Even retirees may need a sum of money to meet some of their life’s needs. It can be a medical expense, a vacation, an investment.
For all these needs you can apply for a loan for pensioners: among other things, the pension is considered by banks as one of the best guarantees ever and for this reason asking for loans from pensioners is always much faster, easier and more convenient. The only limit can be on age : many banks do not grant loans beyond a certain age or require a life insurance policy in the event of death, to cover the sums that would remain to be paid in the event of the customer’s death.
Loans for retirees up to 90 years
Today, however, with the lengthening of the average life, there are also banks that grant loans of up to 90 years. The INPS also allows you to borrow money up to the age of 90.
When we talk about a 90-year loan, we mean that the INPS, unlike some banks and financial institutions, grants a loan with the maximum age of the clients at the end of the 90-year loan.
In any case, the evaluation of the client’s age also depends on the type of loan chosen. As we know, INPS loans are of different types, for example the sale of the fifth and small loans.
For five-year loans, they can be granted up to 85 years; one-year loans, up to 89 years; ten-year loans can be granted by INPS up to 80 years.
On the INPS website it is possible to know all the conditions of loans for pensioners up to 90 years, which today are very common among the elderly.
The first information that must necessarily be present is that the Risks Fund to be paid exists : it is calibrated at the age of the applicant. For example, for loans in the 86-90 age range at maturity, the Risk Fund rate is 5.06%. In the case of five-year and ten-year loans, the rate rises considerably and it is a variable to consider carefully if you want to apply for a loan for pensioners. The costs that are incurred, due to age, can be significantly increased and therefore all the variables must be taken into consideration.
It is also necessary to take into account the interest rate applied, the administrative costs foreseen for opening the file. The INPS interest rate for long-term loans is fixed at 3.50% and instead the rate for annual and two-year loans is 4.25%.