Brasil and Caixa Econômica Federal will be the institutions responsible for operating the credit line.

Although the general rules have already been established by the CMN, the detailed eligibility criteria for credit borrowers will still be defined through an ordinance to be published by the Ministry of Finance.

Source: CNN