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Where to Get Teacher’s Loan in the Philippines

Filled under: Borrow 

Where can a teachers find loans with affordable interest rates? If you are a teacher in search for extra cash for a micro business, this list is what you need.

Our teachers have been working hard to teach young minds and help them reach their dreams. Most of us have at least a teacher or two who inspired us to do better in life if not in our studies. However, despite their dedication, we always hear of stories about teachers not receiving enough salaries. This is why a lot of them decide to have micro business.

Find out where to get a Techer’s Loan here:

where-to-get-teacher_s-loan-in-philippines

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Agribank

Agribank offers the Puhunang Pangkabuhayan ng mga Namamasukan (PPN) loan program. This is a salary loan for teachers. Most of us heard of teachers’ salary being late every now and then. The truth is a lot of teachers teaching in public schools receive their salaries later that they should. Sometimes the salary is just enough to pay off their outstanding debt.

With Agribank’s PPN loan program, teachers can choose a salary loan which can stretch of up to two years with interest rate of 1% per year. If they get a loan for one year term, the interest rate is 0.9%.

If you are interested with PPN loan program, you need to present a duly filled up application form, payslips for the last three months, a copy of the latest service records, Appointment Record, your valid PRC ID, DepEd ID, a Certification from your school principal, latest Cedula (Community tax Certificate) and four 2x2 ID picture.

For your guarantor, he/she must prepare two 2x2 latest ID picture, Valid PRC ID, DepEd ID, Cedula and payslip from the previous month.

AgriBank Contact Number

  • (02) 942-2474 (AGRI)
  • (078) 392-1522
  • (078) 392-1527

UnionBank

UnionBank offers City Savings Loan for Teachers. Teachers can now borrow up to P875,000 for 12 months. The longest term available is 36 months. There is no pre-termination fee. This means that in case you have financial capacity to pay off the outstanding amount earlier than the agreed term, then you can settle the loan without any penalties. Once you present all the required documents, you can get your funds in just a day.

UnionBank Contact Number

  • (+632) 841-8600 (Metro Manila)
  • 1-800-1888-2277 (Domestic Toll-Free)

National or Regional DepEd Offices - Philippine Public School Teachers Association (PPSTA)

PPSTA offers SARILING SIKAP LOAN PROGRAM. This unsecured loan offers as much as P300,000 for teachers. The interest rate can be as low as 7.5%. When you apply for the SSLP, expect to pay a very affordable service fee of 0.50% with an administrative fee on 5.50% of the principal amount. The loan payment is through salary deduction. If you want to get an Instant Member-Instant Loan Program, you may borrow up to P100, 000. PPSTA offers renewed loans to borrowers with good payment attitudes.

PPSTA Contact Number

Loan and Collection Department

  • (02) 988.1411/1412

Eastwest Bank

EastWest bank offers loans to permanent DepEd teachers. If you are a non-teaching DepEd personnel, you can also apply for this loan if you can provide the complete requirements. you must present one pices of 2x2 ID pictures, payslips for the last three months, PRC ID, DepEd ID, Appointment Letter and your Service Record. Provide clear photocopies of your documents.

EastWest Bank Contact Number

  • +63 917-3116411
  • +63 932-8578397
  • +63 918-9930270

LandBank

LandBank offers Dep-Ed Livelihood Loan Facility. These are offered to DepEd teachers 18 to 62 years old and has no pending application for retirement. Teqachers can borrow as much as eight months’ worth of salary but not higher than P500,000. The interest rate is 10.5%. borrowers must have an existing payroll account with LandBank.

LandBank of the Philippines Contact Number

  • (+632) 405-7000
  • 1-800-10-405-7000

What to Consider:

  1. Loanable Amount

Consider the amount you can borrower. Loans have a range or amounts you can apply for. However, the final loan amount will be in discretion of the bank or money lender based on their evaluation of your creditworthiness.

  1. Interest Rate and Fees

There are various interest rates and fees. Though some loans may have low interest rates, do not forget to check the other fees such as the service and administrative fees.

  1. Loan Release

Loan release varies with banks and money lenders. Of course, your loan process will be faster if you can provide the complete required documents as soon as possible.

  1. Requirements

Make sure that you have all the required documents. Check if all of the information are clear and consistent. Prepare copies of your documents and do not hesitate to contact the bank or money lender if there are other documents needed.

  1. Loan Tenure

Teachers’ loan can range from one year up to three years. The longer the term, the higher the interest rate.

Whenever you need a loan, make sure you borrow from a bank or a licensed money lender. This way you can avoid loan sharks who always prey for unsuspecting borrowers.

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