What are subsidized Social Institute loans
Social Institute, a social security institution that deals with both members of the public sector and those operating in the private sector, provides subsidized loans to its members. Products that are called direct loans, because they are granted directly by the institution. Therefore, when we talk about direct Social Institute loans, we refer to these products.
Direct Social Institute loans should not be confused with subsidized Social Institute loans, loans on assignment of one-fifth paid by banks and financial institutions affiliated with Social Institute. Direct loans do not in any way provide for the intervention of credit institutions. The capital is granted by Social Institute and repaid to the same body.
Beneficiaries and conditions of subsidized loans
But who are these loans aimed at? Only those who fall into one of the following categories can apply for a direct Social Institute loan:
- employees of Poste Italiane SpA and associated companies;
- teachers and school directors registered ex ENAM:
- civil servants referring to former Government Agency Management;
- public pensioners referring to the Ex Government Agency Management.
These are loans that have passed under the competence of Social Institute with the merger of the various reference bodies. Over the years, Social Institute has absorbed ENAM, the IPOP and the Government Agency. Direct loans are therefore products dedicated to subjects who in the past referred to these entities, represented today by special offices of Social Institute.
Social Institute ex Government Agency direct loans consist of two products: small loans and multi-year loans. The durations are respectively 12, 24, 36 or 48 months for small loans and 5 or 10 years for multi-year ones. In terms of rates, the small direct Social Institute loan Government Agency provides a Tan of 4.25%. For multi-year loans, on the other hand, we have a Tan of 3.5%.
Turning to the Social Institute ex Ipost loans, dedicated to postal employees, we have an offer that follows the former Government Agency one. Again there are small loans and multi-year loans. Loan durations are the same as in the previous offer, while interest rates change. For small loans we have a Taeg of 5%, for multiannual ones the Taeg is fixed at 3.5%.
We conclude our study on the direct Social Institute loan offer by talking about ex ENAM loans. In this case we have only one product: the small loans Management Magistral Assistance. The amortization plan extends for 24 months and the interest rate (Tan) stands at 1.5%.