Whether you are struggling to pay off college loans, starting a business, or simply renovating your house, you need a decent amount of money to get started. Luckily for us, the government, banks, and other financial institutions offer different loan programs to help us out.
However, if by chance you happen to be a teacher, things get even better. See, teachers have leverage when it comes to securing a loan for two main reasons. Firstly, the government might distinct loan programs specifically for the teachers. Secondly, teaching, especially college teaching, is considered a secure profession and the loan companies are more easily convinced that the client can pay back the amount.
Teacher loans are pretty common and a lot of banks and financial bodies are associated with them. Teachers who recently graduated from college or those who are considering moving into a big city often find themselves struggling financially. Therefore, teacher loans are a great opportunity for them to relieve some pressure off their heads.
In this article, we’ll discuss some of the most beneficial and convenient teacher loan programs.
SARILING SIKAP LOAN PROGRAM
The Sariling Sikap Loan Program is an exclusive loan scheme for teachers in the Philippines that is affiliated with the Philippines Public School Teaching Association (PPSTA). Under this program, teachers are offered loans ranging from P2,500 up to P300,000 with an interest rate of 7.5% and service charges of 0.5%.
Teachers have to apply for the loan with applicable documents and after selection, payments are made in the form of salary deduction each month, making it convenient for the teacher to repay the loan. Moreover, members of PPSTA can get a loan of as much as P100,000 under the ‘Instant Member-Instant Loan Program.’
Union bank City Savings loan
City Savings loan allows teachers to acquire an amount of P20,000 to P875,000 for a duration of one to three years with a 6% interest rate.
You can pay off loans earlier than decided if you feel like as there is no per-termination fee. If selected for the program, the loans will release in a mere day. You can visit Union bank to forward your application. A general requirement to qualify for this loan is to be in the age group 21-65 years and have a minimum monthly income of P15,000. You’ll have to provide payslips for the last two months and a certificate of appointment.
What is UpFinance
Upfinance is an information site that provides you with a wide range of great loan programs. The site gathers information, surveys banks, and looks for financial packages from different related institutions. Finally, Upfinance displays only the best of the offers having an affordable interest rate and easy instalments. It is basically a website operating in the Philippines that aids in finding the suitable loan program one is looking for.
How Upfinance helps find the best loan program?
Upfinance deals in all sorts of loans like student loans, personal loans, salary loans, emergency loans, business loans, and mortgage loans etc. For every category, there are several banks and financial bodies associated with it. Upfinance reviews their plans and represent them to the audience. Upfinance is more like Netflix for loan programs where one can find all the best offers side by side.
All you need to do is go over to their website and search for the type of loan you are looking for. The webpage will filter out and show results for the kind of loan you were after. Now you can surf the page and check out the different options available.
Upfinance teacher loan program
Upfinance has several offers for teacher loans as well. The advance salary teacher loan is offered in case the monthly salary is delayed for some reason. Certain banks provide small loans to the teacher to cover their monthly expenses while their salary is released.
The banks will ask for documents like payslips, application forms, tax records, or wealth documents. The bank will assess your application and provide the loan is approved. There is a nominal interest rate to the loan amount but no hidden charges.
If the above offer doesn’t suit you well, you can also opt for personal or salary loan programs that you might be able to secure as a teacher. Below are some other prominent teacher loan schemes operating in the Philippines.
BDO Network Bank salary loan
Teachers and educators can opt for BDO Network bank salary loans in easy instalments. The bank offers a loan of up to P10,000 with an interest rate of 1.25% per month for a maximum period of 24 months. There are no other hidden charges and the loan approval time is no more than 3 to5 banking days.
LandBank of the Philippines loan program
The livelihood loan facility, a project of LandBank of the Philippines, is a loan program for teachers and educators in the Philippines. The program allows borrowing an amount equal to the teacher’s combined monthly salary of eight months. On a loan amount of P500,000, the interest rate is fixed at 10.5% per year.
The applicant must be 18-62 years old and affiliated with the department of education for at least one year. Moreover, the applicant must be an LBP account holder and has a monthly salary of at least P3,000.
Producers bank salary loan
Producers bank also provides salary loans to teachers on affordable terms. Applicants can loan amounts from P1000 to P500,000 with an interest rate of 7.5% for 1 year, 9% for 2 years, and 9.66% for 3 years. The loan approval time is no more than 3 working days.
For more great deals, you can visit upfinance and surf through the teacher loans page. There, you’ll find details regarding many teacher loans program brought to us by different banks.
Teachers are the foundation on whom the upcoming generation builds itself. Providing them financial relief in any form is a concern acknowledged by both the government and financial institutions. Hopefully, the above-mentioned student loan programs will open up the gateway to the dream career you always wanted.
The author of the article Sofia García
