Government Agency loans for child marriage: user guide
Multi-year Social Institute ex Government Agency loans are subsidized interest rate loans dedicated to public employees and pensioners. These are loans which, unlike what happens with those available in the traditional banking circuit, are granted by the social security institution. Condition that allows the application of subsidized interest rates. Among the purposes for which it is possible to apply for multi-year loans we mention the Government Agency child marriage loan.
In the case of multi-year loans, in fact, the granting of capital by Social Institute is linked to the purpose for which the loan is requested. The motivation must in fact fall within those allowed in the Social Institute Loan Regulations, which can be consulted directly online.
Conditions and interest rate 2018
Specifically, among the purposes allowed by Social Institute we mention the marriage of the child. The Regulation specifies in fact among the reasons why it is possible to obtain a multi-year marriage loan of the member or the child of the member.
Purpose for which it is possible to obtain a maximum sum of 23 thousand USD. The repayment extends for 5 years and the amortization installments are monthly. The periodic installment is deducted directly from the applicant’s paycheck or pension. The interest rate is fixed at 3.5%.
In addition to the Tan, a 0.5% rate also applies to the gross loan amount. To this is added an additional expense: the premium for the Social Institute Risk Fund. Premium which is defined by applying a variable rate according to the age of the applicant. Also in this regard, reference is made to the Social Institute Loan Regulation.
Government Agency loan application and simulation
Now that we have seen what the general conditions of the financing are, let’s move on to the requirements and the presentation of the application.
Government Agency child marriage loans can only be obtained by public employees and pensioners registered in the Unitary Management of credit and social benefits (Social Institute Credit Fund). 4 years of enrollment in the Fund and at least 4 years of service seniority for retirement purposes are also required for access to credit.
The loan application is sent electronically. Public employees submit the application through the Administration they belong to. Public pensioners, on the other hand, can choose between various transmission channels: use the online service on the Social Institute website or contact Social Institute assistance (by calling the Contact Center) or a patronage enabled by Social Institute.
On the official Social Institute website there is also a service for calculating the loan installment online. For more information on simulation, see our in-depth article.