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.
Thereof, can a govt employee get personal loan?
Can a government employee avail of a personal loan? Yes, every individual employed by the Government of India, whether central or state and a Public Sector Undertakings (PSUs) can avail of the Government Employee Loan scheme.
Additionally, can I get personal loan if my salary is 10000?
The more income proof you are able to provide, the higher will be the approval chances. Banks such as SBI and Indian Overseas Bank provide personal loans to individuals who have lower income of Rs.
|Bank||Minimum Monthly Income Required|
|Punjab National Bank||Rs. 10,000|
|HDFC Bank||Rs. 15,000|
|ICICI Bank||Rs. 17,500|
Can I take a loan from the government?
Government loans are either direct loans or guaranteed loans. With a direct loan, you’re borrowing money directly from a government agency. All loan payments will be made to pay back the government. With a guaranteed loan, you’re borrowing money from a private government-approved lender.
Nearly half of all educators took out student loans to pay for college, and they still owe $58,700, on average. Among them, one in seven still owes more than $105,000, according to new NEA research.
As a teacher, you have the benefit of multiple state and federal forgiveness programs, which can help you pay off your student loans over time.
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Loan Amount: This SBI personal loan for govt employees can be borrowed for a minimum of Rs. 24,000 and the maximum of 24 times the net monthly income or Rs. 20 lakhs.
Teacher Loan Forgiveness
Full-time teachers that complete five consecutive years in a low-income school or educational service agency can get a maximum of either $5,000 or $17,500 of their Federal Direct Loans and Stafford Loans forgiven under this program.
You can borrow up to Rs. 25 lakhs under the facility of personal loan for government employees.
|Salary||Expected Personal Loan Amount|
|Rs. 20,000||Rs. 5.40 lakhs|
|Rs. 30,000||Rs. 8.10 lakhs|
|Rs. 40,000||Rs. 10.80 lakhs|
|Rs. 50,000||Rs. 13.50 lakhs|
Nationwide, the average public school teacher salary for the 2019-2020 school year was $63,645, according to data from the Department of Education’s National Center for Education Statistics.
Eligibility Criteria for Salaried
|Age||23 years – 58 years.|
|Total years in job/profession||2 Years|
|Years in current residence||1 Year|
Comparison of Personal Loans for Government Employees
|Bank||Interest Rate||Max. Loan Amount|
|State Bank of India||12.50% p.a. onwards (for defence, paramilitary, and coast guard personnel)||Rs.15 lakh|
|Axis Bank||15.75% p.a.||Rs.15 lakh|
|HDFC Bank||11.25%||Rs.40 lakh|
|Union Bank||10.60% onwards||Rs.10 lakh|