Loans installment calculation the procedure to be followed
Are you a public employee or pensioner and would you like to apply for a subsidized Social Institute ex Government Agency loan? In this article you will find out how to calculate the installment using the Government Agency loan simulation installment services available on the official Social Institute website. This way you can evaluate the offer before submitting the request.
Before reviewing the various steps to follow for calculating Government Agency loan simulation installment it is necessary to make a clarification. The service we are going to illustrate refers only to direct Social Institute ex Government Agency loans, i.e. granted by Social Institute. It is therefore not possible to use the Government Agency loan simulation installment services for the calculation of loans granted by banks and financial institutions in agreement with the social security institution.
Social Institute loan simulation service
The Government Agency loan simulation installment service is accessible to all users and does not require logging in with Pin Social Institute. To reach it, you need to connect to the Social Institute.it site and follow the path: “Home – All Services – Public Employee Management: simulation of small loan and multi-year loan calculation”.
The service is aimed at subjects belonging to the Social Institute ex Government Agency Management who are registered in the Unitary Management of credit and social services (Social Institute Credit Fund).
The service offers the user three calculation methods: Loan Simulation; Loan Simulation for Ideal Installment; Loan Simulation for Specific Amount. It is in fact possible to choose whether to carry out a generic or more specific simulation.
In any case, the simulator offers the user all the Social Institute loans ex Government Agency accessible to him on the basis of the data entered. The service therefore offers both small loan and multi-year loan solutions. For each proposed loan, Social Institute indicates all the items of expenditure that contribute to the definition of the net loan.
Example of simulation of small Social Institute loan for civil servants
But let’s take an example of simulating Social Institute loans ex Government Agency. Let’s assume that a civil servant wishes to obtain a small loan with an amount of 7 thousand USD. To find the financing that best meets your needs, we choose to do a simulation for a specific amount.
For the simulation it is necessary to insert in the calculation form the net salary, the date of birth of the applicant and the desired amount. In this regard, we hypothesized that to apply for funding is an employee born on 10 May 1980 and with a net monthly salary of 1200 USD.
Under these conditions, the system offers us two solutions for small loans. The first provides for a three-year term, while in the second case we have a repayment period of four years. In both cases the interest rate is fixed at 4.25%. By opting for the three-year loan we have a monthly installment of 207.20 USD while for the four-year loan the installment to be paid is 158.58 USD.