Information to be provided before receiving a loan
- ID card photocopy
- Details about guarantors and their income
- Print-out of current account of bank account for the last 3 months
- Pay slips for the last 3 months
- General sources of funding for the total expense required
- Details about any other source of income (barring benefits paid by the National Insurance)
Guarantors
The guarantors must earn above NIS 5,000 gross. For a loan repayable over a 10-year period or less - the age of the guarantor shall not exceed 65 years old. For a loan repayable over more than 10 years - the age of the guarantor shall not exceed 55 years old.
Age of the borrower
The borrower must be under 75 years old at the end of loan repayment, unless the loan amount is below NIS 50,000. If the borrower's age at the end of loan repayment is above 75 or if the loan amount is above NIS 50,000 - the loan will be made through Discount bank.
Interests
The interest is fixed (currently 4.9%).
Additional conditions
- The loan can be repaid from the monthly allowance that is paid to you, provided that the monthly amount remaining after deduction of the loan is of at least two third of the allowance.
Example: if the amount of the monthly allowance is NIS 3,000, it is possible to repay the loan from the allowance if the repayment amount is up to NIS 1,000. - For all types of loan, the funding provided by the National Insurance will be the last amount of money the complete the purpose.
Example: if I asked a renovation loan, the cost of the renovation amounts to NIS 100,000 and the maximum loan that can be granted totals NIS 70,000. I will need to prove to the rehabilitation worker that I have already paid NIS 30,000 from another funding source at my disposal, and only after, I will be able to receive a loan of NIS 70,000 from the National Insurance.