What to know about Government Agency loans for tenured teachers
Facing a sudden expense, helping a child in the realization of a project, buying an indispensable good. There are many reasons why an Government Agency teacher loan becomes necessary.
Unlike ordinary loans dedicated to teachers, it ensures advantageous conditions and the reliability that only the national pension institution can boast. It is in fact a loan that falls within the scope of Social Institute Magistral Assistance Management loans, credit lines dedicated to teachers.
Soon Government Agency for permanent teachers 2020
Usually, before granting a loan, even if of a small amount, banks and financial companies require the presentation of income and real guarantees, such as lien or mortgage rights on the home.
And in the face of many guarantees , interest rates are not always advantageous. It happens in fact that for a request of a few thousand USD, banks apply rates of even over 5%.
This does not happen with the Government Agency loan for teachers 2020, which provide for an interest rate of 1.50%. The administration costs are then added to the interest, equal to 1% of the gross amount of the loan. All these sums are withheld in advance on the amount of the loan.
The amount payable is equal to two months’ salary in use at the time of the request, to be repaid with a monthly installment amortization plan with a two-year duration.
As for the requirements, only teachers and school directors employed indefinitely in primary and kindergarten schools have access to the Government Agency loan for teachers. For the purposes of access to credit, the applicant must not be more than two years away from retirement.
The disbursement is possible only on condition that funding is requested for one of the reasons provided by Social Institute. These include: the birth or adoption of a child, the marriage of the applicant or a child, the purchase of the residence house and the purchase of a car.