How to get an Government Agency loan for medical expenses
Public employees and pensioners who are faced with sudden or major expenses have the opportunity to take advantage of Government Agency loans and mortgages. Subsidized products dedicated to the members of the Social Security ex Government Agency Management, which are granted for various purposes. Among these are the Social Security loans for medical treatment.
The first thing to clarify when it comes to Social Security loans for medical care is that there is no specific product dedicated to medical expenses. However, there are two loans that adapt to this use: small loans and multi-year loans.
Small loans Government Agency Social Security 2018
Small loans can be requested for any reason, without having to specify the purpose when applying. Reason why you can safely apply for medical or surgical expenses.
Characterized by a fixed Tan of 4.25%, small loans can last 12, 24, 36 or 48 months. The amount payable is defined in the application, based on the income received by the applicant and the duration of the amortization.
For each year of the loan term, it is possible to obtain a sum equal to a monthly salary or pension received by the applicant. Amount that grows to two months for each year, if the applicant has no ongoing salary or pension deductions.
Overall, therefore, it is possible to obtain up to eight months of retirement or salary. The interest rate remains unchanged. The same applies to administration costs, equal to 0.5% of the gross loan amount.
There is also provision for the payment of a risk fund premium, defined on the basis of the age of the applicant and the duration of the amortization.
Multi-year Government Agency loan for medical expenses
Multi-year loans, on the other hand, are granted by Social Security for specific needs, which must be among those provided for by the Social Security Loan Regulations, available on the official Social Security website.
Among these we find medical expenses, purposes for which it is possible to obtain even high amounts. The amount that can be financed is defined in the application, based on the income received by the applicant. The repayment takes place with an amortization plan that extends for 5 years. The interest rate is fixed and equal to 3.5%. Also in this case there are the administrative costs and the risk fund premium.