Social Security Government loans for state teachers 2018
When we talk about subsidized loans, Social Security usually refers to products reserved for public employees and pensioners. Unlike what many believe, however, teachers can also take advantage of the benefits guaranteed by Social Security funding. A specific product is addressed to them, the small trading loan.
It is a loan at a subsidized interest rate granted through the Social Security Magistral Assistance Management. Office in which trading merged, suppressed in 2010 and which has absorbed all the social security and credit functions of the same.
The small trading loan is granted only to those who meet a series of requirements. First of all, the applicant must be an ex-trading registered person. That is to say that the beneficiaries are the teachers and school directors recruited from primary and kindergarten schools.
The applicant must also be in service and must be able to claim an open- ended employment contract. For the purposes of granting the loan, the applicant must have at least two years to retire.
When the trading Social Security loan is granted
In addition to the above requirements, there are other constraints for the granting of the small trading loan. The loan is in fact granted only for certain purposes, which must be among those provided by Social Security.
Specifically, you can get the money to face expenses related to:
- birth or adoption of a child;
- marriage of the applicant or a child;
- death of a family member;
- serious illness of the applicant or family members;
- dental care of the applicant or his / her dependents;
- extraordinary maintenance of the home;
- purchase of the first house;
- mortgage in progress for the purchase of the only home;
- Change of residence;
- purchase of a car;
- attendance at university courses by the applicant or children.
In addition to the aforementioned purposes, it is possible to request the small trading loan also to deal with particular situations, not included among those mentioned, which entail a state of economic need in the applicant.
Rate and amount financed
As regards amortization, the small trading loan provides for an interest rate of 1.5%. Then there are the administrative costs and the premium for the Social Security risk fund, equal to 1% of the gross loan in total. All the above costs are deducted at source by Social Security, which provides the loan net of costs.
The installments are monthly and the repayment extends for 24 months. The maximum amount that can be financed is equal to two months of salary for the applicant.