Caixa Econômica Federal has launched a new line of microcredit via the CAIXA Tem app. The loan, first made available through the app last year, has now been released to new audiences with the launch of the "Sim Digital" initiative. Here's how to sign up for the new Caixa Tem Credit and the rates charged for the loan!

" Read also: Get to know Caixa's new Real Fácil credit: Loan up to 180x

Who can take out the new Crédito Caixa Tem?

Individual entrepreneurs, both positive and negative, who carry out any productive activity or provide services will be eligible for Crédito Caixa Tem. Individual micro-entrepreneurs with more than 12 months' income as an MEI and annual turnover of up to R$ 81 thousand will also be able to apply.

What's new is that beneficiaries of Brazil Aid and Continuous Cash Benefit (BPC) will now be able to apply for payroll loans via the Caixa Tem app. This group will be able to commit up to 40% of the monthly benefit amount and will not be subject to a credit check.

However, the loan for Auxílio Brasil is still subject to a rule from the Ministry of Citizenship that governs the maximum term, the interest rate and the qualification of the organisations that will administer the payroll, as described by the president of Caixa, Pedro Guimarães.

"While we've already started on Crédito Caixa Tem today, we haven't started on payroll loans for beneficiaries of Auxílio Brasil because there's a need for this regulation from the Ministry of Citizenship," explained Guimarães.

How to take out Caixa Tem Credit: Step by step

Individuals:

1. Update the Caixa Tem application to the latest version.
2. The app is available to download from Google Play and the Apple App Store.
3. The application's registration must be updated.
4. It is important to provide a digital identity document, a selfie photo, as well as your monthly income and address.
5. Select the "Caixa Tem Credit" option.
6. Then take out a Caixa Tem loan.
7. Explain how you will use the loan.
8. Carry out a loan simulation by selecting the amount, payments and payment date.
9. In Caixa Tem, enter your password.

Individual consumers will be able to borrow between R$ 300 and R$ 1,000, with interest starting at 1.95% per month.

The loan will be subject to a credit analysis, which will determine each individual's ability to pay. The whole process is done online. The loan can be repaid over a period of up to 24 months.

Legal Personnel:

Loan applications can now be made at the bank's branches, with amounts ranging from R$ 1,500 to R$ 3,000, terms of up to 24 months and interest starting at 1.99% per month.

You must fulfil the prerequisites listed below:

• Be a Caixa account holder;
• Have invoiced as an MEI for more than 12 months;
• Present personal and company documents and proof of residence.

How long does it take to receive a Caixa Tem loan?

According to Caixa, if you are an individual entrepreneur, the money will be in your account within an hour of taking out the loan. Loan funds for MEIs are available the same day they are contracted.

CAIXA Tem credit card: Get to know Caixa's new option!

Can't log in to Caixa Tem?

Caixa reported on the afternoon of the 28th that the Caixa Tem application had received more than 6.3 million hits by 2pm. On Monday, more than 1 million customers changed their registration details to access Crédito Caixa Tem and another 1.5 million applied for a loan via the app.

As a result, many customers have been having difficulty using the Caixa Tem application in recent days. With thousands of people seeking microcredit, the programme is used by millions of Brazilians who receive Brazil Aid and other benefits, such as the Pis/Pasep aid, paid out this week.

So far, no solution has been found to avoid problems when visiting the programme. Caixa urges users to ensure that the programme is updated to the latest version and to access it at alternative times.