Inps Inpdap personal loans represent an attractive financing solution for those who can benefit from the funds made available by the social security institution: this is in fact a type of loan reserved for employees and retirees of the public administration, as well as their family. Once these services were provided by the Inpdap, but after the absorption of this entity along with other “industry”, all merged in 2011 in INPS, today are commonly recognized by the word personal loans Inps Inpdap : see together what are the characteristics and conditions present these loans, and how they break down.
- Inpdap former loans, what does this mean?
- What are?
- Who do they turn to?
- How to apply for personal Inps Inpdap loans
- Small Inps Inpdap Loan, the types of products
- Small Inps loan, who is it for?
- Inps Inpdap multi-year loan
- Multi-year loans guaranteed Public Management
- Interest rates
- Solutions with assignment of the fifth
- What happens if the loan is not repaid?
Inpdap former loans, what does this mean?
Until December 2011, funding for public employees was provided by the Inpdap institution , an acronym that stands for the National Institute of Social Security for Public Administration Employees , offering a type of low-interest rate products also for retired people and the amounts of which were withdrawn directly from the Credit Fund of the social security institution or the banks and financial institutions that have an agreement with the institute. But
following the approval of the Decree 2011/201 known as “Save Italy” this social security institution like others has been deleted and its functions absorbed by the National Institute of Social Security, namely the INPS: that’s why we talk about personal loans Inps Inpdap or former Inpdap, to specify how credit performance is still in force, formally changing only the name.
Now it is therefore the INPS that manages the personal loans formerly Inpdap , taking advantage of the so-called Lost Fund, that is the units from the Unitary Management of Credit and Social Services that is constantly supported by the contributions of the members of the Fund, ie employees and retirees of the public administration . This type of subsidized loans is therefore based on the mandatory levy that the social security institution performs on the salaries of public servants in service, through modalities in percentages that are summarized as follows:
- 0.35 percent for Public Employee Management ex Inpdap
- 0.80 percent in addition to 0.35 for the Enam’s Magisterial Assistance Management
- 0.35 per cent for the Management of the Poste Italiane Group Funds
- 0.15 percent for public pensioners
To these deductions must be added the sum generated by the interest rates applied to the credit services provided by INPS. However
the same financial products can alternatively be provided by credit institutions and financial companies on the basis of specific agreements stipulated with INPS .
Who do they turn to?
As we anticipated, the audience of beneficiaries of this type of funding is made up of employees and retirees of the public administration, as well as their families. Inps Inpdap loans are due in detail
- Subscribers and retirees to the Public Employees Management
- Workers and public pensioners of other administrations registered in the Credit Fund
- Registered for Magisterial Assistance
- Employees of the Poste Italiane Group companies
- Pensioners participating in any pension management through the signing of a loan with a transfer of the fifth
The types of financing that are included in Inps Inpdap personal loans are
small loans , direct multi-year loans , guaranteed multi-year loans and loans to retirees with assignment of the fifth, each of them requires a specific procedure and is provided within the limits of the availabilities provided by the Fund.
How to apply for personal Inps Inpdap loans
Before seeing the various products, we offer some general guidelines on how to apply for this type of loan , whose procedure to follow varies depending on the type of loan chosen, and always within the limits of the financial resources provided annually in the budget of the social security institution. Thanks to the new digital communication tools it is possible
fill in the appropriate request forms directly online from the INPS website . Once the document has been printed and completed, it must be sent either electronically, if required, or to the competent territorial or provincial office of the former Inpdap . Next to the request form, whether paper or electronic, you must deliver all the documentation requested by INPS, different for each type of product, but generally provide for identity documents, proof of income plus other specific certificates that may vary case for case.
Small Inps Inpdap Loan, the types of products
Let’s begin our discussion with the Small Inps Inpdap loan , where it is possible to distinguish three types of financing: the Small loan Public Management, the Small loan Management Funds Poste and the Small loan Management Magistrale. In all three cases it is about
short-term financing plans with amortization schedules of 1 to 4 years, and the sum requested may be equal to a maximum average monthly salary or pension payment in the case of annual duration, two monthly payments for two-year loans, three monthly payments for loans with a duration of three years and four monthly payments if the loan has a four-year term. The small Inpdap loans have a subsidized rate to which a rate is applied relative to administrative expenses and a relative to the contribution of the provision for risks.
Small Inps loan, who is it for?
