The interest rate is one of the most relevant aspects for those looking for a loan. It is not the only element capable of defining the convenience of a credit line, but it represents a point of reference from which to start. Why Government Agency 2019 Small Loan Rates are an essential factor to consider for public employees and retirees interested in this offer. Let’s see the latest news.
Loans for civil servants: Small loan and Multi-year loan
The ones that will be covered in our study are the direct Government Agency Social Institute loans. These are the credit lines managed by Social Institute and not by banks or financial institutions affiliated with the social security institution.
Direct loans correspond to two lines of credit, namely the small loan and the multi-year direct loan. We will see both the updated Government Agency small loan rates and the methods of calculating the amortization plan.
Before going into the merits of the rate, a brief introduction is necessary, both the Small loan and the Multi-year are loans aimed at public employees and pensioners registered in the Unitary management of credit and social benefits.
However, the requirements vary in relation to the funding examined. They are also loans with significantly different characteristics for use and duration.
Government Agency 2019 loan rates updated
But let’s get to the issue of small Government Agency loan rates. For the Small loan, a fixed rate corresponding to 4.25% is envisaged, while those who choose the Multiannual will have a calculated installment compared to a fixed TAN of 3.50%.
It should be borne in mind, however, that repayment plans are very different in terms of duration. For the Small loan, the repayment is divided into 12, 24, 36 or 48 monthly installments.
The Multiannual instead is repayable in five or ten years. The latter also implies a use bound by the purposes indicated in the Social Institute Regulation. Among the uses we find the purchase and construction of the first house, such as car purchase and dental care.
The Small Loan does not require a particular job, it is an ideal credit line for those who need to manage daily and unexpected expenses.
Online simulation of Government Agency loans
On the official portal of the social security institution, Social Institute, there is the functionality for calculating small loans and long-term loans. To know all the operations needed to perform the simulation online, please consult our in-depth analysis.