Salary loan for teachers

Credit products for teachers of the Philippines

Teachers’ loan, despite the fact that the profession of a teacher in the Philippines is stable and well paid, a necessary service. Sudden expenses for treatment, payment for services, purchase of goods, or satisfaction of needs may appear. In order not to wait for a salary, you can apply for a loan.

In 2014, Minister of Education Armin Luistoro, in collaboration with Land Bank and Department Education, signed an agreement on the provision of loans for funds for public school teachers. The feature is reduced interest rates. 

It is indicated that the loan amount can be up to 50 thousand pesos, which is equivalent to an eight-month salary. The annual rate is a maximum of 10.5% of the commission. 

For more qualified school staff, larger installments of up to 1 million pesos may be provided. Interest rate is similar.

Loans have ranges of amounts for which you can apply. However, the final decision on it is made by the bank. The program draws conclusions about the solvency, reliability of the client and issues a decision on a loan. 

It should be noted that there are many varieties of rates and commissions. When making an installment plan, you should carefully review the loan body for service or administrative fees and other payments: so as not to be in the red in the long run. 

Before going to the bank, it is better to contact the bank staff and clarify all the details of the registration and the required documents: the less you have to bring papers, the faster the loan processing will be. Moreover, it is incomparably easier to find out all the information on the phone than to ride around the city, filling out the necessary documents. 

Lending banks

DepЕd: teachers’ salary loan (Philippine Department of Education: teachers’ salary loan) at Land Bank will be a maximum of 500 thousand pesos (salary for 8 months), while the bottom line of the amount is not limited. Teachers will be able to arrange installments for any period at the lowest interest rate – only 10.5% commission. 

PPN Agribank gives teachers loans for one year at a rate of 0.9% commission or two years at 1% commission monthly. When all requirements are met, the amount is credited to your personal account within one day. 

UnionBank also took part in the project: the country’s leading commercial bank offers a city lending program. Teachers can draw up the amount of 875 thousand pesos maximum. At the same time, experienced teachers can apply for a loan twice (if there is a sufficient salary). The term is 12, 18, 24 months inclusive: it is possible to repay earlier without a commission and a fine. There are no advance or insurance fees, deductions or hidden charges. Funds are transferred during the day, it usually takes about an hour. 

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Requirements and conditions

Loans for teachers are issued when the client meets the following parameters:

  • minimum age – at least 18 years old;
  • maximum – up to 62 years;
  • ongoing collaboration with Department Education;
  • at least one year teaching experience;
  • providing your latest payrolls.

Nevertheless, each institution may have some of its own requirements in addition to the stated. 

You will also need to collect a standard package of documents: passport of a citizen of the Philippines, tax payer code, personal bank account (it will receive the issued funds after approval).

Agribank, for example, in the loan requirements notes the necessary:

  • originals of payment sheets (last three);
  • photocopy of certificate of appointment;
  • original of permanent appointment;
  • valid identification card PRC;
  • DepEd member identification card;
  • photo 2×2;
  • completed application form;
  • guarantor’s signature on the application form.

This bank places particular emphasis on the absence of any hidden payments. 

You need to make sure that all documents are in available. It is better to overdo it than then again to go through the city to some institution for a forgotten piece of paper. If you contact a hotline with a representative of the department, you can get a free consultation about everything you need. 

To help teachers

DepЕd: teachers’ salary loan (Ministry of Education of the Philippines: installment plan for teachers’ salaries) for 8 months recently launched into work. The project was supported by Land Bank, which is a lender. This innovative solution is called “Fundraising”. 

So that teachers can use credit products at affordable interest rates for use, for example, in micro-business or other business.

Microbusiness is an extra income. After all, although teachers have taught many more than one generation of children, they are working hard on the formation of young personalities, nevertheless the salaries leave much to be desired. Therefore, in search of funds to improve the quality of life, many are engaged in the extraction of additional income, the development of which requires quite significant amounts. 

Agribank in order to help teachers offered a loan program Puhunang Pangkabuhayan ng mga Namamasukan (abbreviated PPN). This is a payday loan option. 

Everyone knows that teachers’ salaries are late, and sometimes very much delayed. Having issued a loan under the program, the payment of the next fee is linked to the receipt of salary to the client’s account. Thus, the debt is repaid. 

With the help of this lending program, you can issue a loan even for two years at 1 annual interest. If you apply for one year, the interest will be 0.9 per annum. 

To apply for this program, you need to provide:

  • completed application form;
  • payrolls for the last three months;
  • copy of recent service records;
  • employment record;
  • valid id PRC;
  • certificate DepEd;
  • written confirmation from the headmaster;
  • latest tax certificate;
  • four photos 2х2. 

At the same time, the guarantor also prepares two photos of 2×2, the taxpayer code, the DepEd ID and the payment sheet for the previous month.

In special cases, installments can be issued for three years: 36 months inclusive. To draw it up, you need to come to the bank branch, where, having provided all the necessary data, arrange an installment plan for any period. At the same time, it is possible to repay the entire amount ahead of schedule: there is no need to pay penal commissions for this. 

Preliminary calculation

Manila teachers’ loan table can be carried out using the online calculator. This most convenient application can calculate and show the entire future payment history in a couple of minutes. 

You need to enter data into the application: loan amount, interest rate, number of months. After a while, all the information about the monthly payment, the amount of the overpayment, how much you will eventually have to overpay and what is the total cost will be on the screen. 

This is necessary in order to understand whether it is possible to take this installment plan, to calculate whether the registration deadline is short, etc.


Types of loans

Manila teachers’ loan is a special type of lending aimed at obtaining money for a business and meeting needs at a low interest.

There are other loan products, each of which has its own terms and interest rates:

  • leasing – a car is issued on the security of the same car. From the very beginning of registration, a person has the right to use a car, but not a single payment can be delayed, otherwise the car will be confiscated in favor of the bank;
  • mortgage – the same principle, only for an apartment or a house. It is taken in installments, serving as collateral property. If payment is not made, the lender sells the property;
  • personal loan – you need to provide information about the purposes of registration. There is issued a percentage amount for a certain period. A loan is like a teacher, only a much lower interest;
  • quick – using a smartphone or other gadget anywhere in the world, you can apply online for a loan for up to one and a half months at high interest rates. The convenience is that the procedure is quick and processing is also quick.

In addition, each bank provides credit cards, registration for appliances, plumbing, jewelry, clothes and other consumer goods. 

Office of the Ministry of Education

DepEd – salary loan (The Ministry of Education of the Philippines – salary loan) is also issued in the national or regional office, if you do not want to apply to commercial organizations. This decision was called the Eduk Loan Program (educational loan program) – created specifically for the Association of Public School Teachers. Here the maximum loan amount is 300 thousand pesos. 


ATM: salary loan for teachers can be repaid through ATMs, terminals or bank cash box. For each service a small commission is taken by the bank, which is indicated on the screen of the device. Through a live cash desk transfer is free. 

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Written by | Modified date: October 26, 2020

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