personal loan interest rates

Personal Loan for Teachers

Teaching is a highly respected profession and qualified, dedicated teachers, are always in demand. They are an essential part of a student’s life and play a key role in providing good education, support, and encouragement whenever required.

However, apart from being educators, they are also individuals with specific needs. Teachers are salaried employees, who draw a regular, fixed salary from their employers (school, college, etc.). But they could also face unexpected expenses or may have to make emergency spending that goes beyond their budget. This may be in the form of paying for a medical emergency, home repairs, or any other sudden and large expense.

For this very reason, Poonawalla Fincorp specifically created a Personal Loan product that is meant to cater to the financial needs of teachers. With our unsecured Personal Loan, teaching professionals can quickly get extra financing when required. What’s more, as this loan is unsecured, they don’t even have to go through the hassle of putting up collateral against the loan.

A Personal Loan can help teachers finance any unbudgeted expense and repay the loan through small and easy payments every month without any need to compromise on necessities.

Why Choose Poonawalla Fincorp Teacher’s Loan?

Teachers have requirements when it comes to loans. They need collateral-free loans and hassle-free quick disbursals. Furthermore, since teachers are busy, they need the entire process to be digitalised to apply online and receive the money in their bank accounts.

Teachers and educators can also avail of a high loan amount (if required) which comes with flexible loan tenures (anywhere between 1-5 years). We provide Personal Loans for Teachers at attractive interest rates if they meet the required eligibility criteria.

The interest rate offered by Poonawalla Fincorp is one of the most affordable Teachers’ Loan considering the nature of the profession. Our Teachers’ Loan interest rate starts at 9.99%* p.a., making it one of the best in the industry. Poonawalla Fincorp Teacher Loan aims to support teachers financially and help them reach new heights.

Fee / Charge Amount to be paid
Interest Rates 9.99%* p.a.
Loan processing charges Ranges between 0% and 2% of the loan amount plus applicable taxes
Prepayment in part or full Nil
Late payment penalty Bounce charge; ₹500 per bounce + applicable taxes
Penal interest: 2% penalty per month, levied on the unpaid and overdue interest

We know that the loan application process can be long and complicated. Therefore, we’ve made our processes as quick and easy as possible. The entire procedure is online, and teachers can avail of a loan without leaving their homes. We also offer several other features and benefits which are mentioned below:

Collateral-Free Loans

We realize that teachers want loans without risking their hard-earned assets for collateral such as property, jewellery, etc. Therefore, we offer completely collateral-free loans that can be availed purely based on a teaching professional’s income, financial strength and past credit behaviour.

Flexible Repayment Tenures

Different teachers have different needs. Some teachers may want a loan with a short repayment tenure (to pay less interest) while some may want loans with a long tenure (to keep the monthly instalment low). We cater to both types of borrowers; the preferred method and repayment tenure can be chosen by the borrower at the time of availing the loan (which can be anywhere between one year to five years).

Attractive Interest Rates

We believe teachers are highly credit-worthy since they have stable jobs and a regular income. Hence, we offer Personal Loans for Teachers at low-interest rates*.

Fast Processing Times

A financial emergency can crop up at any time, and during such circumstances, a teacher may need money as quickly as possible. Therefore, we’ve made our loan application process as quick and easy as possible so that teaching professionals receive the money in their bank accounts within a short time.

No Pre-Payment Penalty

Teachers may want to repay all their loans well in advance before the last date. A lot of lenders charge a pre-payment penalty in such cases, but we do not levy any such penalty or fee.

Loans for Any Purpose

A Personal Loan for Teachers can be availed for any purpose. A teacher can pay for medical expenses, go on a vacation, purchase a home theatre, or use the money for any of their needs or wants. We don’t restrict the purpose for which the loan will be utilised.

No Hidden Costs

All the costs associated with the loan will be communicated to the borrower at the time of availing of the loan. There will never be any obscure charges added to your Personal Loan for Teachers.

We have kept our eligibility criteria as simple as possible. This is in line with our mission of serving the maximum number of people to reduce their financial burden.

  • Age - The applicant should be at least 22 years of age at the time of applying for the loan and a maximum of 58 years of age at the time when the loan matures. This requirement helps us to ensure that the applicant can pay back the loan in time.
  • Citizenship - The applicant must be an Indian citizen.
  • Monthly Income - The monthly income of the applicant must be at least ₹20,000.
  • Employment - The applicant must have work experience of at least one year. Further, they must be in their current employment for at least two months. This ensures that the applicant has a regular, steady income.

Do note the above-mentioned eligibility criteria is indicative. Additional criteria may be considered during loan processing.

Documents Required for Personal Loan for Teachers

We will only ask for the necessary documents. The purpose of asking for documentation is to make sure that we know who the applicant is and whether they have the financial resources to service the loan.

  • Identity Proof - PAN card or Aadhar card should suffice here.
  • Address Proof - This can be your utility bill, rent agreement, or passport.
  • Income Proof - A salary slip, and bank financial statement would be helpful in this case.
  • Qualification Proof - A teacher will need to submit their degree as proof of being a teacher.

Do note the above-mentioned Personal Loan documents list is indicative. Additional documents may be required during loan processing.

What is the procedure for applying for a Personal Loan for a Teacher?

We’ve kept the application procedure as easy and quick as possible. The applicant does not even need to leave their home to apply since the entire process can be completed online. There are four easy steps for availing of a loan from us:

  • Check the eligibility criteria - These eligibility criteria have been displayed prominently on our website. You’ll also get a list above.
  • Check the EMI calculator - Checking the EMI calculator will help the applicant gain a sense of the monthly repayment amount, the possible interest rates, and the tenure of the loan.
  • Go through our loan application process - Our website has several links which will take the applicant to the loan application process. The applicant can simply fill in the required form and provide the relevant documentation.
  • Receive the money - Once the loan application has been processed, the money will be deposited into the applicant’s bank account.

How can an applicant get the best interest rate for a Teacher Loan?

An applicant can receive the lowest teacher loan interest rates if:

  • They have a high credit Score. A score above 750 is ideal. Applicants can improve their credit scores by having a strong credit history and always making payments on time.
  • They have stable jobs. A teacher should be employed at a school or college.
  • They meet all the eligibility criteria and submit all the required documents.

Note: An indicative list of the eligibility criteria and the documents needed have been provided under ‘Documents Required’ above. Applicants should know that we may ask for further documents on a case-by-case basis.

How can the Teacher's Personal Loan be used?

A Personal Loan has multiple uses. For example, a teacher can use the loan to fund their vacation, renovate their home, or pay for any emergencies. We do not ask for the purpose of a Personal Loan at the time of application.

How much loan amount can I take with a personal loan for teachers?

As a teacher, you can take a minimum loan amount of ₹1 Lakh and a maximum of ₹30 Lakh.

How much time does it take to get a teacher's Personal Loan approved?

By going through our official website, you can easily apply for the Personal Loan for Teacher Loan and get instant approval within a few hours.

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