Personal Loan for Govt Teachers

Teachers working in government schools and colleges can avail personal loans offered by top lenders in the country at attractive interest rates starting from 10.50% p.a. The maximum amount of loan that can be availed by government teachers as personal loan is Rs.25 lakh which can be repaid in a maximum of 5 years.

Lenders Offering Personal Loans to Government Teachers

Union Bank of India Personal Loan for Government Teachers – Features

• The loan is available to all government employees including teachers working in government colleges and schools.
• The loan is available in the form of a term loan and overdraft. Employees who do not hold a salary account with the Union Bank of India can avail only the term loan facility.
• To avail this personal loan, the applicant should be aged at least 18 years.
• The bank will not charge any processing fee for the loan.
• You need to provide guarantee of one co-employee and your spouse to avail the loan. Unmarried/widowed applicants will need to provide a third-party guarantee of a person with a CIBIL score of at least 700.

Syndicate Bank Personal Loan for Government Teachers – Features

• All permanent employees of central/state government including teachers of government schools and colleges are eligible to avail this loan.
• Your spouse and a third-party can be a guarantor for this loan from Syndicate Bank provided they are creditworthy.
• Service charges starting from Rs.500 will be applicable on the loan.
• Women applicants can enjoy a concession of 0.25% on the interest rate if the loan amount is up to Rs.1.5 lakh.
• The loan can be repaid in a maximum of 60 months.

Canara Bank Teachers Loan – Features

• All permanent teachers in schools or colleges, including government-run schools or colleges and drawing salary through Canara Bank, can avail the loan.
• Applicants who do not draw their salaries from Canara Bank need to furnish an undertaking letter from the salary disbursing authority at the Block or District Level that the salary account will not be shifted without obtaining a No-Objection Certificate (NOC) from the branch.
• The minimum monthly income of the applicant should be Rs.10,000 or 30% of the gross salary after deduction of the equated monthly instalments (EMIs).
• 1% of the loan amount will be charged as a processing fee for the loan.
• The loan can be repaid in a maximum of 48 months.

Oriental Bank of Commerce Personal Loan for Government Teachers – Features

• Teachers working in government universities/colleges/schools, permanent employees of state/central government and Public Sector Undertakings (PSUs), holding a salary account with Oriental Bank of Commerce (OBC), are eligible to avail this loan.
• The applicant’s net monthly salary should be at least Rs.10,000 or 30% of gross salary after the deduction of the EMI, to avail the loan.
• If the applicant does not hold a salary account with OBC, the gross monthly salary should be at least Rs.50,000.
• The loan is available in the form of a term loan.
• You need to provide personal guarantee of a co-employee to avail this loan.