Government Agency loans are loans that are disbursed, on favorable terms, to civil servants and pensioners. In the past, these loans were disbursed by Government Agency, an institution which has now been discontinued and whose functions have been transferred to Social Institute. The particularity of this form of financing is given by the economic conditions to which it is granted, which are obviously very advantageous. In this short guide we will try to give as much information as possible.
How to get an Government Agency loan
If you are an employee of the public administration or an Social Institute pensioner, you can apply for an Government Agency personal loan: in order to obtain the most suitable financing for your situation, it is advisable to follow the right bureaucratic procedure and be familiar with the possibilities that Government Agency loans allow. So let’s see everything that can be used by the applicant for funding, in a few simple points.
Requirements: to be employees, former employees or pensioners of the public administration registered for the management of social credit benefits, be aged between 18 and 70 and be resident in Italy. Obviously, having paid contributions to Government Agency (for at least four years).
Types of loan Government Agency: there are four;
– Small Government Agency loan (up to $ 5000, repayable between 12 and 48 months)
-Mutuo Government Agency (up to $ 300,000, refundable between 10 and 30 years)
– Loan for Marriage or Child (up to $ 15493.73, refundable in 5 years)
– Car loan (up to $ 100,000, repayable in 10 years)
Government Agency loans: tables and calculation
The Facilitated rate: as regards the Small Government Agency Loan, you can take advantage of an interest rate of 3.5% if the repayment takes place within two years, while 4.25% if the repayment takes place after this term. A fixed rate of 4.15% and a variable rate of 3.75% are available for the Government Agency mortgage. The same interest rates can also be applied for Wedding or Child Loans. As for the Auto Loan, the rate will be between 7 and 8%.
Assignment of the fifth: it is advisable to request it because of the numerous advantages that this particular type of refund brings. Unfortunately, it is only available for two types of Government Agency loans, namely Loan for Marriage or Child and Loan for Cars. Thanks to the transfer of the fifth of one’s paycheck, you will have the total guarantee of the return of the capital, and therefore much less “bureaucratic hitches” in presenting any additional documentation aimed at showing greater guarantees. However, it should be remembered that according to the rules in force on this particular type of loan repayment, the transfer of the fifth will not be applicable for more than 120 monthly installments, therefore 10 years.