What is the double monthly loan
The double monthly loan is a type of loan that allows the beneficiary to have available, for each year of the contract duration, a sum of money corresponding to an average double net monthly payment. Consequently, a real doubling of the financeable amount is obtained. If you apply for a 12 month double monthly loan, you get two months instead of one. If, on the other hand, you opt for the 24-month version, the loan provides for the payment of four months. This solution is accessible only if the applicant does not have any other kind of deduction in progress on his pension or salary.
At the same time, the amount disbursed is calculated according to what the institution’s balance sheet availabilities are based on the forecasts for each calendar year. In fact, it must be borne in mind that the double monthly loan is a form of access to credit reserved for loans granted by the Social Security Ex Government Agency, that is, the so-called small Government Agency loan. Consequently, it is reserved for public sector pensioners and civil servants who have registered with the Credit Fund (the Unitary Management of credit and social benefits).
Apply for a double monthly loan
The dual monthly loan allows users who do not have other ongoing credit reports to request small amounts of money. This is a solution that allows you to obtain a greater utility to face an unexpected expense, both as regards an unavoidable purchase and for a non-postponable deadline. To access this form of financing, taxpayers who are Government Agency employees must submit an application by filling in all its parts and signing the specific form provided by the reference body. The form must be subsequently delivered to the Government Agency. Instead, retirees can take advantage of the online mode. In both cases, users do not have to provide proof of expenditure to certify what the intended use of the money will be.
What are the interests and the methods of repayment
Due to the fact that it is a subsidized financing solution for civil servants and pensioners of the public administration, a rather convenient interest rate is applied. In fact it is a fixed rate loan that uses three rates equal to:
- 0.50% for administrative expenses;
- 4.25% for the TAN (Annual Nominal Interest Rate;
- a variable rate for the quantification of the Risk Fund Award. The rate is calculated using the applicant’s age and the loan term as variables.
Once all three rates are obtained it becomes possible to determine the APR, the Annual Global Effective Rate. The amount payable varies according to the applicant’s length of service, his age, his financial conditions, the size of the pension or his monthly salary. The timing of disbursement of the double monthly loan is a maximum of 60 days from the date of receipt of the application by Social Security. By accessing your own Reserved Area on the institution’s website, you can check the status of the case. Average times are around 15 days. The amortization plan is variable according to the request presented by the user and the installments are calculated in order to include the share of the capital and the interest share. However, it must be kept in mind that the reimbursement takes place through the transfer of the fifth: consequently the amount of the installment cannot exceed one fifth of the pension or monthly salary.