Banks and financial companies in agreement
We often hear about affiliated financial Government Agency loans but few have a clear understanding of what it is and above all how to apply for it. The first thing to clarify when analyzing the question is that the Government Agency financial loans with which we have agreements are not a product accessible to everyone. Criticism at mohakeme.com
Although these are loans granted by banks and financial companies, in fact, these products provide for intervention by Social Institute. Reason why access to credit is reserved exclusively to those who are registered in a specific Social Institute Fund ex Government Agency. Fund that takes the name of Unitary Management for credit and social benefits.
Not only. In order to obtain funding, the civil servant must also be in service. The applicant must also be able to count on a minimum of four years of service in the employment relationship useful for retirement purposes. The presence of at least four years of contributions paid to the aforementioned Unitary Management is also required.
The Government Agency financial loans with which we have an agreement are also called guaranteed loans, since they enjoy coverage provided by Social Institute. The social security institution takes care of guaranteeing the financing if it occurs in one of the following situations.
- Termination of service without having the right to a pension;
- reduction of the beneficiary’s salary;
- death of the beneficiary before debt settlement.
Amount and repayment of guaranteed Government Agency loans
The guaranteed Government Agency loans granted by affiliated banks and financial companies are products based on the assignment of the fifth. They therefore provide for monthly installments cut directly from the payee’s paycheck. The installment amount, as the name suggests, cannot exceed the fifth part of the beneficiary’s monthly net salary.
Secured multi-year loans can last five or ten years. If the applicant has a few years left to retire, only loans with a duration shorter than this period can be obtained. In other words, if the applicant submits two years for retirement, it will be possible to obtain a loan with a maximum duration of two years.
Let’s move on to the repayment of the loan. The amount that can be financed is defined by the bank or financial company that provides the loan. In the same way, the interest rate is defined by the lender. In addition to the costs owed to the bank, the borrower also faces administration costs and a compensatory premium for the risk of insolvency. Charges to be paid to Social Institute.
How to apply for affiliated financial loans
But who grants the approved Government Agency financial loans? The loans are provided by credit institutions and financial companies authorized to grant loans of this type as established by art. 15 of Presidential Decree no. 180/1950.
To know the terms of the agreements signed by Social Institute with the various credit institutions and which banks and financial institutions have signed up to, you can consult the relevant page on the official Social Institute website.
As far as the application is concerned, those who wish to obtain Government Agency loans from banks and affiliated financial institutions must transmit the application to the administration they belong to. The request must be sent in 4 copies. The office will then take care of forwarding the application to the chosen credit institution.