As a teacher, you may enjoy certain benefits when applying for personal loans. Lenders often value the stable income and job security associated with teaching professions, which can result in competitive interest rates, flexible repayment options, and minimal documentation. 

Whether you need funds for professional growth, such as pursuing higher education, or to cover significant personal expenses, a personal loan can provide the financial flexibility you require.

Personal Loan Interest Rates for Teachers by Various Lenders

Lender

Starting Interest Rate

Processing Fee

Loan Amount

Tenure

Fibe

14.00% p.a.

Up to 2% of the loan amount

₹50,000 to ₹5 Lakhs

Up to 36 months

Finnable

15.95% p.a.

Up to 3% of the loan amount

₹20,000 to ₹10 Lakhs

Up to 60 months

Bajaj Finance

10.00% p.a.

Up to 3.93% of the loan amount (Inclusive of applicable taxes)

₹50,000 to ₹35 Lakhs

12 months to 96 months

CASHe

2.79% p.m.

Up to 5.5% of the loan amount + GST 

₹50,000 to ₹3 Lakhs

9 months to 18 months

Federal Bank

11.00% p.a.

0.70% to 2.80% of the loan amount + 18% GST

₹50,000 to ₹5 Lakhs

Up to 12 months

mPokket

24.00% p.a.

₹50 to ₹200 + 18% GST (maximum APR of 48%)

₹500 to ₹45,000

Up to 90 days

Muthoot Finance

14.50% p.a.

2% to 4% of the loan amount

₹50,000 to ₹10 Lakhs

Up to 60 months

IIFL Finance

18% p.a.

2% to 6% of the loan amount + GST

₹70,000 to ₹5 Lakhs

Up to 24 months

InCred

16.00% p.a.

2% to 5% of the sanctioned amount

₹10,000 to ₹10 Lakhs

Up to 72 months

Kissht

14.00% p.a.

3% to 5% of the loan amount

₹5,000 to  ₹4 Lakhs

6 months to 24 months

Kotak Mahindra Bank

10.99% p.a.

Up to 1.50% of the loan amount + GST

₹50,000 to ₹40 Lakhs

24 months to 72 months

KreditBee

14.00% p.a.

Up to 3% of the loan amount

₹1,200 to ₹5 Lakhs

Up to 24 months

L&T Finance

12.00% p.a.

Up to 2% of the loan amount + GST

₹50,000 to 7 Lakhs

Up to 48 months

MoneyTap

18.00% p.a.

5% to 10% of the loan amount

₹5,000 to ₹5 Lakhs

3 months to 36 months

moneyview

1.33% p.m.

Starts from 2% of the approved loan amount

₹30,000 to ₹10 Lakhs 

Up to 60 months

YES BANK

12.50% p.a.

1.15% to 2.75% of the loan amount

₹1 Lakh to ₹50 Lakhs

12 months to 72 months

Zype

18.00% p.a.

2% to 6% of the loan amount

₹3,000 to ₹5 Lakhs

6 months to 12 months

Olyv

18.00% p.a.

2% to 12% of the loan amount

₹1,000 to ₹1 Lakh

2 months to 12 months

PaySense

15.00% p.a.

2% to 2.5% of the loan amount + GST or ₹500 + GST (whichever is higher)

₹5,000 to ₹5 Lakhs

Up to 60 months

Privo 

9.99% p.a.

1% to 3% of the loan amount + GST

₹2 Lakhs to ₹5 Lakhs

6 months to 60 months

SMFG India Credit

12.00% p.a.

0% to 6% of the loan amount

₹50,000 to ₹25 Lakhs

Up to 60 months

Upwards

1.5% p.m.

Up to 4% of the loan amount

₹25,000 to ₹5 Lakhs

Up to 36 months


*Disclaimer: The mentioned details are subject to change at the lender’s discretion.

Eligibility Criteria for Personal Loan For Teachers

If you are a teacher seeking a personal loan, here are some standard requirements you may need to meet:

  • Indian citizenship is essential

  • Employment can be salaried or self-employed

  • Applicants should be 18 years or older

  • Monthly income must be ₹10,000 or higher

  • At least a year of work experience is mandatory

  • The CIBIL score should not be less than 600

It is important to note that these criteria can vary from one lender to another. Therefore, it is advisable to review the specific requirements provided by your chosen lender before submitting your application.

 

Documents Required for Personal Loan For teachers

To apply for a personal loan for teachers, you are required to provide the following documents:

Identity Proof: Choose one from the options below:

  • PAN Card

  • Aadhaar Card

  • Voter ID Card

  • Passport

  • Driving Licence

Address Proof: Any one of these documents is needed:

  • Voter ID Card

  • Aadhaar Card

  • Passport

  • Driving Licence

  • Electricity or Phone Bill

Income Proof: Provide salary slips or bank account statements for the last three months

Photographs: Two passport-size photos are required

How to Apply for Personal Loan For teachers on Bajaj Markets

  1. Click on the ‘Check Eligibility’ option available on this page

  2. Fill in your personal and income-related details as required

  3. Specify your desired loan amount and repayment tenure

  4. Review the information you have entered and submit the application form online

Once submitted, your application will be reviewed by the lenders. They will contact you to proceed with the verification and approval process.

Conclusion

A personal loan for teachers is a practical financial solution that caters to a variety of needs, from funding education and handling emergencies to fulfilling personal aspirations. With straightforward eligibility criteria and a seamless application process, it ensures that financial constraints do not stand in the way of achieving your goals. By choosing the right lender and carefully evaluating the loan terms, you can access the funds you need with ease and confidence.

FAQs

How to apply for an online personal loan for government teachers?

Government teachers can apply for a teacher's instant loan online by visiting the lender’s website or using a financial marketplace platform. Provide personal, employment, and income details, specify the loan amount and tenure, and submit the application along with the required documents for verification.

What are the uses of personal loans for teachers?

Personal loans for teachers can be used for various purposes, including higher education, medical emergencies, home renovations, debt consolidation, family vacations, or significant life events like a child’s marriage.

How much time does it take to get a personal loan for teachers approved?

The approval time for a teachers’ loan varies by lender but is generally quick if all documents are submitted correctly. Many lenders offer approvals within 24 to 48 hours.

How much loan amount can I take for a personal loan for teachers?

The loan amount you can get depends on your income, credit score, and lender policies. Typically, lenders offer personal loans ranging from ₹500 to ₹50 Lakhs, subject to eligibility and requirements

Avail Instant Personal Loans ✓ Loan up to 50 Lakhs ✓ Quick Disbursal ✓ Minimum Documentation! Apply Now
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