Loans for pensioners are requested by those who have a retirement pension with which they can guarantee the repayment of the loan.
These loans are granted to pensioners who are within a certain age on the payment date of the last installment (usually up to 75 years, even if there are financial companies that provide loans to pensioners up to 80 or even 90 years old).
Can I apply for retirement loans?
Loans for pensioners can be requested with all types of pension, except the following:
- pensions and social allowances;
- banking staff pensions;
- income support allowances;
- civil disability pensions;
- monthly allowances for assistance to pensioners due to incapacity;
- family allowances.
How can I apply?
The basic condition for applying for retired loans is to apply to the local INPS office. The request is made with the aim of having the communication of transferability, or a document where the maximum amount that can be paid as a monthly installment of the loan is certified. This communication must be presented to the bank or financial company at the time of the loan application.
What are the benefits of retirement loans?
Retired loans have interesting advantages from the point of view of the economic convenience linked to the interest rate. Since they are loans “guaranteed” by the presence of the monthly pension, the interest rate is usually more advantageous than that of “classic” personal loans.
In addition to this, the advantage of repaying the installment through the assignment of the fifth guarantees maximum freedom of thought, since you do not have to remember having to pay the installment since everything happens automatically.
How is the installment calculated?
The installment calculation of the retired loans is very easy and fast and necessarily takes into account, by law, the minimum monthly pension which, for the year 2016, is 501.98 dollars. The maximum monthly installment that can be paid is given by the minimum sum between the fifth part of the amount of the net pension (in the case of a monthly pension of 1,000 dollars, the fifth part is 200 dollars) and the difference between the net pension and the minimum pension (always in the example above, with a monthly pension of 1,000 dollars, the difference is 498.02 dollars).
Can I apply for a loan with a disability pension?
The disability pension, in fact, does not prohibit access to the loan, provided that it proves certain reliability and highlights how the disability pension allows you to repay the monthly installment.
Other types of loans for the elderly
In addition to the classic transfer of the fifth, the elderly (within certain age limits) can also obtain two other types of financing: the first are the life-long loans, the second is the financial solutions designed “ad hoc” by the financial companies.