Personal Loan For Teachers

Personal Loan For Teachers

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The A-Z guide on Teacher Loans

Key Takeaways

  • Many banks offer Personal Loan for Teachers
  • You can use funds from the loan to pay for teaching-specific, leisurely, or emergency expenses.
  • You can enjoy paperless loans by providing scanned copies of documents.
  • You may cancel the loan in the 48-hour free look period.
  • Use Personal Loan eligibility calculator and Personal Loan EMI calculator to assess your eligibility and potential EMI payments.

They say that teachers build the leaders of tomorrow. They play as important a role in your life as your parents, especially during your formative years. Many teachers prefer to provide tuition as an additional income source. If you are a teacher looking to rent a space for tuition or other classes and need funds to meet such costs, you can consider applying for a Personal Loan for Teachers. Here is an exhaustive guide.

Teacher Loan – Eligibility Criteria

To be eligible for a Personal Loan for Teachers, you should:

  • Be an Indian citizen
  • Be in the 21-60 years age group
  • Be a salaried employee or self-employed individual
  • Show a minimum salary of INR 20,000 per month

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Personal Loan For Teachers – Documentation and Application

Obtaining a Personal Loan for Teachers is incredibly effortless and involves online paperless documentation. You can apply for the Teachers Loan by following these simple steps.

  1. Visit the website of your preferred lender.
  2. Check for the Personal Loan tab on the home page and fill and online application form.
  3. Check if you are eligible for the loan based on your income and credit score, which should be at least above 600 points to qualify for the loan.
  4. Attach scanned copies of your PAN Card, ID, and address proof documents.

Based on your eligibility, CIBIL scores, and existing relationship with the bank, you will receive funds into your savings account within 4-48 hours.

Personal Loan for Teachers – The Salient Features

Personal loans are incredibly versatile. You can repay the loan in budget-friendly Equated Monthly Instalments. Here are its many brilliant attributes

Collateral-free

The greatest advantage of obtaining a Personal Teachers loan is an unsecured loan. As such, you do not have to bother about providing any collateral to be eligible for it.

Flexible repayment terms and competitive interest rates

Did you know that you can repay the loan in exhaustive tenures ranging from 1 year to 5 years? With such relaxed repayment terms, your EMIs become affordable, and loan repayment becomes a breeze. Furthermore, you can get the loan at competitive interest rates starting at only 10.99%.

High-value loans with no end-use restrictions

Whether you want to buy equipment for your lab or furnish your private tuition venues, you can enjoy high-value loans starting at INR 20,000 to INR 1,500,000. You could also use the loan to fund any personal or medical contingencies without explaining how you intend to use the loan funds.

Freelook period

Some lenders also offer a 48-hour freelook period. Essentially, if you change your mind and decide you no longer need the loan, you can cancel it. The bank will reverse the transaction. You stand to lose only the loan processing fee if you exercise this option.

Final Note

So, if you need a Teachers loan, you can apply for one easily. You can check your eligibility and the estimated EMIs with online Personal Loan Eligibility and EMI calculators.

Download the digibank mobile app on your smartphone. Launch the app and click on the "Get Personal Loan" link on the login page.

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*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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