Social Institute loans offer public sector workers and pensioners the opportunity to access dedicated and particularly advantageous loan formulas. This type of loan can be requested directly from Social Institute, or as an alternative to one of the partner banks that can act as an intermediary, but let’s see in detail the possible solutions
The characteristics of the Social Institute loan
The Social Institute loan allows you to receive up to a maximum of 80,000 USD to be repaid in monthly installments for a maximum of 10 years. The main feature of the Social Institute loan is undoubtedly the convenience. The interest rate linked to this product is in fact particularly low and the product as a whole, therefore, particularly competitive.
The loan is managed by transferring the fifth and, consequently, the amount of the installment can never exceed 20% of the salary, thus guaranteeing a good sustainability of the loan itself. The fact that the installments are constant also undoubtedly represents an important guarantee and help in managing the personal or family budget.
Another positive aspect is that connected to the request process, which is lean, comfortable and fast, which allows you to get feedback on your request in no time.
In addition, the loan is covered by an insurance policy that ensures that the loan will be returned even in the event of departure, incapacity for work or dismissal of the person who signed it, thus protecting the applicant and his heirs.
Based on the characteristics of the loan, the amount requested and the repayment time established, Social Institute loans are divided into small loans, multi-year secured loans, multi-year direct loans.
To have access to this type of loan, it is necessary to have joined the Credit Fund by following the steps that vary according to the profile of the applicant and the job and entitle you to a series of social and credit benefits. In the credit field, the subject is given the possibility, upon the occurrence of certain conditions, to obtain small loans to be repaid in 4 years, multi-year loans or mortgage for the first home for a maximum of thirty years. A range of benefits, between the economic and the social, are also guaranteed to children and heirs (study holidays, scholarships,…).
The subject must also have a minimum length of service of 4 years
Where to request it
As mentioned, the loan can be requested directly from Social Institute. In addition, there is an area dedicated to the loan simulation on the institution’s portal. To access it is necessary to have a PIN.
Once logged in you can view the possible solutions and know the amounts (minimum and maximum) that can be requested based on your personal situation. The section in particular is divided into three different categories: one is dedicated to the simulation of the loan (and indicates the minimum and maximum amount that can be requested and the possible solutions in terms of duration and single installment); the second is called “ideal installment” (and allows you to add in addition to your personal information such as date of birth and salary, also the installment you want to pay per month, to calculate the possible options from these constraints); the last section allows you to make a selection by specific amount.
As mentioned there are also some Social Institute banks and financial institutions that offer good solutions, but be careful! Often, in fact, these are not real agreements, but simple offers – often equally safe and convenient – that the bank decides to guarantee to Social Institute workers.
Let’s take the example of the Cloan group as an example and analyze a loan with an amount of approximately 28,740 USD. A 5.86% APR will be applied to this loan and therefore, the repayment in 120 months will return a total of 37,800 USD.