Loans for public and state employees
The category of public and state employees can have access to facilitated forms of financing, thanks to those made available by Government agency (now social security ex management Government agency). However, it is not enough to have the status of having a public employment contract, but another requirement is also required, that is the registration in the fund of the ” Unitary management of credit and social services “, which is not an obligatory but optional act considering that with registration you agree to pay a small contribution periodically to the fund itself.
To avoid that the registration to the fund is made only in order to have access to subsidized loans when it is necessary, there is also a minimum period of seniority to be accrued prior to the request (which can be 2 or 4 years, with some exceptions for special categories).
What types of subsidized loans can be obtained?
In the event that you were in possession of the objective and subjective requisites required by the social security loans formerly Government agency, by directly accessing the facilitated forms of financing you can get 3 possible types of loan:
- the small loan (designed for emergencies);
- the direct multi-year loan (fifth of the salary or pension);
- the guaranteed multi-year loan (works as a guarantee fund).
To these three there are also the assignments of the fifth of the salary or of the pension that can be requested to the banks with which the social security may have also stipulated agreements and conventions.
Do the Government agency or convention companies agree?
Until about a year ago, to answer this question we had to start from the assumption that by exploiting an external operation to the logic of the market, automatically the economic conditions would have been without any doubt better. Today, with the development of a simulation tool, you have the possibility of making projections on the conditions that you could have by choosing a specific duration and a certain amount.
On the basis of these simulations, therefore, it can be broadly stated that the main difference lies in a slightly higher rate than the direct one, but at the same time it does not meet the limitations of subjective requirements (at least 4 years of registration in the unitary management ) and availability of the sums allocated by the management itself (with the functioning of the annual budget system), as well as for the supporting documents that allow to obtain the requested sum, for example marriage, car purchase, birth of a child, etc.). So if it is appropriate to spend more but enjoy greater freedom, it is simply up to the applicant.
The small loan
As can be understood from the name, this is a type of financing that makes modest sums available, and in fact these are not high sums that can range from a minimum of an amount equal to one month for repayments in 12 months, to two months for those at 24 months, three months if the refund is at 36 months and 4 months if it is at 48 months. The link between the obtainable sum and the repayment duration also applies to the renewal hypotheses, which can be made for a duration equal to half of the solution previously chosen (six months for a year, 12 months for 24 months, 18 months for 36 months and 24 months for the 48 monthly payments).
For pensioners there is also the limit of the installment which cannot exceed the ” transferable quota ” set at one fifth of the net pension. The interest rate is 4.25% and the loan is obtained if, in addition to the possession of the subjective requisites, the demand also falls within the availability of the allocated sum. However, these are pure personal loans for which there is no need to possess objective requirements, or to justify the use that will be made of the money granted. The application will be made with the appropriate forms, and sent mainly using the telematic service.
The direct multi-year loan
As already mentioned, not all public employees can request them, but they must have adhered and paid their contribution to the unitary management for at least 4 years, and have a permanent contract, or alternatively, if they have a fixed-term contract, you must have a repayment plan that coincides at most with the conclusion of the contract and the severance pay must be given as a guarantee.
For the rest, it functions as a typical fifth sale, with a 60 or 120 monthly installment plan, and an installment income ratio of at most one fifth. The interest rate is 3.50%. In substance, however, it will also be necessary to make the request according to specific events, or to the occurrence of certain situations, which in turn will dictate the maximum sum that can be obtained. So it is clear that while the rates are undoubtedly good, the limitations that characterize them could make them difficult to obtain. The application must be made by contacting your administrations using the appropriate form.
The guaranteed multi-year loan
Also in this case, the minimum requisites are that they are still in service and have attained seniority of at least 4 years (for some categories such as disabled and war invalids or medals for military valor, seniority is reduced in the middle, or only 2 years). The fund does not provide the loan directly, but functions as a “guarantor” and eventually reimburses the credit institutions of the loan if the following hypotheses occur:
- death of the applicant;
- loss of part of the repayment capacity;
- termination of the service without having acquired the right to a pension.
In addition to the interest payable by the lending bank (each bank decides freely, for which the affiliated banks do not offer the same rate), a percentage of 1.5% is also applied for repayments up to 5 years and 3% for those up to 10 years as insolvency benefit. Given the particularity of the intervention of the Government agency Fund as guarantor and of a credit institution as the lending bank, the procedure foresees that the administration communicates with the bank chosen by the applicant, to make all the necessary documentation available. All that remains for the applicant is: to request a quote from the bank; send the request on the appropriate form to your administration.