LANDBANK offers 500K-1M loan for DepEd employees

LANDBANK offers 500K-1M loan for DepEd employees

Land Bank of the Philippines (LBP), in partnership with Department of Education, launches an innovative financing solution for all regular employees of DepEd called the Livelihood Loan Facility for the DepEd. 

With this facility, all rank and file, public school teachers can now borrow cash from LBP for as high as Php 500,000 or an amount equivalent to their 8 months gross salary with a fixed interest rate of 10.5% per annum payable in arrears based on monthly diminishing balance. On the other hand, DepEd Officers can borrow up to Php 1M with the same interest rate. The loan term is twelve (12) months to thirty-six (36) months, renewable every 6 months.

The applicant must be a permanent/appointed employee in DepEd and has been in the service for at least one year and is not on leave of absence without pay; has no pending administrative and/or criminal charges against him; has no pending application for retirement or is not due for retirement within the term of the loan is up-to-date to the payment of his existing loans, if any ; is presently receiving a net take home pay of not less than P5,000 after statutory deductions and net of all loan of all amortizations including the livelihood loan applied for.

The following are the Document Checklist to be attached in the loan application form: Photocopy of Company/Office ID, Certified True Copy of Latest Payslip, Certificate of Employment and Statement of Account (SOA)/ Outstanding Balance (OS) from PLI certified by the employee.

Important: The grant of the livelihood loans to the employees shall be governed by a memorandum of agreement (MOA) between LBP and DepEd.