Government Primary School Teachers Loan program

Government Primary School Teachers Loan Program

Table of Contents

The Pubali Bank PLC Government Primary School Teachers Loan program is designed to assist teachers in acquiring consumer durables for personal or family use. Eligible items include televisions, refrigerators, air conditioners, hi-fi systems, washing machines, computers, and other household furniture.

Customer Segment

This loan facility is exclusively available to teachers of local Government Primary Schools.

Loan Details:

Loan Size: Up to 6 times the monthly gross salary or a maximum of Tk.25,000, including the down payment.
Installment Size (per 0.25 Lac Purchase Value): 2 years term: Tk. 980/-
Loan to Price Ratio: Financing 80% of the cost of the item is allowed.

Security/Collateral:

Hypothecation over purchased assets.
Post-dated cheques for each monthly installment.
One undated cheque for the full loan value, including full interest, to be taken in advance.
Personal guarantee of spouse/parents and an individual with a minimum solvency/income not less than that of the borrower, supported by income proof.

Interest Rate:

Bank Interest: 8.00%

Penal Interest:
Penal interest shall be charged at 2% over the normal rate on defaulted installments.

Tenor: 24 months

Repayment Method:
Equal Monthly Installment.

Disbursement Mode:
Disbursement will be made through Demand Draft/Payment Order directly to the seller.

Verification of Personal Details and Quotation:
Details of an applicant need to be verified by a third party before approval. This includes:

Letter from the employer with details of employment and salary.
Borrower and guarantors’ (if any) details, including addresses (both present and permanent), all telephone numbers (residence, office, and mobile), quotation of the item to be purchased, and bank statements.

Substantiation of Income:
Proper substantiation of income is mandatory. The following original/true copy of original documents are accepted:

Last tax return.
Bank statements for a minimum of the last 6 months.
Any other document that may serve as proof of income.

FAQs about Government Primary School Teachers Loan program

Q1: Who is eligible for the Government Primary School Teachers Loan program?
A1: The program is exclusively available to teachers working in local Government Primary Schools.

Q2: What is the maximum loan amount one can avail under this program?
A2: Eligible borrowers can secure a loan of up to 6 times their monthly gross salary or a maximum of Tk.25,000, inclusive of the down payment.

Q3: What items can be purchased using the loan?
A3: The loan can be used to acquire consumer durables for personal or family use, including items like televisions, refrigerators, air conditioners, hi-fi systems, washing machines, computers, and other household furniture.

Q4: What is the loan term for this program?
A4: The loan has a fixed term of 24 months.

Q5: How is the loan disbursed?
A5: Disbursement is made through Demand Draft/Payment Order directly to the seller.

Q6: What is the interest rate for the Government Primary School Teachers Loan?
A6: The bank interest rate for this program is 8.00%.

Q7: Are there penalties for defaulting on installments?
A7: Yes, penal interest is charged at 2% over the normal rate on defaulted installments.

Q8: What security or collateral is required for this loan?
A8: The loan is secured through hypothecation over the purchased assets. Additionally, post-dated cheques for each monthly installment and one undated cheque for the full loan value, including full interest, are required. A personal guarantee of the spouse/parents and an individual with a minimum solvency/income not less than that of the borrower, supported by income proof, is also necessary.

Q9: How can one substantiate their income for this loan?
A9: Proper income substantiation is mandatory. Original or true copies of documents such as the last tax return, bank statements for a minimum of the last 6 months, and any other document serving as proof of income are accepted.

Q10: How can I contact the bank for more information or queries?
A10: For any queries, please contact Pubali Bank PLC at Tel: (PABX) 02223381614, Fax: 880-2-9564009, or via email at gsdd@pubalibankbd.com.