As a teacher, there will be plenty of instances when you may need instant funds. Thankfully, a teacher’s loan can help you out.
Whether you are a teacher at a government institute or a private one, this loan can come to your aid and relieves you of all your big and small financial responsibilities. In fact, many lenders provide dedicated personal loans for tuition teachers too. Intrigued? Here’s all you need to know about personal finance for teachers.
Top features of a teacher loan
- Fast approval: If you have a good credit history, lenders approve your application quickly. Most lenders prefer a credit score of around 750 or more.
- No collateral: Whether you apply for a personal loan for govt teachers or personal loan for private teachers, you need not pay any security deposits.
- Less documentation: Government or private teacher personal loans, like a personal loan for govt teachers, require less documentation.
- Quick disbursement: Once your personal loan application is approved by the lender, the funds are disbursed quickly. It usually takes around 24 hours to process online applications and 6-7 business days for offline applications.
- Affordable interest rates: Most lenders offer personal loans at affordable rates to teachers. This makes loan repayments easier for you.
- Flexible repayment schedule: Nowadays, financial institutions offer flexible repayment schedules, which means you can repay your debt in a shorter or longer duration based on your repayment capacity.
As you can see, these loans are incredibly affordable and a Godsend during times of emergency. If you’re ever in need of quick cash, here’s what you will need to consider.
Eligibility criteria for a personal loan for teachers
Most lenders look at your income, job stability, credit score, etc., before accepting your application. But if you want to avail of emergency loans for teachers, you must satisfy some basic eligibility criteria. These are as follows:
- Your age must be between 22 to 58 years of age.
- You should have a monthly income of at least Rs. 15,000.
- You should have at least one year of working experience.
If you qualify for these criteria, you are a step closer to availing a personal loan for teachers.
What documents will I require?
Once you satisfy the eligibility criteria for a personal loan for teachers, keep all the necessary documents ready to enjoy a smooth loan approval process. The important documents include –
- Photo Identity Proof documents- Voter Card, Aadhaar Card, etc.
- Income Proof documents
- Address Proof documents
- Employment Certificate stating one year of employment.
Once lenders verify these documents, they approve the application.
How to apply?
Most lenders today offer an easy online process for personal loans. By following the steps listed below, you can easily apply for a teacher’s loan, including a personal loan for private teachers.
- Decide the lender based on the interest rate offered, EMI options, loan tenure, interest rates, etc.
- Visit the lender’s official website personal loan page to apply.
- Fill out the mandatory information and submit the required documents.
- You will receive a call soon from the representative to initiate the process.
Keep in mind that most lenders charge a processing fee to avail of personal loan for private teachers or other personal loans. These charges vary from 0.5% to 2.50%, depending on financial institution policies.
Looking for a personal loan to fund your dreams as a teacher? Turn to Tata Capital. Enjoy benefits like affordable interest rates, flexi-EMI options, and more. Visit our website today!