Government Agency loans how to apply for them and to whom they apply
Government Agency loans how to get them? In addition to taking care of the pensions of its members, the Social Institute Public Employee Management provides employees and pensioners of the public administration with subsidized conditions. These are the so-called Government Agency loans, which are divided into small loans and long-term loans.
The former are personal loans, while the latter are finalized loans granted only for documented needs falling within the cases provided for by the Social Institute Loans Regulation. In both cases, the Social Institute ex Government Agency loans are repaid through an amortization plan in monthly installments. But let’s see in detail what the Government Agency loan requirements how to get them.
Small Social Institute loans can be obtained by all former Government Agency employees and pensioners enrolled in the unitary management of credit and social benefits. Small loans can have an annual, biennial, three-year or four- year duration, and for each year of duration it is possible to obtain a sum equal to two average net monthly payments received by the applicant.
How to get Government Agency loans: the necessary requirements
Amount that can be financed which is reduced to a net average monthly salary for each year if the applicant has other pension or salary deductions in progress. Regardless of the duration and the amount financed, an interest rate of 4.25% and a rate of administration costs of 0.5% are applied to small Social Institute loans.
A share for the Social Institute risk provision also applies to the gross amount of the loan. The premium to be paid is defined according to the duration of the loan and the age of the applicant.
As regards long-term loans, however, these are granted only to public employees and pensioners who can claim, in addition to registration, a contribution contribution to the unitary management of credit and social benefits of at least four years. For the purposes of access to credit, a length of service useful to the pension of not less than four years is also required.
For public employees, an indefinite-term employment contract is also required, however employees hired on a fixed-term contract (not less than three years) can access multi-year loans that can be extinguished over the period of validity of the employment contract.
Government Agency loans how the application process works
Unlike small loans, there are only two sizes for multi-year loans: five and ten years. Duration and amount that can be financed are established according to the purpose of the loan, based on the provisions of the Social Institute Loan Regulation. The interest rate is 3.50%. Also in this case, a rate is applied for administration costs and one for the Social Institute risk provision.
Government Agency loans how to get them? The loan application can only be submitted electronically. Public employees must submit the funding request through the administration they belong to, while pensioners submit the application through the online procedure, by accessing the Social Institute reserved area with the device PIN.