Simulation Loan Transfer of the Fifth: how to do it?
Calculating the amount of the loan installment, whatever it is, allows you to evaluate the convenience of the chosen financing solution and to understand if you will be able to pay the repayment installments for its entire duration. In this way you will be able to protect yourself from all the extra costs and various provisions adopted by the banks in the event of delays or non-payment of one or more installments. In this article we will deal specifically with the simulation of a loan with a salary or pension transfer, here are the details!
Loan simulation with assignment of the fifth: why should it be done?
By simulating the loan with the fifth assignment you can not only know in advance the amount of the installment you will have to pay, but also assess how much it will affect your monthly income. We remind you that requesting the transfer of the fifth as a financing solution involves the acceptance of a different method of repayment of the sum received, the installment will in fact be deducted directly from your salary or your pension.
What happens if I don’t pay one or more loan installments?
In this regard, we remind you that the sale of the fifth is a particularly safe and reliable financing solution for both parties involved. In fact, the body providing the liquidity will have a greater chance of recovering the sum paid thanks to the particular repayment method envisaged and the presence of mandatory insurance coverage. The applicant will instead have the certainty of paying an installment proportional to his income, which can never exceed a fifth of his salary or his pension.
How to calculate the loan installment with salary-backed loan?
To carry out the loan simulation with the assignment of the fifth you will need to have some specific information: the hourly wage and the exact number of hours of work required by your contract. These two information will allow you to calculate your monthly net salary . The formula to follow is quite simple.
This formula is adopted for fifth sale requests made by public and private employees . In the case of simulation requests made by state employees , the formula will be even easier. It will be enough to recover the last paycheck and subtract the deductions from the gross salary , dividing the result by five. We remind you that the term ” withholding ” includes.