A teacher with his high professional status is a welcome customer at the banks. They apply from creditworthiness, if only from the professional position. Banks justify this special status with the appointment of a teacher. Teachers are offered loan offers that are only available to a particular professional group. The loan for teachers has the best conditions and special regulations.
A teacher can get a normal installment loan or an official loan.
Although there is no direct teacher loan, the form of credit is identical to the official loan. Of course, a teacher also needs credit. A teacher cannot pay for a new car from the postage account and will usually take out a loan for teachers. But new furniture or real estate financing are also loans that teachers need.
If there are no other liabilities to be paid, the teacher receives a loan everywhere and with the best conditions. If he is a civil servant, he can opt for an official loan. This type of loan is primarily granted to civil servants, public servants, probation officials and teachers. The professional status of the civil servant and the associated advantages such as a permanent job and a secure and best income characterize the teacher for a civil servant loan.
Civil servants particularly like to see banks as customers. They are granted a loan that can amount to up to 20 times their net income. The terms with up to 20 years are one of the longest terms. The repayment of a loan is also different from that of normal borrowers. The credit for teachers shows up as a combination of credit and life insurance.
During the term of the loan and life insurance is the same. The loan for teachers is then reduced only with monthly interest and the contributions for life insurance. After the life insurance has expired, the sum insured that completely repays the loan is due. If a balance remains, it will be transferred to the teacher’s account.
Securing credit is also much easier with a high loan than with a normal borrower. The banks usually need proof of income from which their civil servant status can be seen. In addition to the pleasant long term, the teacher also pays much less interest than the normal borrower. The interest is usually calculated depending on the creditworthiness, which of course results in a good interest rate. The loan can be granted for a specific purpose, but can also be granted as an installment or investment loan.
A normal borrower does not get these advantages, this constellation is only available for civil servants and teachers. The advantage is based on the secure and permanent employment and income. A tip: For teachers, too, there is age as a reason for excluding a teacher loan. Although he can then expect a safe and high pension, banks usually refuse a loan due to their age. It is therefore advisable, if there is certainty that loan requirements will become due in the foreseeable future, to apply for this before retirement.
There can also be difficulties with a loan if the teacher’s Credit Bureau is encumbered. Usually, civil servants and teachers value a good reputation. This also includes keeping order in the finances. The employer, the state, does not like to see the teacher overindebted.
The bank search and the loan comparison
Teachers lead a solid lifestyle and stick to traditions. This also includes visiting the house bank for a teacher loan. This is where the salary goes in and where you also take out a loan. This is not wrong, because in its professional status the house bank as a branch bank also offers favorable conditions. It is possible to take out an official loan as well as an installment loan. It should be noted that the official loan has better conditions.
However, with this type of loan there is not only to be noted that the loan runs simultaneously with a life insurance policy, but the teacher must dissolve all other liabilities before taking out the loan and combine it with the civil servant loan. But teachers also have to count on their money and so today’s modern generation of teachers prefers a loan from the many online banks or direct banks.
Of course, they also get good conditions there. A credit comparison is recommended in which he can enter the loan amount, the term and the desired rate. Then a list with all cheap providers is shown. Since the customer’s creditworthiness is very high, he also receives favorable interest offers. Several credit inquiries can be made, all of which are free of charge. He can compare the different providers and then decide. The teacher should know that the house bank is not always the first choice when lending.
If all old liabilities are repaid and combined with the civil servant loan, there is often still a need for credit. In order not to reduce his good credit rating, the teacher can also take out a Credit Bureau-free loan. He is also a welcome customer at these banks.
The loan for teachers and the bad Credit Bureau
There is also a credit cancellation for the teacher if the Credit Bureau is burdened with negative entries. The official loan stipulates that all old liabilities must be paid off. But if there is a bad Credit Bureau, the teacher will be treated like all other borrowers, he will not get a loan from a conventional bank and if at an overpriced interest rate.
Swiss loans would be an option. These are Credit Bureau-free loans where Credit Bureau, as is common in this country, does not exist. Up until 2009, the loans all came from Switzerland, hence the name Swiss credit. Since 2010, the money from Liechtenstein has come from a single bank. The teacher can take out this loan with a credit intermediary. The necessary income for a loan for teachers should be sufficient.
The foreign bank does not query Credit Bureau, but the customer has to name further liabilities. For this reason, the teacher must also provide bank statements. The bank will use this to check whether the approved loan matches the income and other liabilities. If the calculation is positive, the loan is approved.
However, the loan amounts are limited. The highest loan amount is USD 7,500 and can only be obtained if the creditworthiness is perfect. But a teacher should have that.