Being a DepEd Educator usually is known to have a secure career and a competitive salary depending on the rank. However, regardless how stable their job is, these teachers also experience a shortage in budget due to unexpected or emergency expenses or possible investments at hand which would opt them into an idea of getting a teacher’s loan.
Advantages for DepEd Educators
DepEd teachers can take advantage of a loanable amount of 500,000 php in most loan providers and some even offered a maximum of 875,000php. Most of the loan providers also a salary deduction scheme that would make it convenient for teachers especially with their busy schedule. What’s more interesting is that most of these loan providers can release the amount as fast as one day as long as the requirements are complete and the request for loan has been approved.
Top DepEd Teachers Loan Providers In The Country
Last 2014, the agreement to lend livelihood loans to public school teachers at low interest rates has been signed by Education Secretary, Armin Luistro. Under this loan facility program, the credit extension is given to qualified DepEd employees with the following loan providers that partnered with it.
1.) Livelihood Loan Facility via Land Bank Of the Philippines
Offers a maximum loan amount of 500,000 php or an amount equivalent to their pay for 8 months with a fixed low interest rate of 10.5%.
2.) Puhunang Pangkabuhayan ng mga Namamasukan or PPN via Agribank
Offers a salary loan for teachers that can opt for a 1-year term with a monthly interest of 0.9% or a 2-year loan with 1.0% interest per month. Agribank is able to release the loan in one day for as long as the requirements are complete.
3.) City Savings Loan via UnionBank
Offers a total or a combined loan of a maximum of 875,000 php with an interest rate depending on the amount or term of the loan. Teachers have the option to choose for a 12, 18, 24 or 36 months for their payment term but also provides a leeway for those who’d like to pay it in 20 months instead of 18 or 24. Guaranteed no hidden charges, insurance deduction and termination fees, the bank is able to release money for one day or as fast as 1 hour on off peak days.
4.) Sun Savings Bank
Offers as high as 500,000 php loan amount for as long as 36 months term for payment with a monthly interest rate of 0.625%. Sun Savings Bank also offers referral incentives of 100.00 per referred account with a minimum of 20,000 php loan releases.
5.) Program for Public School Teachers Association (PPSTA) Eduk Loan Program via Regional or National DepEd Offices
The program offers public school teachers a maximum loan amount of 300,000 php at a very low rate. Interested DepEd Educators may directly contact their regional or national offices.
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Most common or generic prerequisites include:
- AGE: 18-62 years old
- TENURITY: At least 1 year
- A REGULAR DepEd Employee
- Latest Payslips
For other specific requirements or more details and inquiries, you may contact your prospect loan provider to ensure that you’ll be able to take advantage of a loan package that is suitable for your needs.