Inpdap loans for retirees are a precious resource for those who want to obtain cash to meet daily or family needs, including the so-called fifth transfer that has also been granted to pensioners in recent years. A loan of up to 120 months that may also be requested by private entities such as financial institutions and banks affiliated with INPS and which are provided with very privileged interests and well below the common personal loans normally granted by banks. Those who want to evaluate all the estimates issued by the institutes can always access the portal which will compare all the alternatives present on the net with the prospect accompanied by the interest rate and the costs to be incurred for the loan such as insurance coverage and practical opening.

Inpdap loans: rules and requirements

Inpdap loans: rules and requirements

The transfer of the fifth is a form of financing guaranteed by the pension provided by INPS and is reimbursed through automatic deductions of the fifth of the pension. A formula that represents a valid guarantee for the credit institutions and that represents a guarantee also for the pensioner. The amount of the installment varies depending on the duration but also on the amount that the pensioner intends to perceive. The amount of the installment, precisely as a transfer of the fifth, depends on what the applicant receives as a pension. The higher the value of the pension, the greater the rate and the amount that the pensioner will receive. It should not be forgotten that the amount of the installment must be calculated net of withholding tax and social security, just to not go under the minimum pension amount that the law establishes.

Estimate and installment calculation

Estimate and installment calculation

Once the green light has been obtained by INPS, the sum is paid by the bank or financial company immediately to the bank account of the applicant. On the website, the offer of the various credit institutions can be compared and it is also possible to request the issuance of an estimate, filling in the appropriate form with all the personal details of the applicant and the amounts received by the applicant as a pension. The former Inpdap loans represent, therefore, a truly precious resource for those who have immediate liquidity needs at really low rates. Lines of credit that are reserved for public pensioners only and therefore represent an indisputable privilege.

Retired former Inpdap loans are provided directly by INPS and consist of two types: small loans and multi-year loans. The small loans are maximum quantifiable in 8 salary payments received by the pensioner. The sum received can be repaid in installments up to 4 years with Tan applied of 4.25%.

Even multi-year loans have even lower rates (3.5%) and a duration that can be extended to 10 years for repayment purposes. It should not be ignored that for long-term loans, the pensioner must document the real needs and therefore the amount varies depending on the destination of the sum.

Loans for pensioners Inps of Compass

The Compass provides loans to pensioners up to over 75 thousand euros, but it must be taken into account that retired former Inpdap loans are granted only to public pensioners. Private pensioners may instead opt for the sale of the fifth of Compass’s pension.

For this type of subsidized loans, Compass provides up to 75 thousand euros to be repaid with an amortization plan that can even reach 120 months, ie 10 years. Low interest rates will apply and management costs or practical openings will not have to be incurred. The Compass on its portal has made available to customers a section dedicated precisely to the simulation of estimates, to evaluate the figures perceivable according to the pension provided by the INPS and to calculate the installment and rates that will be applied.

But not only Compass performs this service. On the web you can find many online portals reserved for personal loans for retired Inpdap for a quick and comprehensive quote. Loans that are disbursed at very low rates, on the basis of agreements stipulated by the institutions with INPS. These forms of financing are closed to all pensions whose amounts do not exceed € 600 and those who receive other forms of pensions such as disability pensions, social pensions and Inail pensions.

These forms of financing may also be accessible to inpdap pensioners who are foreclosed or protested, as these are absolutely guaranteed loans from the pension provided by INPS. Very rapid practices that often complete in just 48 hours and the amount is disbursed promptly and immediately credited to the applicant’s account. So it is easy to deduce the fact that one of the main requirements for requesting these forms of financing is the possession of a bank account. Who does not have it must necessarily open one (or with the Italian Post Office or with a credit institution).

How much you can request: amount and interest rate

How much you can request: amount and interest rate

It should also be noted that in order to obtain these subsidized loans for pensions, it is not necessary to present certifications certifying the reasons for which the sum is requested. The Inpdap 2017 offer allows the provision of multi-year direct loans and guaranteed multi-year loans. The pensioner’s profile and the size of the pension are key and determining elements for identifying the amount perceivable by the pensioner. It should not be forgotten that the installments can not be less than 12 months and can not be more than 4 years. The Tan of the loan never exceeds 4.25% for small loans but it should also be stressed that the total amount to be repaid must also include the risk fund premium, a sort of insurance that guarantees the company that provides the credit in the if the pensioner fails before the loan is fully repaid. It is these guarantees that allow the disbursement of credit with preferential rates. If, on the other hand, the applicant needs a higher loan, he can opt for the direct multi-year loan but in this case the documentation will be required to justify the amount paid.

Multi-year financing

Long-term loans are granted through the transfer of the fifth and therefore the installment will never be more than 20% of the amount received by the applicant as a pension. The sum must be repaid over a period of five to ten years. The applied TAN will be 3.50% but also in this case the risk fund premium must also be added to the total amount to be repaid. In order to apply for and obtain a long-term loan, no documentation must be produced and only the classic certificate of sound constitution of the pensioner. In the event that the applicant dies before the loan has been fully repaid, the insurance company will pay the missing amount. This is why, for this form of financing, the term ‘guaranteed’ is added. For example, lending companies like Findomestic do not grant any kind of funding to those over 75 years of age.

For amounts of 15 thousand euros, the installment to be repaid will be 170 euros for 120 months (ten years). You will not have to reimburse expenses for the opening of the file and no expense for the classic stamp duty and bank commissions. The Tan that generally applies Findomestic for this type of financing is 6.46%. Obviously the rates are purely indicative, as they always depend on contingent factors and the decisions taken by the European Central Bank. In conclusion of this article it is fundamental to underline that today the pensioner has different resources to access credit if at some stage of his life he needs liquidity to face sudden emergencies that may also concern health. If you have to buy a car, finance a pleasure trip or marry your children, using the credit facility is the option we would like to recommend in order to qualify for a guaranteed loan at very competitive rates.