What are small loans
Small Social Institute and Government Agency loans are personal loans granted by Social Institute Public Employee Management to pensioners and employees of the public administration. In this article we will review the conditions and service for the simulation of small Government Agency loans.
Small loans are loans with which it is possible to cope with expenses of various kinds. The duration of the loans can range from 1 to 4 years and for each year of the loan it is possible to obtain an amount equal to two average net monthly payments.
Amount that boils down to an average net monthly payment if the applicant already has a withholding tax on his salary or pension. In other words, the sum that can be financed ranges from a minimum of one to a maximum of eight average net monthly salaries or pensions.
But who can apply for a small Social Institute loan? All public employees and pensioners enrolled in the unitary management of credit and social benefits have access to Government Agency loans. This is a particular credit fund through which Social Institute disburses Government Agency loans.
Reimbursement, rate and risk provision premium
The repayment of the credit takes place with a repayment plan in monthly installments of a constant amount, directly deducted from the beneficiary’s salary or pension. Regardless of the sum financed and the duration of the amortization plan, the interest rate (Tan) applied to the loan is 4.25%.
The rate of administration also applies to the gross amount of the benefit. The beneficiary must also pay the premium for the Social Institute Risk Fund. The amount of the award varies according to the age of the beneficiary and the duration of the funding.
To know all the rates envisaged for the Risk Fund award, you can consult the relevant table in the Social Institute Loan Regulations, on the official Social Institute website. On the Social Institute website there is also the Handbook for calculating the installment, which allows you to know in a few seconds the amount of the installment, the premium for the Risk Fund and the other main characteristics of the loan you wish to request.
Alternatively, you can simulate small Government Agency loans online. In this case, in fact, the Social Institute calculation system will indicate all the expenses applied to the loan, including the Risk Fund premium.
How to perform an online simulation
A service for the simulation of small Government Agency loans is available on the official Social Institute website, accessible by following the path: Home – Services – List of All Services – Public Employee Management: Simulation of Small Loans and Multi-year Loans Calculation.
To carry out a simulation of small Government Agency loans, simply reach the system and enter the amount of the monthly salary or pension received and the date of birth of the applicant in the appropriate form. At this point the system will automatically propose all the loans (small annual, biennial, five-year multi-year loans, etc.) accessible to the applicant.
The service is accessible to all users, even those who do not have the Pin Social Institute code, and provides 3 simulation modes:
- loan simulation
- simulation for specific amount
- simulation by ideal installment.
In any case, the system indicates the amount that can be financed, the monthly installment and the expected expenses for each loan that the user could request.
Obviously, choosing the simulation for specific amount and simulation for ideal installment mode, it is necessary to indicate, in addition to the date of birth and the monthly amount received, also the amount you want to receive or the monthly installment that is considered ideal for the repayment of the credit.
Finally, remember that the simulations performed with the Social Institute online simulator are to be considered merely indicative. Those who wish to make customized simulations must access the Social Institute Reserved Area dedicated to members of the former Government Agency Management.