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.

School Finance Ho 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 FeesCharges Applicable
Rate of Interest15 % (Interest may vary based on internal credit score )
Processing fee2% of Loan amount + Applicable Taxes
Penal Charges1.5% per month on Overdue amount for actual days of due
Bounce ChargesRs 500 for first instance and then Rs 750/- per Bounce
Fore-Closure Charge3% of Principle Outstanding + Applicable Taxes (only after payment of 3 EMIs)
Prepayment ChargePart 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

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For Enquiries Please Contact

Manappuram Finance, Phone : +919567113844 | Email: [email protected]