How to renew Government Agency loan and when it is possibleMay 13, 2020
When it is possible to renew an Government Agency loan
Public employees and pensioners who face significant or sudden expenses can benefit from Social Institute and Government Agency loans. In the event that the current loan is not sufficient to cover the costs, it is possible to renew it. But how to renew Government Agency loan?
When addressing the question of how to renew Government Agency loans it is necessary to distinguish between small loans and multi-year loans. The former allow to obtain sums up to a maximum of eight months of salary or pension of the beneficiary. Multi-year loans, on the other hand, make it possible to obtain sums of over 100 thousand USD with which to face significant expenses.
Small loans can last 12, 24, 36 or 48 months and have a Tan of 4.25%. Multi-year loans, on the other hand, can last for 5 or 10 years. The interest rate is fixed at 3.5%.
Renewal of small Government Agency loan
Now that we have seen what the conditions of Government Agency loans are, let’s see when and how to renew Government Agency loans. The renewal of the subsidized Social Institute ex Government Agency loans can only take place on condition that minimum times have elapsed.
Small loans can only be renewed if at least 50% of the repayment plan has passed. Specifically, the applicant must have reimbursed at least:
- 6 months for annual loans;
- 12 months for two-year loans;
- 18 months for three-year loans;
- 24 months for four-year loans.
For renewed loans, Social Institute closes the current loan and recovers the residual debt on the amount of the new credit line.
renewal of the sale of the fifth decennial and five-year
On the other hand, the times provided for the multi-year Social Institute and Government Agency loans are different. For five-year loans, renewal is possible only after the first two years of repayment have elapsed. Loans with a ten-year duration instead provide for the possibility of renewal only if at least four years have passed since the start of the loan.
We also recall that those who have a five-year multi-year loan in progress even before two years have elapsed. Provided, however, that it is renewed by requesting a ten-year loan and that the applicant has not benefited from other ten-year loans.
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