Teachers Salary Loan

TARGET BORROWERS
To all regular and permanent Teachers and non-teaching employees with at least 6 months in service.

LOANABLE AMOUNT

Php 10,000 – Php 2,000,000

PURPOSE OF LOAN

For educational, hospitalization, travel and other emergency expenses of the borrower or of his family.

CONTRACTUAL INTEREST RATES

LOAN TERM1 YEAR2 YEARS3 YEARS4 YEARS5 YEARS
Per Annum7.500% 7.500% 7.500% 7.500% 7.500%
Per Month0.625% 0.625% 0.625% 0.625% 0.625%
Nominal Interest Rate4.109%4.00%3.994%4.015%4.046%
DIMINISHING METHOD

PRINCIPAL AND INTEREST REPAYMENT

Payable in one (1) year over twelve (12) equal monthly installments; two (2) years over twenty-four (24) equal monthly installments, Three (3) years over Thirty-Six (36) equal monthly installments; four (4) years over Forty-Eight (48) equal monthly installments; or in five (5) years over Sixty (60) equal monthly installments; through the Automatic Payroll Deduction System (APDS).

UPFRONT DEDUCTION

OTHER CHARGES6.00%
Breakdown of Charges:
Processing Fee3.000%
Service Fee2.000%
Doc Stamp1.000%

DOCUMENTARY REQUIREMENTS

  • Duly accomplished Application Form
  • 1 LATEST payslip
  • Permanent Appointment
  • 2 Valid IDs
  • Teaching – PRC ID & DEPED ID
  • Non-Teaching – 1 gov’t issued ID & DEPED ID
  • Latest Proof of Billing
  • 1 pcs, 2×2 picture

NO REQUIRED CO-MAKER