MPS loans for pensioners are loans offered by one of the oldest and most renowned banks in our country, Monte dei Paschi di Siena, a range of loans aimed at all customers who receive a pension benefit every month. Specifically, in addition to the normal personal loans, the credit proposed by Monte dei Paschi di Siena solution is a loan with employee loans which has the specific advantages of this arrangement of financing, the direct deduction from the account without having to remember each month of inconvenient bills, in the presence of fixed and constant installments for the entire duration of the loan.
- 1 Loans for pensioners of MPS with salary-backed loans
- 2 Who can request them?
- 3 Benefits of MPS retirement loans
- 4 Loans for retired MPS, the characteristics
- 5 Loan insurance policy: is it mandatory?
- 6 MPS pensioner loan: is it worth it?
- 7 Presti Senior MPS for pensioners
Loans for pensioners of MPS with salary-backed loans
MPS retired loans fall into the category of non-finalized loans which, under specific conditions, can be reserved for those who have sufficient retirement income to repay the capital through the sale of the fifth. As with all such loans,
the amount of the monthly repayment installment cannot exceed 20 per cent of the total , or one fifth of the sum received each month with the salary for an employee with a permanent contract, or with a pension check for a pensioner .
Since this is a non-finalized loan, the applicant must not provide Monte dei Paschi di Siena with any documentation regarding the reason why the amount of money is needed, which can be used for any specific requirement or need in complete freedom, and to be repaid according to the agreed repayment plan together with the interest through monthly installments automatically withheld by the pension.
Who can request them?
The Cession del Quinto loan of MPS is aimed at private, public or state permanent employees, as well as of course pensioners. The sale of the fifth represents a guarantee of return of the money, therefore
those who have other loans in progress or who find themselves on the list of protesters and bad payers can also apply for funding.
Benefits of MPS retirement loans
As can be seen from the dedicated page on the official website of the credit institution, the MPS loan for pensioners has a series of advantages that make it a very convenient financing solution for those who decide to turn to this bank. Here are the strengths of the MPS loan with the sale of the fifth :
- Requested for any purpose
- Refundable up to 10 years
- No guarantor required (single signature)
- Installments not exceeding 20 percent (one fifth) of salary or pension
- Fixed and constant installments for the entire duration of the loan
- Convenient refund: installment withheld directly from the pay slip or pension slip
- Also available to customers with a registry age that cannot be financed with a personal loan
For more detailed information, we recommend contacting the nearest branch directly and requesting the financing that best meets your needs.
Loans for retired MPS, the features
Loans for MPS pensioners have a number of peculiar characteristics, which it is good to know at least in broad terms before proceeding with the signing of the loan. First of all, there is the limit of the maximum loan amount, which amounts to 60 thousand euros . However this is the maximum ceiling, but indeed like any financing of this type
the maximum amount payable changes according to the size of the client’s pension. Let us once again remember that, being a loan with a salary-backed loan, the maximum monthly repayment installment cannot exceed 20 per cent of the total income , therefore it is sufficient to start from this numerical value and multiply it by a maximum of 120 monthly payments (ie 10 years) to quickly calculate the sum that can be requested by the individual customer.
The direct consequence of such reasoning is that the maximum amount that can be financed also varies in relation to the duration of the loan established in agreement with the bank by the applicant: inevitably, for periods of less than ten years, the amount of the loan falls. Another important aspect to take into account in loans for MPS pensioners is that relating to interest rates, for which
depending on the amount requested, both the TAN , or the Nominal Annual Rate applied to the capital to be returned, vary, as does the APR , the Global Effective Annual Rate, or the set of costs and charges to be borne by the customer.
In addition to the APR, the total cost of the loan would have an additional management fee of 1 per cent on the amount financed, but this expenditure is applied exclusively to employees and is not provided for pensioners . Obviously, there will also be interest on late payments that are explicitly specified in the contract to be signed with the credit institution.
Loan insurance policy: is it mandatory?
As with most of the loans of this type reserved for those who have left the labor market, MPS loans for pensioners necessarily require the stipulation of an insurance policy which acts as an additional guarantee not only for the bank, but also for the customer same.
The policy guarantees full coverage of the debt in the event of early death to the heirs , before the borrower has been able to fully repay the capital received with interest.
MPS pensioner loan: is it worth it?
Loans for MPS pensioners are excellent non-finalized personal loans that have all the typical advantages of the fifth sale: about the interest rates applied, as always, before proceeding with the signing of the loan, it is advisable to compare different estimates with the order to find the most competitive of the moment, as well as suitable for your personal needs. Another issue is obviously the intrinsic limits of the salary assignment, such as the minimum amount that the pension must have and the maximum amount payable: issues that can be circumvented with PrestiSenior MPS .
Senior MPS for pensioners
What is Presti Senior ? This is the annuity loan product dedicated to the over 60s that have their own property to be used as a guarantee. In fact, like any form of mortgage loan or bank loan, if you prefer,
PrestiSenior is reserved for those who are at least 60 years old and who own a residential home, offering immediate liquidity availability while retaining ownership of the property . The amount can be received in a single payment or in periodic payments arranged in tranches up to a maximum of 20 years: in addition, the MPS annuity loan presents the option without installments and that with periodic payment of interest only, and allows the extinction of the financing at any time, without paying any penalty.