School Finance

Teachers are the most important person in our society, these are the people who nutures our country future. But unfortunately, they are getting very low salary compared to industry standards. They are facing problem in meeting their daily needs. They are also not provided loans by banks due their low salary. In this view, Manappuram Finance Limited came up with School Finance loan for all the teaching and non teaching staffs associated with an educational institutions.

Teachers Loan

Teachers Loan for all teaching and non teaching staffs: It’s an unsecured loan.

Targeted Customers

Government Teachers/Lecturers/Professors
Government Aided Teachers/Lecturers/Professors
Private school Teachers/Lecturers/Professors
Government/Aided/Private school/colleges Non-Teaching staffs
Anganwadi Teachers/Anganwadi workers
Other Private teaching institutions, Coaching centres, CA institutions, Para-medical institutions etc

Purpose of Loan

House renovation
Purchase of Furniture and Fixtures for Homes
Purchasing of movable assets.
Purchasing of Consumer Durables
Higher Education for self and Children educations
Marriage of self / children

Features and Benefits

Loan up to 15 lakhs
Maximum Loan tenure up to 10 years
No Requirement of Collateral
Annualized Interest Rate
Door Step service
Minimal Documentation
Part payment facility available after 3 EMI
Foreclosure facility available after 3 EMI
No Hidden Charges

Work Experience

Government Employees - Minimum 6 month of Govt Service
(Only permanent government employees)
Govt aided institutions - Minimum one year of service
Non-government Employees - Minimum 6 - month Vintage in current job and total work experience of 2 years

Documents needed

The documents needed to apply for a Teachers loan

KYC documents (Pan Card/Aadhar Card/Driving license/Voter-ID card)
Salary Certificate/Appointment letter/Salary Slip
Latest 06 Month Bank Statement
One passport Size Photo

Loan Interest Rates & Charges

Manappuram Finance offers an affordable rate of interest on Teachers loan. Read more about our Teachers loan interest rate and charges below.

The following fees and charges are applicable on a Teachers Loan.
Type of Fees	Charges Applicable
Rate of Interest	15 % (Interest may vary based on internal credit score )
Processing fee	2% of Loan amount + Applicable Taxes
Penal Charges	1.5% per month on Overdue amount for actual days of due
Bounce Charges	Rs 500 for first instance and then Rs 750/- per Bounce
Fore-Closure Charge	3% of Principle Outstanding + Applicable Taxes (only after payment of 3 EMIs)
Prepayment Charge	Part prepayment up to 25% of the Loan Amount can be made in a Financial Year. Part prepayment in excess of this limit will be Subject to pre-payment charge of 3% of the loan amount prepaid plus Applicable Taxes, but, borrower should have paid at least 3 EMIs prior to making part payment