Loans for self-employed workers: How to apply for up to $50 million at a fixed rate

Banco Nación launched a new line of credit aimed at self-employed individuals , employees, and the self-employed. This loan allows borrowers to borrow up to $50 million , with a fixed annual nominal rate of 63% and a repayment period of up to 72 months.

The proposal is aimed at individuals enrolled in the Simplified Regime for Small Taxpayers and includes a schedule of consecutive monthly installments. It also offers a grace period of up to six months to begin repaying the principal, during which only the interest will be due.

This initiative is part of the financing options that Banco Nación offers to those who file taxes as monotributistas (small taxpayers ), under the conditions established by the institution. Credit applications can be made directly through the bank's designated channels.

The initiative aims to provide access to credit under special conditions for small taxpayers. The official announcement did not mention credit limits, closing dates, or priority criteria based on the order in which applications were submitted.

Banco Nación announced that this line of credit can be applied for through its official channels, although it did not specify whether the process must be completed in person or online, nor did it specify the documentation required to access it.

No information was provided regarding possible additional conditions, such as length of time on the Monotributo (monotax), the applicant's tax status, credit history, or the need to submit supporting projects or budgets. It was also not specified whether there will be a prior technical evaluation or whether credits will be automatically allocated once the general requirements are met.

On the other hand, it was not indicated whether the bank will monitor the use of the funds granted or whether there are penalties for non-compliance. The official information only included general details of the facility : the maximum amount, the fixed rate, the total term, and the grace period for repaying the principal.

The loan offered by Banco Nación has the following characteristics for those who subscribe to the "Cuenta Nación" service package:

• Minimum amount: $10,000.
• Maximum amount: up to $50,000,000.
• Return period: up to 72 months (6 years).
• Fixed Annual Nominal Rate (TNA): 63.00%.
• Annual Effective Rate (AER): 84.78%.
• Total Financial Cost (CFT) with TNA: 91.75%.
• Total Financial Cost (CFT) with TEA: 142.08%.
• Amortization system: French, with fixed monthly installments.

These conditions allow applicants to know from the outset what their monthly commitments will be until the loan is fully repaid.