Let’s see how Government Agency multi-year loans work and what are the characteristics of this product, which has been offered by Social Institute for years. How to apply for these online loans, with all the information regarding the form to be filled out and the requirements for accessing the desired amount. Finally, the documentation necessary to complete the request for funding.
If you are interested in receiving funding, whatever the purpose of the same, among the most convenient solutions in absolute we certainly find the personal loans Government Agency. In particular we want to present the multi-year loans, which as the word says provide a repayment spread over several years, and therefore allow us to have access to a fairly large sum. The first specification that should be made is that when we talk about “Government Agency loans” on this page, we are referring to Social Institute direct financing, which has replaced the old institute for several years. However, we often continue to talk about Government Agency loans as the latter has had for many years the management of these loans, and therefore the name is still used to indicate the type of product.
Therefore the most correct denomination of this product is that of Social Institute multi-year loans. Choosing this solution, there are two options available, corresponding to a five-year loan and a ten-year loan. These forms of direct loans are aimed at public employees and Social Institute pensioners, who must also be registered for the unitary management of credit and social services. It is also requested that the customer has at least four years of service and who has paid the contributions to the Unit Management for four years. Only workers with permanent contracts, in addition to pensioners, can have access to the multi-annual Government Agency loans without problems.
If the applicant has a fixed-term employment contract for a period of at least three years, he can only receive a loan by fixing the end of the repayment before the contract expires. The treatment offered by Social Institute with its own financing options is particularly convenient, when compared to loans offered by banks. Here we find an annual nominal interest rate of 3.50%, while administration costs are only 0.50%. Finally, based on the customer’s personal data, the portion relating to the Risk Fund is calculated. In this case, obviously, the age of the customer will be decisive, as the cost of this insurance will also increase as the customer increases.
Requesting a multi-year loan Government Agency is very simple and above all very fast, as the request can be sent completely online via the Social Institute website. To do this you need to access the website via your PIN. If you do not have this code, you can go to any Social Institute office, or call 803 164 from a landline or 06 164 164 from a mobile network, to receive all the information you need.
To send the request it is necessary to fill in the relative form, which is in the section of the site called ” All modules “. Here we will therefore have to look for the one relating to multi-year loans. At this point, the data that will be requested will obviously be our personal data, in which we will specify name and surname, address of residence, date of birth, social security number, etc. The second part of the module will cover the financing, and therefore we will have to specify if we are interested in a five-year or ten-year loan. We will then have to specify obviously the amount we are interested in, taking into account the fact that the Social Institute will evaluate whether or not to grant funding based on our salary. For this reason we will have to calculate the installment so that it is within our reach.
Attached to our application we will then have to send all the necessary documentation. First of all, it is necessary to send the identity card and the health card, which identify the applicant. As far as the income document is concerned, it is necessary to send the employment contract, which is indispensable both to know the monthly entry of the client and to ascertain that the latter has an open-ended employment contract. As previously mentioned, the fixed-term contract can also be accepted, provided that the duration of the loan is less than the number of years that are missing at the end of the employment contract. Finally, as pointed out on the Social Institute website, it is necessary to send a medical certificate of healthy and robust constitution, in which a doctor certifies that the client “is in good health and does not present diseases in progress or prior to causing a danger to short and medium term “.
If you are interested in receiving a multi-year Government Agency loan, the best thing to do before submitting your application is to perform a loan simulation. The simulation is extremely useful for evaluating the conditions of direct financing to which we can access. There are three ways to simulate the loan, and they differ according to the information we want to obtain from the online service available on the Social Institute website. The first service is the one that is accessed by clicking on ” Simulation Loan “, and allows us to calculate the minimum and maximum amount obtainable. All that we have to insert in the appropriate form to obtain useful information on the multi-year loans Government Agency which we can access will be the amount related to the net monthly salary received and our date of birth. What will be returned to us from the system will be the minimum gross amount and the maximum gross amount we can receive. Regardless of the duration we choose, the interest rate for multi-year loans Social Institute will be 3.50%.
To calculate the installment, always remembering that this is only an estimate, just divide the gross amount by the number of months provided for the reimbursement. For example, we simulated a multi-year loan application made by an employee born on January 18, 1966, who receives a monthly salary of 1,800 euros. In this case, the service offered to us by Social Institute presented us with the minimum and maximum (gross) amount that can be requested with the five-year or ten-year loan. With the 60-month Government Agency loan, the amount that can be requested ranges from € 3,000 to € 19,800, while for direct funding of 120 months the gross amount to which the customer can have access goes from € 5,000 to € 36,500. So according to your needs in this way you can orient yourself to the solution that is right for you.
The second type of multi-year loan simulation that can be carried out through the Social Institute website is the one that allows the calculation of the amount obtainable starting from the ideal installment to be set. In order to carry out this second simulation, it is necessary to specify, in addition to the net salary and the date of birth of the applicant, also the ideal installment to be fixed. Consider the case of the same customer born on 18 January 1966 with a net salary of 1,800 euros. The system immediately specifies that the maximum ideal rate that we will be able to specify will be equal to 360 euros, which is equal to one fifth of 1,800 euros. For our simulation we consider an ideal installment of 300 euros. Based on these parameters, we can immediately see the gross amount that can be requested through the Government Agency multi-year loan. Choosing the direct five-year Social Institute funding, the customer can receive a sum of money equal to € 16,500, while with the ten-year loan will have access to € 30,400, always paying a rather light installment of € 300 per month.
Finally, on the same page of the Social Institute website, it is possible to ” Simulate the Loan by Specific Amount “. Also in this case everything will be very simple, and it will be enough to specify the amount to which we are interested in addition to the net salary received and to our date of birth. We use the same data and we are underlined how the maximum specific amount payable is equal to 36,500 euros, which is in fact the same result obtained through the first simulation. We assume that our customer is interested in a Government Agency multi-year loan amounting to EUR 20,000. In this case, the solution proposed to us by the system is that of a ten-year loan which will, as always, have an annual interest rate of 3.50%, therefore decidedly convenient. For a more detailed simulation, it is also possible to access by identifying with a PIN code. In this way the service will have access to the customer’s personal data and will be able to calculate a customized simulation.
Thanks to the online simulation of the multi-year loan Government Agency it is therefore possible to get an idea of the type of ideal financing according to our needs. Before proceeding with the request, however, it may be useful to consult the regulation of the product itself. This regulation is always available on the Social Institute website, and contains all relevant information on direct Social Institute funding. First of all, the regulations specify the required requisites and therefore be registered in the Unitary Management of the credit and social services and have at least 4 years of service seniority. All those who have a permanent contract can access direct funding, while for workers with a fixed-term contract it is specified that the duration can not be less than 3 years. In addition, obviously, the repayment term must necessarily be fixed before the expiry of the employment contract.
In the regulation of multi-year loans Government Agency also specifies that the duration may be equal to 60 months or 120 months, and that the annual interest rate applied will be in any case 3.50%. Among the useful information there are those related to the renewal of the loan. In order to receive a new multi-year loan, an amortization period of 2 years must be spent in the case of five-year loans or 4 years in the case of ten-year loans. For five-year loans, renewal may also be required before the 2-year period has elapsed, but only if the customer requests a ten-year loan for the first time. As specified in the Social Institute multi-year loan regulation, at the time of the request it is necessary that the client submit a sound and robust medical certificate. Finally, the regulation specifies the requirements for disbursement, and therefore the costs for which the Social Institute direct financing can be accessed.