Let’s see briefly who is responsible :
- The Small Public Administration loan is reserved for members of the Public Administration Employees Fund and allows small short-term loans to be received, to be repaid in constant installments by way of deduction from salary or pension.
- The Small loan Management Poste Italiane is instead the loan dedicated to the employees in service of Poste Italiane or associated companies and allows to obtain amounts by assignment of the fifth of the salary to be repaid in annual, biennial, three-year or four-year terms.
- The Small Magistral Management loan is reserved for former Enam members and may be requested by individuals in service or retirement activities for at least two years from placement.
Inps Inpdap multi-year loan
Among the various financial products provided by the social security institution we find the multi-year Inps Inpdap loans, also divided into three types similar to the Small loan: Long-term direct loans Public Management, Multi-year Loans Management of Poste Funds and Multi-year Loans guaranteed Public Management. The first two multi-year loans are reserved respectively for workers and pensioners registered for the Public Employees Fund and for the workers in Poste Italiane’s service: compared to small loans
multi-year loans make it possible to request larger amounts, but are only granted for specific needs: therefore, in order to obtain a multi-year Inpdap loan, it is necessary to provide specific documentation stating the funding motivation and any documentation of expenditure.
Long-term Public Management Loans can only be obtained by persons with permanent contracts while the multi-year Loans Management Poste Funds may be five-year or ten-year, and are granted through the assignment of the fifth: they must also have specific purposes among those provided for in the regulation, such as medical treatment for serious illnesses or specific health expenses, coping with the consequences of natural disasters, and more.
Multi-year loans guaranteed Public Management
We have left aside because the third segment of long-term loans deserves specific treatment, namely the multi-year loans guaranteed by Public Administration which provide a loan guaranteed by INPS to cover a series of risks: the anticipated death of the member before the sale is terminated of the fifth, termination of service without a right to a pension, reduction of the salary of the transferor. Individuals can apply for this loan to the Unitary Management for Credit and Social Benefits who are in service activities and have at least four years of effective service in the employment relationship useful for the pension.
The multi-year loans guaranteed by Inps may have a five-year duration to be repaid in 60 installments or ten years to be repaid in 120 installments: to send the request the subject must submit in 4 copies the model provided by the institution to the administration to which it belongs, without any documentation or expense documentation, but with an attachment of the medical certificate of good physical constitution. The application, filled in by the Administration to which it belongs and completes the declaration certifying the amount of the salary, is subsequently sent to the credit institution that provides the loan, which in turn will return it to the Administration after having drawn up the contract. Finally, the Administration will send the documentation to the local InPS office which, after having assessed the regularity of the request, will decide whether to grant the guarantee or not.
The interest rates of Inps Inpdap personal loans provide for the application of a percentage that is generally lower than the market rate to make it easier for subscribers: the following are the TANs, the nominal annual rates of interest for the main types of loans previously described for the year 2017:
- 4.25 percent for Small Public Administration loans
- 5 percent fixed rate for Small loans Management Funds Poste
- 1.50 per cent for Small loans Magisterial Management
- 3.50 per cent for Direct Long-Term Public Administration Loans
- 3.50 percent for Multi-year Loans Management Poste Funds
Solutions with assignment of the fifth
A specific section of the loans disbursed by the institution consists of Inps Inpdap loans with assignment of the fifth of the pension, which represent one of the most requested types of products to the social security institution and make it possible to request additional useful liquidity to be paid off with direct deduction on the pension payment. All retirees can apply for this type of loan except for those who receive this type of social security benefits:
- pensions and social allowances
- civil disability
- monthly checks for assistance to pensioners for incapacity
- income support checks (VOCRED, VOCOOP, VOEO)
- checks to the family unit
- pensions with co-ownership for the portion attributable to the person requesting the assignment
- exodus performance
What happens if the loan is not repaid?
As for all loans on the credit market, in the event that the beneficiary of the Inps Inpdap loan does not pay the reimbursement of one or more monthly installments included in the repayment plan, the consequence could be the registration in the Register of Protestants and of bad payers with the reporting to the Central Credit as the Crif, a database containing all the information on the creditworthiness of the applicants, which makes it much more difficult to obtain new credit. The discourse is obviously pertinent for those who do not require loans with assignment of the fifth.
Data retention times vary depending on the type and severity of the insolvency situation, but are generally between 12 and 36 months . Only after expiry of the terms of permanence in the list of bad payers, the debtor’s name is automatically deleted from the databases.