Maricor Bunal
Although they don’t top the list of the highest-paid professionals, teachers enjoy the best perks in terms of job and financial stability. Here in the Philippines, educators have various financial assistance options, one of which is the Teacher’s Loan from the DepEd and Land Bank. For those new to this career, today’s the perfect time for you to know more about this type of loan to take advantage of this and build a well-off future for your family.
Specifically, here are the top considerations when getting an educator’s credit:
Prequalifying Requirements
DepEd, Land Bank and other commercial banks offering teacher’s loan would require applicants to pass the specific prequalifying criteria. Specifically, the applicant must be:
- a regular DepEd employee
- between the ages 18 to 62 years old
- in service for at least a year
- contact and residential details
- latest payslips
Collateral
Banks may demand different forms of collateral to secure the loan. But for Land Bank, any of the teacher’s monetary deliverables (e.g., leave credits, allowances, monthly paycheck) are acceptable collaterals.
Interest Rate
Cost consideration should be one of the aspects you would like to look into when borrowing. You can browse online for information about the interest rate of different Teacher’s Loan providers. But to make your life easier, you can submit your prequalifying documents to Loansolutions.ph via its 3-Step Online Application system. Loansolutions PH is the Philippines’ largest network of lenders housing some of the country’s best loan consultants. By undergoing their application scheme, they will be able to assess your eligibility and help you look for a suitable Teacher’s Loan provider.
Loan Maturity and Amount to Loan
The length of the loan term you choose can affect the total cost of your loan. So to ensure you won’t be paying unreasonably, consult a loan consultant to assist you in determining the best amount to borrow and how long you’re going to pay for the monthly installments without compromising your recurring expenses.
Payment Options
Making delayed payments is one of the factors that can make you pay more for a loan. So apart from finding a low-interest, short-term loan, make sure to look for a provider who offers multiple payment options – such as via ATM kiosks, mobile banking, for your loan so that you won’t miss any deadlines.
Loan Renewal
There are actually many loan providers today offering renewal options for borrowers. If you think you’ll make a recurring loan for a specific purpose, spend more time shopping around for providers that will provide you with a revolving line of credit.
Delayed salary, which is sometimes not enough to last until the next payday, is a common woe among teachers here in the Philippines.
If you can relate but are still in the process of looking for a financing option, a Teacher’s Loan is probably one that you would consider. Just make sure to consider the points above to make the best choice.
