What is the teacher loan? In every household budget there may be unplanned expenses or investments that are difficult to realize from savings. Education workers are not an exception. However, some banks allow you to apply for products dedicated to certain professional groups. They are characterized by attractive conditions, often not available in the standard offer. How it’s working?
Teacher loan 2019
Bank customers include professionals who have been given preferential credit terms. These include representatives of “liberal professions” such as doctors, lawyers, notaries and architects. In addition, employees of “budgets”, including teachers, can also count on special privileges. However, it is worth noting that not every bank offers this option. In addition, remember that teachers are also provided with other sources of funding. Why are they treated differently from the standard applicant? We will mention this later. Now let’s focus on what banks offer education employees.
What conditions? Teacher loan
If a bank decides to introduce preferential credit conditions for selected professional groups, information on this subject can be found on its website. What can people using these products count on? The teacher loan includes a simplified application procedure, which means no workplace certification. In return, the borrower must provide a copy of the employment contract or degree certificate. In addition, they can count on lower costs of running a loan as well as a faster loan decision. When we talk about cash loans, this is really a great convenience for the applicant. However, what’s the situation with a home loan?
Housing loan for teachers
Mortgage loans for teachers and other bank customers are governed by other laws. Lenders require high level creditworthiness from applicants, and hence the remaining conditions that must be met. Such a commitment implies great responsibility for both clients and financial institutions. By providing financial support for a long term loan, you risk losing your source of income. Therefore, such decisions should be made by each party after a thorough analysis of the financial situation. It is no wonder that in this case teachers cannot count on special treatment. There is one exception, however.
When considering mortgage applications for teachers and more, banks take into account the length of service and the period of validity of the contract. Usually, the employment period must be at least 3 months, and the number of installments to pay the liability is adjusted to the date of termination of employment. Of course, the exception is employment contracts of indefinite duration, which is difficult for young teachers. However, let’s stop at the previous internship. The housing loan for teachers in some banks allows for positive consideration of the application, when the applicant has only been working for a month. In such a situation, remember to maintain continuity of employment for at least a year. This can be difficult because many teachers are employed for a limited period at the beginning of their careers. For substitutions, for example, it only covers the school year, i.e. 10 months
Cash loan for teachers – why on different terms?
Certainly many people ask themselves why teachers can count on special privileges. The answer can be found in the creditworthiness assessment rules. One of the most important requirements is having a stable source of income. Undoubtedly, employees of “budgets” can count on stable employment, and therefore do not have to provide certificates from the workplace. The exceptions are people starting their career, undergoing internships or employed as substitutes. However, over time, the situation normalizes and the teacher may benefit from his preferential credit terms.
Where can I get a loan for teachers 2019?
Credit Agricole is one of the banks that offers loans to teachers. A person employed in:
- public or private kindergarten, school or institution,
- teacher training facility,
- a correctional institution,
- juvenile shelter,
- as well as academic teachers, i.e. employed in a university in a didactic, scientific-didactic or scientific position.
Additional conditions are having an account at Credit Agricole or submitting an account application by January 31, 2020. Then enter into a cash loan agreement and secure repayment. This can be done in two ways. The first of these is carried out through an insurance contract and the establishment of a bank with a grant based on it. The second one consists in concluding other insurance and entitling the bank to receive life insurance, as well as covering the remaining part of the insurance debt.
If the applicant meets these requirements, he has the chance to take advantage of the teacher promotion. It releases the borrower from the obligation to pay the commission and reduces the nominal interest rate to 9%. In turn, the APRC is 14.74%. By applying for PLN 21,000 for 70 months, the repayment cost will be PLN 9,855.97.
Interest-free loan for teachers
Interest-free loans for teachers will be difficult. However, there is a chance to be exempt from commissions, as in the case of Credit Agricole or simply low costs of running a loan. It is also worth mentioning that teachers can use standard bank offers and promotions for each client. An example of an equally attractive proposal – as above – can be a postal cash loan. The maximum loan amount is up to PLN 200,000, while the longest loan period is up to 10 years. The bank will not ask for what purpose the client will spend the money on. In turn, lower amounts can be obtained on a declaration without unnecessary formalities.
Other options – curriculum for teachers
Teachers also have the option of applying for NAU loans created for education workers. They guarantee a low cost, a quick decision during a telephone conversation, no hidden fees, and the possibility of applying for another loan before paying the previous one. In this case, the amount of the loan depends on the salary the borrower receives. A positive credit decision can be obtained with revenues of up to PLN 1,500 net. In this situation, the maximum amount of financial support is PLN 2,500. The loan period ranges from 12 to 60 months.
What conditions should be met? First of all, it is necessary to have the status of an education employee. Secondly, the applicant cannot hold bailiffs’ classes. In addition, you will need appropriate security in the form of a promissory note or permission to collect the amount to pay the liability directly from the payment and a promissory note.