Personal Loan for Government Teachers

Banks in India offer a wide range of personal loan schemes tailor made for a specific category of customers. While there are the regular personal loans, the banks also offer personal loan schemes for disabled individuals, defence personnel’s, and government employees. Many banks in India have come up with special personal loans for government teachers. These schemes are designed for teachers who work in government schools and universities. The loans come with a lower rate of interest and a wide range of benefits. Let us look into some of the personal loan options for government teachers in India.

Oriental Personal Loan Scheme (OPLS-Govt)

The personal loan scheme by OBC is aimed at providing personal finance to teachers who work in government schools and colleges. The loan can be availed by both working and retired government teachers. Listed below are the important features and fees/charges of the loan:

• Type of facility- This schemes offers a personal loan of 60 EMIs for working government employees and the pensioners are granted a personal loan of 36 EMIs.
• Eligibility- Permanent employees of Public Sector Undertaking, employees of Central & State government departments and other government employees who have a salary account with the bank are eligible for the loan.
• Amount of loan- Up to 15 times net take home salary with a cap of Rs.5 lakh.
• Security- One personal guarantee will be required as security, preferably a fellow employee provided that the employee is not a guarantor to anyone else.
• Rate of interest- Base rate + 2.25%
• Penal interest- 2% penal interest over the normal lending interest rates will be charged.
• Prepayment penalty- No prepayment penalty.

SBI Personal Loan for Teachers

SBI offers personal loan for government teachers with a lower rate of interest and various other benefits. The loan is available to government teachers and teachers of private institutions. Quick approval and easy documentation are some of the advantages of SBI personal loan. Listed below are some of the main features and benefits of SBI personal loan option:

• Minimum income- Rs.1.25 lakh per annum
• Eligibility- Government teachers and private school teachers

Syndicate Personal Loan for Teachers

Syndicate personal loan offers loan for salaries and self-employed individuals including government teachers. The loan can be utilised only for the purchase of consumer durables. It is important for the applicant to have a salary account with the bank in order to be eligible for the loan. Both salaried and non-salaried individuals are eligible for the scheme. Listed below are the features and benefits of the loan:

• Tenure- 60 months
• Maximum loan amount- Rs.2 lakh
• Rate of interest- MCLR+4.75% per annum
• Security- Third party guarantee required

The above mentioned loan plans are some of the personal loan schemes designed specifically for government teachers. Check with your local bank and find out if they offer special rates for government teachers on their personal loan schemes.