Guide on Producers Bank Teacher’s Loan Application Process
PRODUCERS BANK TEACHER’S LOAN – You can check here the features of the loan offer and the steps on how to apply for it.
In the Philippines, teachers undeniably have a lot of access when it comes to loans. Aside from the loans provided by the different government institutions, there are also public and private banking entities with special loan offers for educators.
There are a lot of teachers in the country. Some are employed under the Commission on Higher Education (CHED) and the Department of Education (DepEd) while others are working in private schools. Other educators are in other employment fields like the BPO.
With regards to the loan offers that educators in the Philippines may turn to, one of them is the Producers Bank Teacher’s Loan. It is one of the many loan offers of the Producers Savings Bank Corporation which also includes the Producers Bank SME Loan. The bank is in the service of the Filipino people for decades now.
Who are qualified to apply for the Producers Bank Teacher’s Loan? There is only a short list of qualifications in applying for the loan offer. Here are the eligibility requirements under the loan offer:
- permanent teachers and employees with at least one (1) year in services
- has employee number
- included in the regular payroll
The Producers Bank has set a wide range of loanable amounts in applying for the loan offer. Here are the minimum and maximum lonable amounts under the offer:
- Minimum Loanable Amount — Php 10,000
- Maximum Loanable Amount — Php 1 million
With regards to the interest rate under the Producers Bank Teacher’s Loan offer, it is set at 7% per annum on a diminishing principal balance. The bank charges a front-end fee that is 6% and is deducted in advance.
The loan is payable from one (1) year up to three (3) years. The bank requires one (1) co-maker in applying for the loan offer and the co-maker must also be a permanent teacher or employee. Here are the requirements in applying for the loan offer:
- duly-accomplished and signed Teachers Salary Loan Application Form
- original Copy of latest pay slip
- PRC ID and School ID or any other government issued ID (Passport, Driver’s License, UMID, Voter’s ID)
- copy of Appointment or Service Record
- photocopy of billing statement (credit card, electric bill or water bill)
