How to handle social security loans?

Can I get a loan for old-age insurance? How to deal with it? How to repay when due?

Can I get a loan for old-age insurance?

Endowment insurance can be loaned. As long as you meet the loan conditions, you can apply to the local government, and then the government will act as your guarantor to borrow money from commercial banks, but the amount is generally not high. Moreover, the money will not be paid directly in cash, but the bank will help the applicant pay social insurance, and then the loan interest will be returned after the applicant reaches retirement age.

The biggest advantage of endowment insurance loans is that they are unsecured and do not need to provide proof of income. It will not be repaid until retirement, which is very suitable for users who have financial difficulties and do not meet other loan conditions of the bank.

How to repay the endowment insurance loan?

The problem of repayment after the endowment insurance loan is passed is more concerned by the lender. After all, it is directly linked to the credit information of its own central bank. Moreover, as we said above, the endowment insurance loan is not directly mortgaged by endowment insurance, but the bank pays endowment insurance for the lender. The final repayment is also after retirement, and the interest is evenly distributed to each repayment month. The repayment method is usually that the bank directly deducts the corresponding interest from the social security paid by itself. Because the amount of endowment insurance loans is low, you don't have to worry too much about repaying high interest.

How much can I borrow from old-age insurance?

Another loan method of endowment insurance loan is also called social security loan, which is very different from what we said above. It is a credit loan with high amount and high interest. Usually, the social security requirements for borrowers are also stricter. Usually, users with good credit need to pay for more than half a year, and the amount is generally related to the amount of social security paid each month, ranging from 500,000 yuan to 3,000 yuan.

How to handle the endowment insurance loan?

There are two kinds of endowment insurance loans mentioned above. What is the process? What should I do?

The first type of direct payment of endowment insurance is harsh, and it needs to apply to government agencies, human resources and social security bureaus, and then apply to the corresponding commercial banks with relevant certificates.

The second social security loan is a bank credit loan, which can be handled in any bank. Usually, the borrower needs to provide proof of work and salary flow, and the amount depends on his credit limit. If there are real estate and private cars, the amount will be higher, and the amount of pure social security loans will generally be lower.

Can endowment insurance be paid by loan?

Insurance premiums can be paid by ordinary loans. However, banks do not provide loans specifically for paying endowment insurance.

Information to be prepared for bank loans:

1, valid personal identification;

2. Proof of permanent residence or valid residence and proof of fixed residence;

3. Proof of marital status;

4. Bank flow;

5. Proof of income or personal assets;

6. Credit report;

7. Loan use plan or statement.

Extended data:

1, commercial endowment insurance:

Commercial endowment insurance is a long-term personal insurance with the main purpose of obtaining pension. It is a special form of annuity insurance, also known as endowment insurance, and a supplement to social endowment insurance.

After paying a certain premium, the insured of commercial endowment insurance can start to receive pension from a certain age. In this way, although the income of the insured is reduced after retirement, he can still maintain his pre-retirement living standard with the help of the pension.

Commercial old-age insurance, if there is no special provision, the time interval for the insured to pay the insurance premium is equal, the amount of the insurance premium is equal, the interest rate remains unchanged throughout the payment period, and the number of interest-bearing times is equal to the number of payment times.

2. Traditional endowment insurance

The traditional endowment insurance is that the insured and the insurance company sign a contract, and both parties agree on the time and the corresponding amount of pension. Generally speaking, the predetermined interest rate is fixed, generally 2.0%-2.4%.

Historically, this predetermined interest rate has changed, and it will generally remain at the same level as the bank interest rate at that time. When the bank interest rate is high, this predetermined interest rate is also high. In the era of high interest rate at the end of 1990s, the predetermined interest rate of commercial endowment insurance was as high as 10%, but it will not exceed 2.5% at present.

Selling point: fixed return, low risk. Because the income of such products is calculated according to the predetermined interest rate agreed in the contract, it is not affected by the change of interest rate of external banks.

Therefore, even in the case of zero interest rate or negative interest rate, it will not affect the rate of return of pension. The interest rate has been lowered to about 3.9%, but some pension products sold in the late 1990s still pay the pension according to the design return of the then interest rate 10%.