Guide to Social Institute Loans to Public Employees
Social Institute loans to civil servants are a valuable resource for dealing with small contingencies, but also for carrying out important projects, such as buying a first home. What are the products available, what requirements do they foresee and how to obtain them? Here are all the opportunities updated to 2017.
Small loan for your unexpected expenses
Social Institute loans to civil servants imply different repayment conditions depending on the purposes for which they are designed.
Small Loans are designed to respond to unexpected events related to everyday life. In fact, the applicant does not have to justify his application or provide documents regarding the expenses incurred.
The beneficiaries are public employees and pensioners registered in the unitary management of credit and social benefits. The amounts instead correspond to one or a maximum of two months for each year of the repayment plan: in total, it starts from a minimum of one to a maximum threshold of eight months.
Small loan rates 2017 and duration
The repayment plan is in fact structured in 12, 24, 36 or 48 monthly installments. Each of which is calculated in relation to a nominal annual rate of 4.25%, administrative costs (0.50%) and risk provision premium.
The request for funding must be sent with the collaboration of the reference administration to Social Institute in the case of employees (the application form can be downloaded from our Social Institute 2017 Forms section). While retirees must submit the request immediately in electronic form, from this point of view there are several options:
- the use of the online services of the Social Institute website. The reserved area of the inps.it portal must be used. The user must be able to count on the PIN, a useful element for accessing online functions;
- the use of the Contact center (the toll-free number for the fixed line is 803 164). PIN required;
- patronage. In this case, it is not necessary to have a PIN.
Multiannual loans on assignment of the fifth
Another valid option in the context of Social Institute loans to civil servants is represented by Direct multi-year loans. These are produced on assignment of the fifth (the installment cannot exceed one fifth of the monthly allowance) and are granted only on condition that the application is consistent with the purposes specified by the Social Institute Regulation.
The beneficiaries are the same as the Small loan, but specific requirements must be respected. The applicant must count on at least four years of service seniority and as many contributions paid to the Unified Management. Not only. Throughout the reimbursement, the employment contract (lasting at least three years) must be valid. Temporary workers must provide post-employment benefits as a guarantee of reimbursement.
There are two repayment options: five or ten years, or 60 or 120 monthly installments. As regards the annual nominal rate, on the other hand, 3.50% is applied. There are also administrative charges and risk provision premium, as for the Small loan.
The request must be sent electronically using the services of the Social Institute portal. In particular, the “Multi-year Loans Web Applications” function must be used. Workers must send the request with the collaboration of the reference administration, while pensioners can use the functionality of the Social Institute portal.
Purchase first home with mortgages loan
The proposals that make up Social Institute loans to civil servants also include credit lines focused on the first house. We are thinking of Social Institute mortgages, loans characterized by amounts higher than the other products that we have reported.
Yes, because in case of purchase or construction of the first house it is possible to receive up to 300 thousand USD. Maximum sum that will go down to 150 thousand USD in the event of restructuring.
Employees of this credit line are employees and pensioners belonging to the unitary management of credit and social benefits. In this case, the worker must necessarily be able to count on a permanent employment contract.
The repayment takes place in a period ranging from a minimum of 10 to a maximum of 30 years. For further details on this, we recommend you visit the Social Institute mortgage section of our portal.