The social credits of the savings banks are money loans made by the Family Allowance Compensation Funds to their affiliates. The main objective of these loans is to cover the main needs of the worker or the affiliated pensioner.
Types of social credits
There are different types of social credits , which can be classified into:
- Consumer loans: consumer loans are loans that are used to finance durable consumer goods, work, education, health, recreation, home acquisition and other needs.
- Mortgage loans: Mortgage loans are loans intended for the acquisition, construction, expansion and repair of homes. They also serve for the refinancing of mortgage mutuals.
- Educational credits: education credits are credits that are destined for higher education.
- Loans for microentrepreneurs: loans to finance projects or expand projects that have already started, of the affiliates of the CCAF.
We must bear in mind that the amount of the installments of the credit contracted by the affiliate to a box, is deducted from the remuneration or pension by the corresponding employee / entity
Social credits of the boxes: Beneficiaries
The beneficiaries of the social credits of the savings banks are:
- Dependent workers, whether they are from the public or private sector
- Independent workers. At the moment, only four CCAF contemplate in their statutes the affiliation of independent workers.
Social credits of the boxes: Requirements
What are the requirements to apply for a social credit ? The requirements depend on whether we are dependent, independent or pensioned workers.
The social credit requirements for dependent workers are:
- They can ask the dependent workers for minimum periods of affiliation to the cashier and / or belonging to the company. This should be compiled in the Regulations of each box.
- At the moment the CCAF does not request seniority of affiliation to be able to grant the credit.
The social credit requirements for freelancers are:
- As we have mentioned, there are CCAFs that do not admit independent workers. Those that do do not require membership time to access social credits, so they should not meet any requirements.
Nor do they require any prior affiliation period for the granting of social credit.
Social credits of the boxes: Amounts
The amount of social credits depends on the amount that the affiliate requests as credit. But there are some limits that we must keep in mind:
- The maximum amount of indebtedness derived from social credits, including expenses associated with credit, and with the exception of credits destined for the acquisition of housing and of those destined to finance higher education studies, cannot exceed eight times the remuneration , income or pension, liquid, as appropriate.
The deadline must also meet certain limits:
- The term of restitution of the social credit of consumption cannot exceed 5 years.
- The term of restitution of the social credit of education is currently 5 years, but it can be extended up to 15 years, prior authorization from SUSESO.
- The term of restitution of the social credit for the acquisition of homes (mortgage loans) cannot exceed 40 years.
On the other hand, the interest rate applied to social loans granted to pensioners must be, in each Fund, lower than that stipulated for workers affiliated with it, on the same day and for the same amount and term.
Depending on the amount of the credit fee , the maximum discount allowed for liquid remuneration, income or pension is:
- 5% for members with income less than or equal to the Basic Solidarity Pension (PBS), which as of July 1, 2015 amounts to $ 89,764. “
- 15% for members with income above the amount of the PBS and less than or equal to the minimum income for non-remunerative purposes ($ 161,265, as of January 1, 2016).
- 20% for members with income above the minimum income for non-remunerative purposes and below the minimum income for remuneration purposes ($ 250,000, as of January 1, 2016.).
- 25% for affiliates with income greater than or equal to the minimum income for remuneration purposes or in the case of mortgage loans.
- 30% only in exceptional cases associated with needs related to housing, health and education, which must be duly qualified by the General Manager of the respective CCAF
- If the dividends of the consumer, mortgage and microenterprise social loans are considered, the total cannot exceed 50% of the worker’s liquid income or 40% for pensioners.