When you take out a loan, you pay interest. This is also known as the cost of borrowing (or cost of credit). The maximum cost of borrowing is the maximum interest that we can charge you for borrowing money. At 1 January 2024, the maximum cost of borrowing is 15%. This is set by the government. The maximum cost of borrowing consists of the variable statutory interest plus a maximum surcharge. The maximum surcharge has been set by the government at a structural level of 8%. As the statutory interest rate increased from 6% to 7% on 1 January 2024, the maximum cost of borrowing automatically increased from 14% to 15%. The statutory interest rate is linked to the market interest rate trend. It has therefore become more expensive for lenders to procure funds. See also the Dutch government’s Q&As. The current statutory interest rate can be found in Article 1 of the Statutory Interest Rate Decree (Besluit wettelijke rente).  The surcharge can be found in Article 4 of the Cost of Credit Decree (Besluit kredietvergoeding) The interest rate on an ING overdraft is variable and equal to the maximum cost of the borrowing minus a fixed discount of 0.1%. From 1 May 2024, we will use the new maximum cost of borrowing of 15% for our calculation, which means your interest rate will be 14.9% (15% - 0.1%).