Public Teachers Salary Loans – Frequently Asked Questions
How to avail the loan?
Visit the nearest Sun Savings Bank office near you and bring loan requirements or call us on the following contact numbers posted in our site.
Who are eligible borrowers
DepEd Public School Teachers and administrative personnel in Region 7
Eligible borrower should not be more than sixty (60) years old at the time of loan maturity and the current payslip must have a net take home pay of P5,000 after all deductions, inclusive of the Sun Savings Bank loan amortization.
What are the minimum and maximum loan amounts? What are the terms?
| Amount | Maximum of P500,000
Minimum of P20,000 |
| Interest Rate | 7.50% p.a. on the diminishing balance
One-time service charge of 6% flat, deducted upfront from principal amount of the loan |
| Term | Maximum of 36 months payable in monthly installments. |
What are the basic requirements?
- Latest 3 months pay slips
- Certificate of Appointment (1 photocopy)
- 2 valid IDs (photocopy)
- Community Tax Certificate
- Filled-up application form
- One co-maker –for borrowed amount more than P150,000(co-maker’s signature is needed on the application form)
- Co-maker’s latest pay slip (1 photocopy)
What are the requirements for loan redemtions?
In addition to the loan requirements posted is the certificate of loan balance from other bank.
Do you charge me a penalty if I pre-term my loan?
No.
Do I need to open a savings account to get a loan?
Yes, because the proceeds will be directly credited to your ATM savings account.
