Social Action Fund Announces Major Increase in Loan Amounts: Details and Requirements for Public Administration Employees to Apply

The president of Social Action FundJuan Pablo Medina, this morning at the press conference the update in the amounts of the loans which they provide.

Medina recalled that when they accepted the loans provided by the Fund, they were old-fashioned compared to the country’s economic situation, but after working with the Fund. Economy Minister Roberto Gutiérrezthey were able to put together a framework in which it will be possible to upgrade the level of benefits.

Starting Monday, May 6, the loan amounts will be as follows:

• Personal loans: it will go from $220,000 to $800,000, an increase of almost 400 percent.
• Home remodeling line: is currently $500,000 and will increase to $1,500,000. That is, they will have a 300 percent increase.
• Helpline: we are currently giving $100,000 and will start giving $500,000, that is, a corresponding increase of 500 percent.
• Wheel line: ranging from $300,000 to $900,000, which means a 300 percent upgrade of the amount.

The requirements to be able to get these loans:

• That they are employees of the public administration. (They cannot retire, because if they are retired they would already be entering through Anses)
• That they have a period of six months working in the public administration
• Have a sponsor
• Presentation about DNI for free

The president of the Bank also spoke about the percentage of rates on the loans granted, Medina explained that historically interest rates were set at 10% lower than the annual nominal rate of Banco Nación . In relation to the recent reduction in market rates, the Social Action Fund is committed to keeping its rates below current levels.

Finally, Medina pointed out that the hours during which the documents can be presented will be from 7 a.m. to 1 p.m.