Banks lower to 11% cost of consumption credits
Effects of the drastic cut of rates of the Central bank between December of 2008 (8.25%) and March of 2009 (2.25%):
According to data contributed by the own institutions, in hypothecating the loss it surpasses the ten percentage points.
The drastic cut of rates made by the Central bank between January and March of this year, those that left the Rate of Política Monetaria (TPM) in 2,25%, are beginning to transfer themselves to the consumers. As much in consumption loans, affected directly by the short rates – like the TPM-, the hypothecating ones, that are in force by the rates of long term.
Consumption: After the loss of 250 registration points in the TPM of the past Thursday, and so it accumulates a fall of six percentage points from January of this year, the banks began to send new supplies of consumption credits.
BancoEstado, for example, announced that “they went to floor”, falling until arriving at 0.7% in loans on $1 million, to pay in up to 36 months term. Whereas BBVA informed that it reduced the rates for his credits of consumption of $3 million in up to 360 registration points, if is pleased in 12 months.
And this is being reflected in the final accounts. From the data successfully obtained between main the five banks of the place, the quotas for consumption credits underwent an important loss, in average, of 11.1% in the last three months.
According to data of the own banks, Santander Chile leads the losses, with a 21% fall. Bank of Chile says to have trimmed 10.4% its costs to clients.
For example, in this last bank, a person who requested a credit of consumption three months ago of $3 million to pay in 36 months signed a contract she forced which to pay it a monthly payment of $177,824, unlike which today happens, where by the same loan she must disburse $139,469, which means a difference of $12.818.
In December, Corpbanca had the lowest quota – $117,152- and today continue maintaining the best slate alternative, according to data of the Supervision of Banks.
Hypothecating: According to data contributed by the own institutions, between December of 2008 and March of this year, the value of the dividend for hypothecating loans has had a negative variation average of 10.6%.
And, again, Santander Chile is the one that has lowered in greater proportion: 21.9%. Thus, for example, if a person requested a hypothecating credit of UF 3 thousands to 20 years in December had to pay a monthly dividend of UF 24,72. Today, by this same product a quota of UF 19.03 would pay, which represents a difference of UF 5.42, which represents a 21.9% fall.
BBVA, in as much, has the smaller variations – today the dividend is of UF 21, with a 4,5%- loss, but this would be explained because in December it had one of the lowest dividends of the market, UF 22.
According to a high executive of the sector, “the loss of rates of the Power station, in this type of credits of long term does not hit so much as people could think, because there is to consider other factors, like the inflation”. But also it agrees with other analysts who yes notice the impact in other types of loans.
SMEs: As far as credits for small and medians companies (SMEs), the supply is varied.
BBVA, for example, lowered the monthly rate from 1.57% to 1.18%. Thus, a company that today requests a loan near $100 million, with a term of 24 months, will be able to pay less up to $239,093 monthly ones than it had contracted if it in December.
Whereas in BCI, the saving of to have signed between the last month of the 2008 and third party of 2009 it can arrive at $625 thousand annual ones, for a credit of UF 1,000 to pay in equal amount of months.
