Subsidized loans for retirees
In addition to taking care of public administration pensions, the Social Institute Public Employees Management provides credit lines at advantageous interest rates. These are the so-called ex Government Agency loans, which allow access to even large sums which public pensioners can also access. So let’s see who they are and how to get Social Institute loans to retirees. http://www.alleycode.com/best-online-loans-for-bad-credit-so-easy-convenient-low-credit-loans-online/ has examples
Who can get the loans
Social Institute retirees ex Government Agency can apply for subsidized loans on condition that they meet the required requirements. Loans are divided into two categories: small loans and multi-year loans. To obtain the small loans, it is sufficient to be registered in the Unitary Management of credit and social benefits, this is the Credit Fund through which Social Institute disburses the former Government Agency loans.
For long-term loans, on the other hand, it is necessary not only to be enrolled in the unitary management, but also to be able to have at least 4 years of service life useful for the pension and a minimum of 4 years of contributions paid to the aforementioned management.
Loan amounts and repayment
As regards the contractual conditions, Social Institute loans to pensioners are repaid with an amortization plan in monthly installments, directly deducted from the applicant’s pension. As for the contractual conditions, however, these vary according to the type of loan.
For small loans the duration can be annual, biennial, three-year or four-year. The maximum amount that can be financed varies according to the duration of the loan: in fact, for each year it is possible to obtain two average net monthly payments received by the applicant.
For example, a pensioner who receives a pension benefit of 1000 USD each month may apply for a small annual loan for a maximum amount of 2000 USD. The interest rate for small Social Institute loans to pensioners is always 4.25%.
The issue for multi-year loans is different, however, which allow access to sums of up to $ 150 thousand. The duration can be of 5 or 10 years, while the amount that can be financed varies according to the reason for which the loan is requested. The rate is 3.5%.
How to apply for a loan
For both small and multi-year loans, the loan application must be submitted electronically. The application forms are available directly on the official Social Institute website, in the Forms section (path: “Home – Services and Services – All modules – Management of Public Employees – Registered/Retired – Credit and social benefits”).
As for sending the application, this must be sent electronically. Public employees must contact the Administration they belong to while public pensioners can use the special online service or contact the Social Institute Contact Center.
We also remind you that on the official Social Institute website there is a service that allows you to perform online simulations. To reach it, it is necessary to follow the path: “Home – Services and Services – Management of public employees: simulation of calculation of small loans and multi-year loans”.