Subsidized loans reserved for pensioners and civil servants
Government Agency loans are interest-rate loans granted by Social Institute, through a special credit fund in favor of public employees and pensioners. They fall into two categories: small loans and multi-year loans. Conditions, interest rate and loan procedures of Government Agency application vary according to the type of financing and the profile of the applicant. But let’s get into the details.
The former are dedicated to employees and retirees who need liquidity to deal with daily family needs. Long-term loans, on the other hand, are granted only for specific purposes: the applicant must submit an Government Agency loan application for the purpose of purchasing a good or service admitted by the Government Agency Loan Regulations.
The maximum amount that can be financed in the case of small loans is equal to eight times the applicant’s monthly salary or pension allowance with repayment in 4 years. For multi-year loans, on the other hand, it also reaches 150 thousand USD. The latter provide for an amortization plan of 5 or 10 years, depending on the purpose of the loan (on which the maximum amount payable also depends). Those who request a small loan instead can opt for a repayment in 1, 2, 3 or 4 years.
Loan rates and request
The interest rate (Tan) applied to small Government Agency loans is fixed at 4.25%, for long-term loans it drops to 3.5%. In both cases the beneficiary must pay the administration costs, calculated with the application of a rate equal to 0.5% and the premium for the Social Institute Guarantee Fund. The latter is defined on the basis of the duration of the loan and the age of the applicant.
As regards the Government Agency loan application question, civil servants transmit the request through the Administration they belong to. Pensioners have several channels available. They can send the request through the patrons authorized by Social Institute, using the assistance of the Social Institute Contact Center, or with the online request service accessible via the inps.it site.
An online service for the simulation of Social Institute ex Government Agency loans is also available on the official website of the social security institution. The calculator does not require authentication with Pin Social Institute and indicates all the expenses applied to any financing.