Small Government Agency loans for state teachers
State teachers who need money can take advantage of Social Institute subsidized loans. Products that, unlike what one might think, are dedicated to both civil servants and teachers and school directors. So let’s see how Government Agency state teacher loans work.
Government Agency state teacher loans allow you to face sudden or significant expenses. The maximum amount that can be financed is defined on the basis of the income received by the applicant.
As regards the requirements to be met, Government Agency loans are accessible only to teachers and school directors. Subjects who must be able to count on an open- ended employment contract.
For the purposes of access to credit, the applicant must be in service at a primary state school or kindergarten. Not only. Government Agency loans for state teachers are granted only on condition that the applicant is at least two years away from retirement.
Conditions of Government Agency teacher loans
But how much do you get with Government Agency state teacher loans? The maximum amount that can be financed is equal to two months of salary for the applicant. In this regard, reference is made to income inclusive of ongoing and fixed allowances.
The repayment takes place in 24 months. Payments are monthly and the interest rate applied is 1.50%. And the sums due as interest are withheld in advance from the gross amount of the loan. The same applies to the sums due for the Guarantee Fund and administration costs, calculated at a rate of 1%.
When it is possible to apply for Government Agency loans for tenured teachers
The application for funding must be submitted exclusively electronically using the specific online service. However, it must be remembered that Government Agency loans for state teachers are granted only for specific needs.
In fact, it is possible to apply for a loan at special conditions for teachers only to meet expenses that fall within one of the following cases.
- birth or adoption of a child;
- purchase of the house of residence;
- marriage of the applicant or the child;
- death of a family member;
- serious illness of the applicant or a family member;
- mortgage in progress for first home purchase;
- extraordinary maintenance of the first house;
- dental care of one’s own or dependent family members;
- transfer of residence;
- purchase of a car;
- attendance to university courses of the applicant or a child;
- extraordinary events involving a particular state of economic necessity.