The economic crisis has made access to credit a necessity for many citizens. A requirement that does not only concern the unemployed and the retired, but also those who can boast a regular employment contract. In this regard, municipal employees have an advantage over other citizens.
Those belonging to this category of workers can in fact enjoy the benefits reserved for public employees, such as the possibility of obtaining subsidized loans by taking advantage of the agreements signed by the institution of membership and the credit institutions.
However, the agreements that link banks and municipal authorities can include very stringent requirements, which limit access to credit only to a certain number of employees (for example to those with length of service exceeding a certain threshold).
As a result, it happens that, despite the existing conventions, municipal employees are forced to apply for financing through the traditional banking circuit. An issue that also affects Sardinia, where there are 12,217 municipal employees (7.46 per thousand inhabitants).
Personal loans for public employees: how to obtain credit
But how to get loans for municipal employees ? Residents of Cagliari, Nuoro, Medio Campidano, Oristano and other Sardinian provinces that have an employment contract can resort to loans on the assignment of the fifth. This is a particular type of loan, dedicated to employees and pensioners, which sees the repayment of the credit by deducting the installment from salary or pension.
The interest rate is fixed and the installment is constant for the entire repayment period. Unlike what happens with other credit lines, repayment of installments is not made by the applicant, but by his employer, or by the social security institution that pays the pension. The amount of the installment is withheld directly from the pay slip.
Loans for municipal employees on salary assignments: guarantees
When the loan is granted, the presentation of collateral is not necessary, because the loan is covered by the presence of the employment contract. However, the operation finds a form of guarantee in the TFR accrued by the employee that has a protective function against the risk of loss of the job, accident or death of the beneficiary.
At the same time as the loan is subscribed, a policy against life and employment risk is also stipulated by law , which in the event of non-payment guarantees coverage of the residual debt exceeding the accumulated severance pay. In order to safeguard the guarantees, the current legislation requires that the debtor cannot obtain advances on the TFR for the entire duration of the loan.