The transfer of the fifth is a fixed rate loan, with repayment by monthly installments of a constant amount.
The main feature of this category of loans is that the loan is not repaid in installments paid monthly by the applicant: the latter are withheld directly from the salary or pension, for an amount that, as a rule, can go up to a fifth of the salary or pension precisely.
Another peculiar characteristic is that it is a loan protected by specific guarantees provided by the client, represented by the severance indemnity (the liquidation) in the case of employees and the pension in the case of pensioners.
Another guarantee is represented by insurance coverage (mandatory by law) which must always be present in this type of operation, against life and / or employment risk.
The presence of these guarantees is the factor that allows banks and financial companies to grant loans with great flexibility in evaluating requests and also in the presence of any previous credit problems.
You must be an employee (private, public or state) with a permanent contract or a retirement pension holder. As far as employees are concerned, it is necessary to have a working seniority such as to allow an adequate level of TFR (liquidation) accrued.
Amounts and durations available
The amount does not have a pre-established maximum ceiling: it is determined on the basis of the level of remuneration (or pension) and the accrued TFR (liquidation). To increase the maximum amount financed it is sometimes possible to increase the amount of the monthly installment up to a maximum of two fifths of the salary: in these cases it is referred to as ‘double fifth’. The durations can go up to 120 months.
The monthly repayment installment is held directly by the employer, who pays it to the lender. In the case of pensioners, it is deducted from the pension amount.
The guarantees of this type of product are represented:
- by installment: withheld directly from the paycheck (or pension);
- the accrued TFR (or pension), tied in favor of the lender;
- from compulsory life and / or employment risk insurance, to cover the amount possibly exceeding the accumulated severance indemnity.
Evaluation of requests
The evaluation of requests is not the responsibility of Serlend. Any acceptance remains the responsibility of the lending institutions� and is normally subject to verification of certain conditions that affect the applicant’s working position (actual availability of the TFR, solidity of the company, coverage of the operation by the insurance company, etc. ). During the evaluation phase, no importance is given to the possible presence of previous credit problems.