High Loan Amount
You can get up to Rs 5 Lakh, based on your eligibility, for various planned and unplanned expenses.
Personal Loan For Teachers
Loan up to ₹5 Lakh
Minimum Salary Required ₹15K
Instant Approval in 10 minutes
Personal Loan EMI Calculator
Apply for a Personal Loan for Teachers upto 5 Lakh
Teachers are important in the overall development of any nation. We at Hero FinCorp recognise your hard work and are always ready to help you with financing when you need it. Whether you need cash for a family wedding, medical emergency, repairs to your home, or for something for yourself, our Personal Loans for teachers can help.
You can avail a loan of up to Rs 5 Lakh if your monthly income is Rs 15,000 or more and there is no collateral or guarantor required. We offer competitive interest rates and you can choose repayment terms of up to 36 months.
The best part? Our process is totally online and you can get instant approval in just 10 minutes!
Features And Benefits of Personal Loans for Teachers
A teacher’s loan helps in plenty of instances when you need immediate funds. Here’s a look at its top features and benefits:
Attractive Interest Rate
The Personal Loan interest rate at Hero FinCorp starts from 1.58% per month or 19% per annum.
No Collateral Requirement
Our loans are unsecured, so you do not need to provide any security, guarantor or collateral.
Flexible Repayment Tenure
You can choose a repayment tenure of 12 to 36 months based on your financial situation.
Instant Approval
You can get approval in 10 minutes when you apply for a Personal Loan online with Hero FinCorp.
Eligibility Criteria for Personal Loan for Teachers
Before applying for a Personal Loan for teachers, make sure you meet the eligibility criteria, including your age, monthly income, work experience, and citizenship. At Hero FinCorp, the personal loan eligibility criteria are simple and easy to fulfil.
Age
Applicants should be between 21 and 58 years.
Citizenship
You should be a citizen of India.
Work Experience
Six months for salaried individuals and 2 years for self-employed individuals.
Monthly Income
You should have a minimum income of Rs 15,000 monthly.
List of Documents Required for a Personal Loan for Teachers
Documentation is an essential part of the personal loan application process. Requirements may vary slightly for salaried and self-employed applicants, so it’s advisable to understand them beforehand. Being prepared with the necessary personal loan documents can help ensure a smooth and hassle-free application process. Here’s a list of the commonly required documents.
Documents Required Salaried Employee
Mandatory Documents
Duly filled loan application form Passport-size photograph (coloured)
Identity Proof
Driver’s licence, passport, PAN card, or Aadhaar card
Address Proof
Driver’s licence, passport, Aadhaar card, ration card, or utility bill
Ownership Proof
Residence ownership proof, like electricity bills, maintenance bills, or property documents
Income Proof
Last six months' salary slips, the previous six months' salary account statement, and Form 16 Job continuity proof, like an appointment letter from the current employer or experience certificate from the previous employer
Documents Required Self-Employed Individual
Mandatory Documents
Duly filled loan application form Passport-size photograph (coloured)
Identity Proof
Driver’s licence, passport, PAN card, or Aadhaar card
Address Proof
Driver’s licence, passport, Aadhaar card, ration card, or utility bill Office address proof, like maintenance bills, utility bills, property documents, or rent agreement
Ownership Proof
Business existence proof, like a copy of tax registration, shop establishment proof, or company registration certificate.
Income Proof
Last six months' bank statements and ITR for the previous two consecutive years
Interest Rates and Charges of Personal Loans for Teachers
You should be aware of the loan costs, like the interest rates and processing fees, before applying for a Personal Loan for Teachers. At Hero FinCorp, the interest rates on personal loans are competitive, and other charges are nominal. Check out the details.
| Fees & Charges | Amount Chargeable |
|---|---|
| Interest Rate | Starting from 1.58% per month |
| Loan Processing Charges | Minimum 2.5%+ GST |
| Prepayment Charges | N.A. |
| Foreclosure Charges | 5% + GST |
| EMI Bounce Charges | Rs 350/- |
| Interest on Overdue EMIs | 1-2% of the loan/EMI Overdue Amount Per Month |
| Cheque Bounce | Fixed Nominal Penalty |
| Loan Cancellation | 1. Online loan app does not charge any cancellation charges |
| 2. Interest amount paid is non-refundable | |
| 3. Processing charges are also non-refundable |
How To Apply For a Personal Loan for Teachers?
Here is a stepwise process you need to follow to apply for a personal loan for teachers online with Hero FinCorp.
- 1
Visit the Hero FinCorp website or install the personal loan app
- 2
Go to the personal loan page and click ‘apply now’
- 3
Enter your mobile number and verify with the OTP received
- 4
Choose the loan amount you need
- 5
Verify your KYC details to check income eligibility
- 6
Click ‘Submit’ to complete your application
Frequently Asked Questions (FAQs)
Yes. At Hero FinCorp, we offer Personal Loans for teachers at attractive interest rates and flexible repayment terms.
Teachers take Personal Loans for needs like weddings, education, home repairs, or medical expenses. Even self-employed or first-time borrowers can apply and build their credit history..
Yes, at Hero FinCorp, we offer Personal Loans for teachers with flexible repayment terms of up to 3 years.
At Hero FinCorp, teachers can get a Personal Loan of up to Rs 5 Lakh for various planned and unplanned expenses.
We at Hero FinCorp have a 100% digital loan process. You can get approval in 10 minutes.
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