Characteristics of the subsidized loans Social Institute
The calculation of a loan is a decisive element in understanding whether the credit line considered is actually sustainable in the medium-long term. Let’s consider this aspect in relation to the offer of Government Agency loans: Government Agency loans, installment calculation.
The former Government Agency Social Institute proposals (the National Institute of Social Security and Assistance for Public Administration Employees has been suppressed and its functions have been transferred to Social Institute) vary according to the needs of the applicant.
The small loan
The small Social Institute ex Government Agency loan is a loan aimed at satisfying needs that need not be documented, the size of which varies from a minimum of one to a maximum of eight net monthly salary or pension.
It is a loan designed for public employees and pensioners enrolled in the unitary management of credit and social benefits. The repayment process can be structured in 12, 24, 36 or 48 installments.
For each year of repayment, it is possible to obtain a sum equal to an average net monthly salary or pension received by the applicant. If the applicant has no other salary or pension deductions in progress, however, it is possible to increase the amount that can be financed, thus reaching two net average monthly payments for each year of the loan.
Rates and expenses
On the amortization installments we must consider the impact of a nominal annual interest rate of 4.25%, as well as the administration costs corresponding to 0.50%.
A premium for the Social Institute Risk Fund is also applied to the gross amount of the loan. This is defined on the basis of the parameters envisaged by the Social Institute regulation referring to the age of the applicant and the duration of the loan repayment plan.
If the applicant’s needs are more substantial, the direct multi-year loan can be chosen. In this case we have a sum intended to satisfy documented personal needs.
The public of the beneficiaries is always made up of public employees and pensioners registered in the unitary management of credit and social benefits. There are instead different repayment periods, two amortization plans: one with a five – year duration, that is 60 monthly installments, another ten-year (120 monthly installments).
Amounts and rate
The amount that can be financed varies according to the reason for which the loan is requested, as established by the Social Institute Loan Regulation. Similarly, the duration of the amortization plan (five or ten years) also changes according to the purpose of the loan.
For example, if you request a loan for the purchase of a car, you can get up to 20 thousand USD to be repaid with an amortization plan that extends for 5 years.
If, on the other hand, the loan request concerns the financing of routine maintenance for the home of the employee or public pensioner, the maximum amount that can be financed is 30 thousand USD. Also in this case the duration of the amortization plan is five years.
We come therefore to the sustainability of the loan. As with small loans, we need to consider:
- nominal annual interest rate of 3.50%;
- administration costs of 0.50%;
- risk fund award.
Those who wish to orient themselves better in the offer of loans at preferential conditions granted by Social Institute can take advantage of the special web application loans Government Agency calculation.
It is an online service that allows you to know the conditions of all loans accessible to the user. The service is accessible to all and provides the user with the possibility of choosing between three types of simulation of the estimate:
and three different estimate simulations.
- Loan simulation;
- Simulation for ideal installment;
- Simulation for specific amount.
Once you have chosen the Government Agency calculation loan method, simply enter the applicant’s date of birth and the net salary received in the appropriate calculation form. In the event that the applicant wishes to carry out a simulation for the ideal installment or for a specific amount, it will also be necessary to indicate the installment considered best by the applicant or the exact amount desired.
In any case, the Government Agency calculation loan system indicates, in a matter of seconds, all the small loans and multi-year loans that meet the preferences indicated by the user. For each proposed loan, the main characteristics of the repayment plan are indicated, including the amount of the installment, the expenses and the interest rate applied.
How to carry out customized simulations
To carry out a personalized simulation, on the other hand, it is possible to access, using the Pin Social Institute online code, the Public Employees Management section dedicated to services for the citizen.
In this way it will be possible to proceed with the simulation of Government Agency calculation loans, the financing will be simulated considering the information present in the archives of the pension institution. For simulated loans it is possible to view in detail the conditions of the amortization plan and the main characteristics of the loan.
Finally, we remind you that on the official Social Institute website it is also possible to take advantage of a service that allows you to simulate the early repayment of a loan in progress.