As the months go by, increasing a problem that affects a large number of families and it is the growing delinquency that has been recorded both in credit cards and in the different lines of loans.
That is why in a context of still high rates and strong use of card financing, the Banco Nación repositioned its debt consolidation line as one of the most relevant tools to organize personal finances. This is a specific loan that allows you to unify liabilities in a single installment, with a lower cost than other products in the system.
Unlike a traditional loan, this loan is not credited to the client’s account. Instead, the bank directly transfers the funds to the creditor entities, canceling current credit cards or loans. In this way, the user goes from having multiple obligations to facing a single monthly payment, under the French system, that is, with fixed payments over time.
The scheme is mainly aimed at those who receive their salary or retirement from the entity, since this connection is key to accessing the best conditions. In turn, the bank evaluates the applicant’s credit situation: both those who are up to date and those with minor irregularities can apply, as long as the debts are not judicialized. Another central point is that The resulting fee cannot exceed approximately between 30% and 35% of the incomewhich seeks to avoid greater over-indebtedness.
How much is the consolidation loan from Banco Nación?
Regarding financial conditions, this line is currently located at relatively competitive levels within the market. In practice, rates start at a level of around 60%.depending on the client’s profile. This level is significantly lower than that of credit cards, which currently move between 120% and 150% annually.
Taken to a specific case, the impact is considerable. For each $1,000,000 financed at a rate of 60%the monthly fee for the following installments will be:
- 24 months: $82,971
- 36 months: $70,934
- 48 months: $65,818
- 60 months: $63,394
- 72 months: $62,036
Taking these amounts into account, they are obviously substantially lower than those that would arise from continuing to finance the card, since The initial payment can be between $120,000 and $150,000with the aggravating factor that the debt does not have a defined cancellation period and can extend for years, raising the total cost above the $8 million.
What to take into account before requesting the loan
This differential explains why debt consolidation is gaining ground as an alternative to alleviate monthly flow. However, the analysis should not stop solely at the value of the quota. A key aspect is to observe the Total Financial Cost (CFT)which includes not only the interest rate but also insurance, taxes and administrative expenses. This indicator can significantly modify the real cost of the loan.
It is also important to take into account the type of debt you are seeking to replace. Consolidation is especially convenient when paying off expensive liabilities, such as card balances, but it loses appeal if it is used to refinance loans that already had relatively low rates. In that sense, the benefit depends directly on the difference between the cost of the original debt and that of the new loan.
Another determining factor is the deadline. Although the possibility of extending it over time, up to 60 or even 72 months, allows you to reduce the monthly payment, it also means paying more interest in the long term. Therefore, the recommendation is opt for the shortest term that is compatible with the payment capacityavoiding transforming a short-term solution into a long-term commitment.
Added to this is a frequent risk that specialists point out: the so-called “relapse effect”. It occurs when the client cancels their debts, releases the limit on their cards and uses them again, generating a new accumulation of liabilities. In these cases, the result is a double financial burden that can aggravate the initial situation instead of resolving it.
In short, Banco Nación’s consolidation line is presented as one of the most competitive options on the market for those seeking to organize their finances, with rates around 60% which are considerably lower than those of other credit instruments. However, its effectiveness depends less on the tool itself than on the use to which it is put: well applied, it can be a starting point to get out of debt; used incorrectly, it can end up extending the problem over time.
