Cheap civil servant loans
- 1 Cheap civil servant loans
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Due to the special nature of their employment, civil servants enjoy certain security, which can have a positive effect on them, for example if you want to apply for a loan. The so-called civil servant loan is easier and quicker to get, offers better conditions and gives borrowers even more options.
The characteristics of the official loan
The most important question a bank has to deal with when reviewing a loan application is whether the prospective borrower will be able to repay the money, including interest.
The decisive factor is the creditworthiness (loan repayment ability). The following factors apply to their calculation: If the essential costs are deducted from the net salary, more money must be left than the amount of the monthly installment.
The employment relationship may not end by a time limit before the end of the repayment. The borrower should have old-age insurance.
As can be easily seen, officials easily meet all of these points. The credit default probability of their occupational group is almost zero. For this reason, you can get particularly favorable conditions through a civil servant loan.
The interest rates are significantly cheaper than other loans. In addition, the repayment period can be much longer if desired: A civil servant loan often runs for more than ten years. In this way, the loan is also suitable, for example, to finance a home.
The civil servant loan is usually granted faster and easier. With a conventional loan, the employer certificate is usually unavoidable to check the accuracy of the information. This obligation does not apply to civil servant loans.
It is sufficient if the potential borrower proves his civil servant status and the amount of his salary. The first proof serves to show that he is allowed to get the loan at all, the second acts as a credit check, which is also inevitable with this type of loan.
The civil servant loan is open to other professional groups
Historically, the civil servant loan was actually limited to civil servants for a long time, but these rules have now been weakened because other professional groups also meet the conditions to qualify for this loan.
Public service employees can also apply for a civil service loan. Condition here: These must be employed for an unlimited period or have an employment contract that runs longer than the repayment.
For example, if you as an employee in the public service would like a civil servant loan that you want to repay within three years, but are hired for ten years, you can usually get the loan provided that the other test steps are also successfully mastered.
Another professional group that can also receive the civil servant loan are academics. However, with the usual restriction that they work for the state and have a contract that runs longer than the planned repayment phase.
In general, anyone who has a university degree counts as an academic. Employees in the private sector usually get very good credit conditions, but cannot take out a civil servant loan.
The civil servant loan can be adjusted flexibly
Officials and employees of the public service often end up in a situation that enables them to redeem part of the loan (for example through an inheritance) or even the entire loan ahead of time. The civil servant loan is flexible in these questions: special repayments are possible at any time.
In addition, rates can be adjusted in consultation with the clerk for certain periods in order to be able to react to emergencies. The request for a civil servant loan is free and non-binding. After consultation, the request can also be made without the protection community for general loan protection, ie without Schufa.
A fixed purpose is not associated with the civil servant loan. This means it is up to you to decide whether to fulfill a dream, or make important purchases, or possibly also undertake a debt restructuring.
In summary: The civil servant loan at a glance
- Favorable conditions for interest rates, terms and loan amount
- Flexible adjustments possible
- Quick and easy application
- Quick payout
- No specific purpose
- Suitable for civil servants, civil servants, and academics
- Inquiries are free of charge and without obligation
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