It is unavoidable that we teachers experience being on a tight budget, though we have a stable job sometimes it is not enough. Being in a family of educators loan is something common. Whether in purchasing properties like a new house or investing on a new project, educators often resort to teacher’s loan for additional financial aid.
Now, a news from the Land Bank of the Philippines (LBP) in partnership with Department of Education. They have just recently launches an innovative financing solution for all regular employees of DepEd called the Livelihood Loan Facility for the DepEd.
Through the LBP’s Livelihood Loan Facility, teachers and employees of DepEd can now avail themselves of loans with low-interest rates. The loan has only fixed interest rate of 10.5 percent per annum.
So how much can a DepEd employee borrow? He can borrow the equivalent of up to eight months of their gross pay. Loans for rank-and-file employees must not exceed P500,000 for qualified and P1,000,000 for qualified department officials.
Compared to rates offered by most private lenders who are accredited under DepEd’s salary deduction program, the rate offered by LBP is much lower. A much better option to consider.
Now, you might be interested and like any loan. This may be a car loan, personal load, Pag-ibig housing loan, online loan, cash loan, tala loan or whatsoever the qualification and requirements must at least be met. See below for the qualifications and requirements also
What are the Qualifications? – DOWNLOAD
The applicant must be a permanent/appointed employee in DepEd and has been in the service for at least one year and is not on leave of absence without pay; has no pending administrative and/or criminal charges against him; has no pending application for retirement or is not due for retirement within the term of the loan is up-to-date to the payment of his existing loans, if any ; is presently receiving a net take home pay of not less than P5,000 after statutory deductions and net of all loan of all amortizations including the livelihood loan applied for.
What are the Requirements? DOWNLOAD
The following are the Document Checklist to be attached in the loan application form: Photocopy of Company/Office ID, Certified True Copy of Latest Payslip, Certificate of Employment and Statement of Account (SOA)/ Outstanding Balance (OS) from PLI certified by the employee.
Important: The grant of the livelihood loans to the employees shall be governed by a memorandum of agreement (MOA) between LBP and DepEd.
Alternatively, you may borrow directly from National or Regional DepEd Offices
Aside from borrowing from LBP you may also borrow directly from the DepEd national office or the nearest regional office. This credit solution is called Program for Public School Teachers Association (PPSTA) Eduk Loan Program. This package offers public school teachers as much as P300,000 at a very low rate.
- At least 18 to 62 years old
- A regular employee of the Department of Education (DepEd)
- Has been in teaching for at least 1 year
- Able to submit latest payslips