Teachers Loan

TEACHER’S LOAN (JAN 2015)
Product Description:
This is a multi-purpose load for Department of Education – based Teachers wherein loan amortization is paid through salary deduction.

Where can the Loan be used?
Educational/Tuition Fees expenses
Home improvement
Medical and emergency expenses
Pay-off credit card balances or other loans with high interest rates
 Car repair and maintenance
Purchase of consumer durables
Vacation or travel expenses

What are the requirements for the borrower?
Two (2) pcs. 1x1 ID pictures
Three (3) Months Payroll slips
DepEd ID (primary ID)
One (1) Gov’t issued ID – PRC, GSIS, E-Card, Driver’s License, Passport
Appointment Paper and Service Record

How much is the loanable amount and how long is the term for repayment?
Loan Amount:
Minimum: P10, 000.00
Maximum: P500, 000.00
The “capacity-to-pay” shall be based on the statutory requirement of ensuring a monthly take-home pay of 3,000.00 per DepEd teacher/personnel

Loan Term
Principal and interest are payable in eas term of 12 months to 36 months.

What are the benefits to Teacher-Borrower?
Lower interest rates
Convenient Payment
No collateral requirement

How much is the Interest Rates?
10.97% yearly add-on rate for 12-month term
12.00% yearly add-on per year for 24 and 36-month term
  
Are there other Fees and Charges?
One-Time Charges Deductible
Service Fee
1.0%
Processing Fee
1.5%
Credit Life Insurance
2.0%
Documentary Stamps
1.0%
Notarial Fee
0.5%
Total
6.0%








Who are the qualified Eligible Borrowers?
Permanent or regular employee with acceptable employment record
Tenure of at least one (1) year
No adverse credit findings e.g. credit card/CMAP findings
Must not be more than 65 years old or the Dep-Ed’s retirement age policy upon loan maturity, whichever comes first              
                  

