Cubans will be able to buy on credit goods whose prices exceed 2,500 pesos, such as furniture, mattresses, bicycles and electrical appliances, in accordance with Resolution 98/2021 of the Island’s Ministry of Domestic Trade (MINCIN).
Published this Tuesday in the extraordinary Gaceta Oficial Extraordinaria No. 66, the resolution establishes that Cuban citizens with permanent domicile in the country, who reside in the province where the sale is requested, and are over 18 years old, have legal and payment capacity, will have access to this service, the Agencia Cubana de Noticias (ACN) news agency reported.
Among other requirements to access payment in installments, buyers must have demonstrable, fixed and guaranteed regular income, and have honored or be honoring other debts contracted under this mode of sale, the source indicated.
Likewise, they must present at the retail establishment their identity documents, personal data and the certification of the ability to pay of a guarantor.
Dada la necesidad de aprobar modalidades de pago, que contribuyan al acceso de la población a ofertas de bienes duraderos y otros artículos, fue aprobada la Resolución 98 de 2021 la cual establece las regulaciones para la venta a plazos.@MMarreroCruz https://t.co/NydUH3sav5
— Betsy Díaz Velázquez (@BetsyDazVelzqu2) July 22, 2021
According to the resolution, to carry out this procedure, the client must also show a certification from the workplace with the salary earned, and in the case of self-employed workers, an affidavit of personal income taxes.
For their part, pensioners or beneficiaries of social assistance will present a certification of their income endorsed by the Department of Labor or a subsidiary of the National Institute of Social Security.
According to the source, the regulation clarifies that people hired in a state entity can access installment sales through the payroll discount, provided that a prior agreement between the store is made with their workplace.
The establishments that offer products on credit have up to 10 business days to corroborate the documentation presented and inform the client of its result.
In the contract between the store and the person who accesses the service, the purchase amount, surcharge rate, payment method, fees, payment terms, and consequences of non-compliance are determined; as well as the resolution of conflicts, obligations, terms and conditions of both parties, the ACN indicates.
The interest rates to be charged by the establishments will not exceed 2.5% of the price of the product and the initial entry to acquire it will be negotiable, although never less than 20% of the total amount.
The resolution, which was made public along with another that regulates garage sales in Cuba, stipulates that the rest of the amount will be paid within the agreed terms, always within a term of up to one year.
The legal text indicates that the customer will receive the sales voucher and the guarantee certificate when the purchase is made, but the certification of ownership is granted, if applicable, once the full amount has been paid.
In addition, it warns that if the client breaches the terms established in the contract and the renegotiation, the retail establishment is empowered to withdraw the good, without refund of the cash paid.