Loans on assignment of the fifth of the salary

Here are the news related to the Transfer of the fifth Government Agency directly from the Social Institute management ex Government Agency 2018/2019.

The assignment of the fifth Government Agency is dedicated to employees of state, public or para-public bodies and companies.
For employees of public administrations or state bodies and for Government Agency pensioners, the assignment of the fifth is an opportunity that has innumerable advantages compared to all other forms of loans.

How the assignment of the fifth works

How the assignment of the fifth works

The assignment of a fifth of the Government Agency salary or pension is a formula for accessing credit which is based on the retention upstream of the fifth part of the paycheck or the pension check.

In this way, the beneficiary does not have to worry about not forgetting the reimbursement and has the possibility to request a loan even if it is registered in the list of bad payers or protests (the granting of loans against assignment of the fifth does not include checking the databases ).

Duration and repayment plan

Duration and repayment plan

When calculating fifth assignment of the pension or salary it is also necessary to consider the duration, which cannot exceed 120 months. In the case of pensioners of particularly old age, the maximum duration can be reduced to 60 months.

Another important aspect to take into account is the presence of a fixed rate for the entire duration of the loan and lower than the anti-usury threshold. We conclude by recalling that among the advantages of the loan against the assignment of one fifth of the salary or pension there is the possibility of using it even if you are registered on the lists of bad payers or protesters (the disbursement is not subordinate to the control of the databases).

Since this is a non-finalized loan, it is not expected to present an expense voucher.

Loan disbursement

How long does it take to disburse loans on the sale of the fifth Government Agency? In the most complicated cases it can be expected even 2/3 weeks. In general, it is difficult to go beyond the working week after the loan beneficiary signs the contract.

As mentioned earlier, everything depends on factors such as the possible presence of agreements between the Social Institute and the reality chosen by the worker or the pensioner, but also on the policy of a specific Social Institute office (some release the communication of the amount transferable on sight, others instead, they require waiting a few days for the document to be sent).

Loans for bad payers

Loans for bad payers

In any case, it is important to remember that the loan against assignment of one-fifth of the pension is a very advantageous formula for accessing credit, which allows you to request loans repayable immediately, through the reduction upstream of the monthly installment. Another advantage of this loan is the ability to apply for funding even if you are registered on the list of bad payers or protested.

The news in force since January 2020

How have loans changed in 2020? A question that interests many Italians looking for a financing solution. The main changes concern the sale of the fifth Government Agency 2020, which saw the entry into force of new rules on rates and the provision of credit to pensioners.

Indeed, the threshold rates relating to the Taeg to be applied to loans on the sale of one fifth of the pension have been updated. On 5 January, Social Institute announced that, following the decree of 21 December 2015, the Ministry of Economy indicated the new global average effective rates (TEGM) which banks and financial intermediaries will have to comply with from 1 January to 31 March. 2019.

What to know about the transfer of the fifth of the pension

What to know about the transfer of the fifth of the pension

To deepen the issue of the transfer of the fifth Government Agency rate, we can take the example of the loan against the transfer of the fifth of the pension and call into question the threshold rates just mentioned.

For a pensioner under the age of 59 who applies for a loan against the transfer of one fifth of the pension of less than $ 5,000, it is necessary to consider the 9.09% threshold rate.

If, on the other hand, the loan exceeds $ 5,000, the threshold rate drops to 8.71%. Let’s take another example and frame the case of the pensioner between the ages of 60 and 69, who requires a loan against the transfer of a fifth of an entity of less than $ 5,000 (in this case the threshold rate corresponds to 10.69%, 10, 31 if the figure exceeds $ 5,000).

The last age group to consider is 70-79. In the case of a loan against a loan less than or equal to $ 5,000, the threshold rate is 13.29%, a percentage that drops to 12.91 if the loan exceeds $ 5,000.

Interest rates

We summarize the transfer rates for the fifth 2020 relating to loans disbursed directly by Social Institute to public employees and pensioners registered in the unitary management of credit and social benefits.

We are talking about the following products:

  • Small Public Management Loan : nominal annual rate of 4.25%;
  • Public Management direct multi-year loan : rate 3.50%;
  • Social Institute mortgages : fixed rate 2.95%, variable rate corresponding to the 6-month Euribor increased by 200 basis points.

Loan simulation

Loan simulation

Finally, remember that those who wish to orient themselves better in the offer of loans on the sale of the fifth Government Agency can take advantage of the web application for simulating loans.

The service allows you to choose between three calculation methods:

  • Loan simulation;
  • Simulation for ideal installment;
  • Simulation for specific amount.

Once the simulation mode has been selected, simply enter the required data in the appropriate calculation form and start the loan simulation. The system will propose all the subsidized loans accessible to the applicant, taking into account the data entered.

Those who wish to carry out personalized simulations of loans on the sale of the fifth Government Agency can use a special service on the official Social Institute portal, which allows to know in detail the loans accessible to Social Institute members. The service in question draws on the data in the Social Institute databases and allows you to know all the details of the loan.

Gregory Joseph