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Teaching has always been considered one of the noblest professions throughout our history and heritage. Teachers are also referred to as “Guru” - one to be always respected, obeyed, and revered.
We credit our teachers with great qualities, however, they also have significant family, social, and financial commitments. These may include may include settling of old debts, a medical emergency, a child’s marriage, vacation, renovation/redecoration of their house, or even for higher education, say a Ph.D. So to help teachers out and to give them a helping hand, as they so very often give us, we at SMFG India Credit provide personal loans for teachers at very attractive rates and flexible tenures.
SMFG India Credit personal loans for teachers offer a range of features and benefits for a seamless borrowing experience:
The eligibility criteria are generally the same as that of a salaried employee. The same goes with respect to the documentation required for opening a personal loan account. At SMFG India Credit, we strive to make each process simple and easy for obtaining a personal loan for teachers.
If one wants to check out the eligibility criteria for a personal loan, we have a personal loan eligibility calculator on our website where, with only a few details, we can ensure our eligibility. Also, there is a personal loan EMI calculator where, with only 3 details, namely, loan amount, rate of interest, & loan tenure, we can calculate our EMI.
Below is a list of the documents required when applying for a personal loan for teachers:
Additional documents for salaried applicants:
Additional documents for self-employed applicants:
Preparing these documents beforehand and ensuring that they are error-free can considerably speed up the personal loan process.
Here’s an overview of interest rates and other associated charges you may expect when applying for our personal loan for teachers. Note that your loan documents will contain a detailed break-up of these charges:
Particulars |
Details |
Interest Rate |
Starting from 13%* per annum |
Processing Fee |
Up to 5% of the total loan amount + GST |
Loan Tenure |
12 to 60 months |
Lowest EMI Per Lakh |
INR 2,275* for a tenure of 60 months |
Prepayment Charges |
0% to 7%* |
Loan Cancellation Charges (Loan Cancelled Before 1st EMI) |
INR. 1000 - 2500 |
Cheque/ECS/ACH Direct Debit Dishonour Charges |
INR. 300 to 1000 |
To secure a personal loan from SMFG India Credit, you need to follow these steps:
Fill in your basic details, like mobile number, PAN, employment status (salaried), and pincode.
Validate your phone with a 6-digit OTP sent to your phone.
Enter your email address, date of birth, gender, and annual household income. Make sure your email ID is verified.
Provide employment-related details.
You can provide your bank statement using Net Banking, an Account Aggregator, or by uploading it. The banking details you share will be used to generate a loan offer.
Enter bank account details to be verified by us.
Decide on a re-payment method between a debit card and internet banking, and finalise the E-NACH setup.
Digitally review and sign the loan agreement to acknowledge the terms and conditions, confirming it with an OTP.
By following these easy steps, teachers can move closer to achieving their financial goals with SMFG India Credit.
* Please note that loans are disbursed at the sole discretion of SMFG India Credit. Final approval, loan terms and disbursal process will be subject to SMFG India Credit's policy at the time of loan application. If you are an existing customer and wish to foreclose your loan, please note that foreclosure terms and charges will be applicable as per our policy at the time of loan foreclosure.
If you are a teacher looking to avail of a personal loan, you can apply online. Check your eligibility, and upon confirmation, you can proceed to apply for a personal loan here.
Teachers aspiring to apply for a personal loan have to meet requirements related to age, income, work experience, credit score, and so on.
Teachers can use personal loans for various purposes, including home renovations, medical expenses, further education, debt consolidation, travel, or managing wedding costs. Personal loans offer flexibility, helping teachers meet financial needs without the requirement of collateral.
Online personal loan applications are generally processed quickly. However, factors such as the lender's policies, the submitted documentation, and the applicant's eligibility can influence the approval time.
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