                                                   
LOAN
AMOUNT

                     MONTHLY AMORTIZATION

12 MOS
24 MOS
36 MOS
10,000.00
895.83
491.67
358.28
15,000.00
1,343.7
737.50
537.42
20,000.00
1,791.67
983.33
716.56
25,000.00
2,239.58
1,229.17
895.69
30,000.00
2,687.50
1,475.00
1,074.83
35,00.00
3,135.42
1,720.83
1,253.97
40,000.00
3,538.33
1,966.67
1,433.11
45,000.00
4,031.25
2,212.50
1,612.25
50,000.00
4,479.17
2,458.33
1,791.39
55,000.00
4,297.08
2,704.17
1,970.53
60,000.00
5,375.00
2,950.00
2,149.67
65,00.00
5,822.92
3,195.83
2,328.81
70,000.00
6,270.83
3,441.67
2,507.94
75,000.00
6,718.75
3,687.50
2,687.08
80,000.00
7,166.67
3,933.33
2,866.22
85,000.00
7,614.58
4,179.17
3,045.36
90,000.00
8,062.50
4,425.00
3,224.50
95,00.00
8,510.42
4,670.83
3,403.64
100,00.00
8,958.33
4,916.67
3,582.78
105,000.00
9,406.25
5,162.50
3,761.92
110,000.00
9,854.17
5,408.33
3,941.06
115,000.00
10,302.08
5,654.17
4,120.19
120,000.00
10,750.00
5,900.00
4,299.33
125,000.00
11,197.92
6,145.83
4,478.47
130,000.00
11,645.83
6,391.67
4,657.61
135,000.00
      12,093.75
6,637.50
4,836.75
140,000.00
12,541.67
6,883.33
5,015.89
145,000.00
12,989.58
7,129.17
5,195.03
150,000.00
13,437.50
7,375.00
5,374.17
155,000.00
13,885.42
7,620.83
5,553.31
160,000.00
14,333.33
7,866.67
5,732.44
165,000.00
14,781.25
8,112.50
5,911.58
170,000.00
15,229.17
8,358.33
6,090.72
175,000.00
15,677.08
8,604.17
6,269.86
180,000.00
16,125.00
8,850.00
6,449.00
185,000.00
16,572.92
9,095.83
6,628.14
190,000.00
17,020.83
9,341.67
6,807.28
195,000.00
17,468.75
9,587.50
6,986.42
200,000.00
17,916.67
9,833.33
7,165.56
205,000.00
18,364.58
10,079.17
7,344.69
210,000.00
18,812.50
10,325.00
7,523.83
215,000.00
19,260.42
10,570.83
7,702.97
220,000.00
19,708.33
10,816.67
7,882.11
225,000.00
20,156.25
11,062.50
8,061.25
230,000.00
20,604.17
11,308.33
8,240.39
235,000.00
21,052.08
11,554.17
8,419.53
240,000.00
21,500.00
11,800.00
8,598.67
245,000.00
21,947.92
12,045.83
8,777.81
250,000.00
22,395.83
12,291.67
8,956.94
255,000.00
22,843.75
12,537.50
9,136.08
260,000.00
23,291.67
12,783.33
9,315.22
265,000.00
23,739.58
13,029.17
9,494.36
270,000.00
24,187.50
13,275.00
9,673.50
275,000.00
24,635.42
13,520.83
9,852.64
280,000.00
25,083.33
13,766.67
10,031.78
285,000.00
25,531.25
14,012.50
10,210.92
290,000.00
25,979.17
14,258.33
10,390.06
295,000.00
26,427.08
14,504.17
10,569.19
300,000.00
26,875.00
14,750.00
10,748.33
305,000.00
27,322.92
14,995.83
10,927.47
310,000.00
27,770.83
15,241.67
11,106.61
315,000.00
28,218.75
15,487.50
11,285.75
320,000.00
28,666.67
15,733.33
11,464.89
325,000.00
27,114.58
15,979.17
11,644.03
330,000.00
29,562.50
16,225.00
11,823.17
335,000.00
30,010.42
16,470.83
12,002.31
340,000.00
30,458.33
16,716.67
12,181.44
345,000.00
30,906.25
16,962.50
12,360.58
350,000.00
31,354.17
17,208.33
12,539.72
355,000.00
31,802.08
17,454.17
12,718.86
360,000.00
32,250.00
17,700.00
12,898.00
365,000.00
32,697.92
17,945.83
13,077.14
370,000.00
33,145.83
18,191.67
13,256.28
375,000.00
33,593.75
18,437.50
13,435.42
380,000.00
34,014.67
18,683.33
13,614.56
385,000.00
34,489.58
18,929.17
13,793.69
390,000.00
34,937.50
19,175.00
13,972.83
395,000.00
35,385.42
       19,420.83     
14,151.97
400,000.00
35,833.33
19,666.67
14,331.11
405,000.00
36,281.25
19,912.50
14,510.25
410,000.00
36,729.17
20,158.33
14,698.39
415,000.00
37,177.08
20,404.17
14,868.53
420.000.00
37,625.00
20,650.00
15,047.67
425.000.00
38,072.92
20,895.83
15,226.81
430.000.00
38,520.83
21,141.67
15,405.94
435,000.00
38,968.75
21,387.50
15,585.08
440,000.00
39,146.67
21,633.33
15,764.22
445,000.00
39,864.58
21,879.17
15,943.36
450,000.00
40,312.50
22,125.00
16,122.50
455,000.00
40,760.42
22,370.83
16,301.64
460,000.00
41,208.33
22,616.67
16,480.78
465,000.00
41,656.25
22,862.50
16,659.92
470,000.00
42,104.17
23,108.33
16,839.06
475,000.00
42,552.08
23,354.17
17,018.19
480,000.00
43,000.00
23,600.00
17,197.33
485,000.00
43,447.92
23,845.83
17,376.47
490,000.00
43,895.83
24,091.67
17,555.61
495,000.00
44,343.75
24,337.50
17,734.75
500,000.00
44,791.67
24,583.33
17,913.89