Cuba today authorized the Popular Savings Bank (BPA), the Credit and Commerce Bank (Bandec) and the Metropolitan Bank (Banmet) to grant consumer loans to individuals for the purchase of household goods and personal effects.
The Official Gazette published Resolution 276/2021, which stipulates that through the consumer credit contract, banks grant a credit in the form of deferred payment by the different modalities used in banking practice.
The rule indicates that to access credit it is a requirement to demonstrate legal personal income and have at least one bank account in BPA, Bandec or Banmet. Regarding the credit, it details the text that will be granted in Cuban pesos with a minimum amount to be financed of five thousand Cuban pesos (CUP) for its execution in the retail market that operates in Cuban pesos.
The Gazette refers that this credit will be made available to the debtor through magnetic cards or another payment instrument established in current legislation, other than cash, as agreed in the contract.