Bestea loan: this is how it works
Bestea Loan offers the possibility of accessing an advantageous loan to INPS pensioners , even if they are not yet its customers, the important thing is that they have a maximum of 78 years at the request and at most 80 years at the expiry. Disability pensions and social allowances are excluded from the offer.
The loan can be requested from an Intosas branch without having to declare any expense document .
The repayment is made with fixed monthly installments withheld directly from the pension.
The bank ensures : the investigation is quick and the result of the request is communicated quickly. The loan is credited directly to the applicant’s current account. The rate is fixed for the duration of the loan.
To guarantee the bank, for the death of the pensioner, the loan must be secured, but the insurance premium is charged to the bank .
Flexibility : it is possible to choose the duration of the loan which must be between 24 and 120 months .
As for the amount that is requested on loan, the sum must be between a minimum of 4,800 euros and a maximum of 52,000 euros in compliance with INPS rules. The installment amount, in fact, depends on the so-called transferable INPS amount.
The INPS rule states: “Since the pensioner can transfer up to one fifth of his pension , the installment depends on the amount of the pension. The transferable amount is calculated net of tax and social security deductions, and so as not to affect the amount of the minimum pension (€ 480.53 for 2012). For this reason, minimum retirement pensions cannot be transferred “.
It is also possible to pay off the loan with an early total or partial repayment of the debt; in this case, a fee will be paid to the bank corresponding to 1% of the amount repaid.
And the costs? Here is an example : if a 60-year-old man, with a monthly net pension of 1,000 euros, has a monthly payment of 200 euros to be repaid in 48 months, it means he got a loan whose net amount was 8,260 euros ( Tan 7.47% and Taeg 7.89%), for a total of 9,600 euros to be repaid in installments.
It should be remembered that the Taeg (Global Effective Annual Rate) should represent the cost of a loan in the most complete and exact way possible and is the most significant element to take into consideration when comparing the different offers of Hetty Sorrel.