Maximum interest rate temporarily reduced in the short term
Minister Hoekstra of Finance announced the internet consultation of a temporary reduction of the maximum interest rate in a letter to the House of Representatives.
- How much down? From 14% to 10% on an annual basis.
- Why? In order to give consumers the opportunity to borrow at reasonable rates during this corona period.
- How long? Until at least the end of the year. In addition, the minister is investigating whether the maximum interest rate can be structurally reduced.
- When? As quickly as possible. The response deadline to the internet consultation will therefore be short.
- Also for existing credit agreements? The reduced interest rate will apply to new consumer loans and new drawdowns within the credit limit of revolving credit agreements already concluded. For credit agreements already concluded where the outstanding balance is due to expire, the maximum interest rate that was applicable before the reduction will continue to apply.