If you are a civil servant with Government Agency secured multi-year loans, you can benefit from advantageous conditions at a particularly favorable interest. Let’s see who are the recipients and how to apply for the loan.
Government Agency secured multi-year loans: what they are
Are you a pensioner or civil servant registered in the “Unitary Management of Social and Credit Services?”, If the answer is yes, you can access the Government Agency guaranteed multi-year loans . These are medium and long-term loans of variable amounts provided by the Social Security Agency to help you face family and personal needs.
In order to access them, these forms of financing must be included in a list of cases contained in the Social Institute / Government Agency Regulation. Government Agency guaranteed multi-year loans as well as being distributed directly by the institution, (which has been absorbed by Social Institute since 2012), can also be granted by banks and financial companies and guaranteed by the institution itself through the transfer of the fifth on the salary or retirement or giving your TFR as a guarantee.
Beneficiary subjects: who they are
Government Agency guaranteed multi-year guaranteed loans are public employees and pensioners registered in the “Unitary Management of Credit and Social Benefits”. The categories of civil servants who can take advantage of the Government Agency guaranteed multi-year loans are: the employees of the Italiane Group and associated companies that belong to the group’s Fund Management.
The loan can last five or ten years and is granted within the limits allowed by the net salary, less the transfer of the fifth .
All public pensioners with the assignment of a fifth of the pension are eligible for the loan. Employees enrolled in the former Government Agency belong to the category of beneficiaries. The loan can be disbursed by banks and financial companies supported by Social Institute.
Credit access requirements: what they are
Certain requirements are required to apply for the Government Agency secured multi-year loan. As previously mentioned, it is essential that you are enrolled in the “Unitary Management of Social and Credit Services” and comply with the payment of annual contributions.
You must have worked in the public sector for at least four consecutive years on an open-ended contract.
If your hiring is on a fixed-term contract, the duration must not be less than 36 months and the payment deadline must not exceed the required credit amortization plan.
Government Agency multi-year loans: guarantee
Government Agency long-term loans are forms of financing which are granted at a subsidized fixed rate, to be repaid in equal monthly installments. To pay the debt is not directly the applicant but the Social Institute ex Government Agency which in this case exercises the function of employer.
At the time of repayment of the installment, on the pension or on the salary of the employee, the Entity deducts 20% (transfer of the fifth). In this type of loan there is no stipulation of a guarantee contract and no mortgage is envisaged, much less a guarantee.
The paycheck, the pension and the accrued TFR are sufficient to guarantee the payment of the installments on expiry.
However, the applicant is asked to take out insurance if, due to loss of job, accident, illness, permanent disability, he is no longer in a position to carry out his job duties.
Government Agency secured multi-year loans: types
There are two types of multi-year loans depending on the duration of the maturity term. The Government Agency / Social Institute regulation provides that the debt can be repaid in 60 or 120 months.
The loan can have a five-year or ten-year maturity . Each installment must not exceed 20% of the salary or pension net of withholding taxes. The charges applied concern the annual fixed interest rate of 3.50% and the withholding tax of 0.50% for administrative expenses.
How to submit the application
To apply for the Inpdap multi-year loan, you must submit the duly completed application. The completed form in four copies , you can download it directly on the Social Institute website in the appropriate “Forms” section, then you must attach the medical certificate to the documentation that certifies your good health, the relative self-certifications that vary depending on the amount of funding requested without declaring or justifying the expenditure to be faced.
To obtain the loan, you must contact the Administration to which it belongs , hand in the models provided by Social Institute / Government Agency which are also available online.
The application is completed by the competent Administration, with a declaration that proves the salary that you receive and then sent to the credit institution which after completing the contract proposal included in the model, transmits the documents again to the Administration which then proceeds to send everything to the Social Institute office of your belonging.
If there are all the conditions for granting the credit, the application will be accepted, otherwise you will be sent home, by the examining body, the communication of rejection of your application with the reason indicated. It should be borne in mind that the loans are financed by the “Credit Fund” which feeds on the contributions paid by the public administration including pensioners.
Credit disbursements are constrained by the availability of funds.
Government Agency secured multi-year loans: when to ask for them
There are times when you face an expense but you don’t have the money. A personal loan can help you manage any economic situation from routine maintenance to the purchase of a new car.
Before starting the process for applying for an Government Agency secured multi-year loan, you need to know the amount of the loan to try to understand also how much you are willing to spend each month for the repayment.
As regards the Government Agency multi-year loans with a five-year maturity, the Regulation provides that they may be required to finance a move, condominium work for a residence house, damage suffered by theft, fire or natural disasters.
In addition, you can use this type of credit to face the costs for the birth of a child, to pay for dental prostheses or medical treatment, to buy cars for disabled people or to purchase a new car owned by the member.
The loan also covers training expenses and post-graduate specialization courses, expenses for the installation of photovoltaics, expenses for marriage or for the death of a family member.
The Government Agency multi-year guaranteed loans with a 10-year maturity concern major expenses and concern the purchase of a residential home, extraordinary maintenance, construction of a residential home, early repayment of a mortgage loan, expenses to sustain serious illnesses affecting family members enrollee.
Government Agency secured multi-year loans: advances 2019
Government Agency secured multi-year loans also provide for a subsidized annual interest rate for 2019. There are some tables that allow you to calculate the installment by simulating an expense amortization plan.
Multi-year loans provide for early repayment upon payment of a single amount, this will allow you to also get back that part of the portion of the life insurance policy that you paid in addition.
If you want to access another loan, you must wait until at least one year has passed since the last request was extinguished. To find out the outcome of your application, you must connect to the Social Institute website, enter your personal area by PIN and consult the section.