Banks, Loans and details
For those who need a quick loan to be returned comfortably, the transfer of the fifth is one of the most advantageous options. Many use it for small and large investments.
Through a direct deduction on the pension or on the salary it is possible to obtain a personal loan repayable up to 10 years for those who need money and have economic security.
The installment cannot exceed one fifth of the salary or pension, which act as guarantees directed towards the body that pays it. More and more people are using the online procedure to request it, extinguish it and also to renew it.
The amount of the amount is calculated both on the level of remuneration and on the severance pay. Many, however, do not know that the transfer of the fifth can also be renewed if a sum of safe money is needed in a short time.
This procedure therefore involves requesting an additional loan by transferring one fifth of the salary or pension.
Let’s now observe the requirements and conditions necessary for the renewal of the assignment of the fifth, and above all how to do it.
The necessary requirements and conditions
As stated in Law 180 of 1950, one of the necessary conditions is having paid at least 40% of the loan previously paid.
The fundamental condition for the release of the new loan is the applicant’s economic, work and financial stability.
The loan is available from the 48th month for those who have a 120 month contract. In some cases it is possible to renew the assignment of the fifth even before the age of 4.
This happens if a loan has been requested with an initial duration of less than or equal to 60 months, or 5 years. In this case, it is possible to renew it even without having paid 40% of the installments, bearing in mind that you will have to request a renewal of the assignment of the fifth ten-year period lasting 120 months.
Unfortunately it is not possible to renew the loan before the 4 years, if there is a duration longer than 60 months.
To give other examples on the renewal, this can be requested by those who have paid the 34th installment on an assignment of the fifth at 84 months or for a assignment of the fifth at 96 months the renewal may take place at the 39th installment paid.
All those who already have the active loan and who belong to the categories envisaged for this procedure or public, state and private employees, as well as those who hold an INPDAP or INPS pension are entitled to the renegotiation of the loan.
One factor that can create difficulties in renewing the assignment of the fifth is the advanced age, which can lead to the refusal of the new loan by the credit institution or the bank. In this context, it will be possible to start a new procedure by introducing a new contractor, for example a grandson or a son.
For this subject, what has just been said remains unchanged as regards the conditions necessary to obtain the loan. It is always necessary for the latter to have a stable working situation, even if the installments will be paid by the contracting party. Only in the event of default or departure of the principal, the debt must be repaid by this other plaintiff.
As regards convenience, certain aspects that are sometimes overlooked must be kept in mind. In fact, only undue interest can be recovered in part and due attention must be paid to the cost of insurance, for which in some cases the reimbursement of the unused insurance premium is required.
It is good practice to always request a quote on renewal, which is always issued free of charge by credit institutions.
The new financing can also be requested from another credit institution, different from the one used for the first request for money. The law does not forbid it because through this financing we will also pay off the existing debt.
If an additional sum of money is required, in rare cases the employer can stipulate an agreement with the bank or the institution so that the option of double fifth can be activated, which allows to commit a greater part of the salary.
Having made these considerations, let’s look at how to renew the assignment of the fifth.
How to renew
The procedure for the renewal of the assignment of the fifth follows in principle the same procedures as the initial loan request. While in the latter case the applicant requests a loan from the bank or credit institution through the assignment of one fifth of the salary or pension, in the case of renewal a new contract is stipulated between the parties, although the methods of repayment remain more or less the same.
First of all, a new request to request this further loan must be sent to the entity responsible for granting the loan.
If there are those elements described in the previous paragraph, the credit institution will carry out the necessary checks on the economic conditions and other elements.
These relate to numerous aspects that are normally requested even in the first request to transfer the fifth. However, being a new contract, the person in charge of the procedure must necessarily request information such as age and personal data even if this has not changed.
At the same time, acceptance of renewal also depends on other variables such as life expectancy or the amount of the loan requested. Naturally, the higher the salary and the higher the salary, the easier it will be for the bank and institution to accept it.
Other essential elements must be requested by the evaluator, but it is the duty of the applicant to respond to these requests precisely, without omitting important data.
We remind you that the essential condition for renewal depends on working stability and it is therefore obvious that part of the checks are related to the analysis of the working relationship, on which the timely payment of the installment depends.
Once the verification procedure is completed, the credit institution will send the notification via certified e-mail to the employer, where the amount that the latter will have to retain and send directly to cover the installment will be indicated.
Generally it takes a working week to know the outcome of the response of the renewal of the assignment of the fifth.
The installment will be present directly in the paycheck or on the coupon in case of retirement.