All about China Bank Teacher Salary Loan

Last updated: July 26, 2024

Written by: Digido Financial Writers Team | Reviewed by: Anna Kireeva

Teachers in the Philippines, like in other countries, have low salaries. Because of this, it is not unusual for them to be short on cash from time to time. The good news is that there are banks willing to lend them money, like the Chinabank loan for teachers. Today, we will discuss the things you need to know about this loan to help you prepare the documents you need.

About China Bank Philippines

China Banking Corporation, commonly known in the Philippines as China Bank, was founded in July 1920. It is the first privately owned bank in the country, and it was also a commercial bank, which means that its primary clients are regular people, not just big businesses.

Today, China Bank is one of the leading banks in the country. Its main business is to lend money to people, including small and medium-sized enterprises. It also does the following:

• Retail loans
• Auto loans
• Home loans
• Treasury bonds
• Foreign exchange
• Trust and asset management

China Bank also does wealth management, plus they offer insurance products. Many people who work abroad also use the bank’s remittance services, particularly those working in the Middle East and the US.

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China Bank and DepEd Cooperation

The China Bank DepEd loan is a joint effort among several entities. These are China Bank, an insurance company, and The Department of Education. To be specific, Manulife refers to Manulife China Bank Life Assurance Corporation—this is the insurance arm of China Bank.

In this partnership, the MCBL will provide a loan to the employees of DepEd who wish to borrow money. The term that you will see on websites about it is Easi-APDS Loan for short. In addition, those who avail of the loan will also get free life insurance.

According to the president and CEO of MCBL, many teachers avail of a loan without life insurance. The goal of Easi-APDS is to lend money to teachers and reduce the burden of debt to their families in case something bad happens to them.

In this program, the bank allows teachers of DepEd to borrow a minimum of ₱5,000 and a maximum of ₱1,000,000. The loan is payable in different terms like 12, 24, or 36 months. Teachers who wish to avail of the loan can go to any China Bank branch and inquire.

This program has been extended to other educational institutions and is not exclusive to teachers of DepEd. Overall, it is a multi-purpose loan that does not require collateral.

Here are the people who can apply:

• DepEd employees
• Teachers from autonomous schools
• Teachers from Local Universities and Colleges LUCs)
• Teachers from CHED
• People who work at TESDA

For as long as the employee works at an educational institution, he or she may qualify for a China Bank loan. The thing is that not all employees can apply for a loan—the priority is the teachers.

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China Bank Teachers Salary Loan Table 2024 5 Years

Installment Period	Gross Loan	Principal	Interest	Other Charges	NET PROCEEDS Cash Flows
0	100,000.00			6,000.00	94,000.00
1		1,303.02	805.00		(2,108.02)
2		1,313.51	794.51		(2,108.02)
3		1,324.08	783.94		(2,108.02)
4		1,334.74	773.28		(2,108.02)
5		1,345.49	762.53		(2,108.02)
6		1,356.32	751.70		(2,108.02)
7		1,367.24	740.78		(2,108.02)
8		1,378.24	729.78		(2,108.02)
9		1,389.34	717.68		(2,108.02)
10		1,400.52	707.50		(2,108.02)
11		1,411.80	696.22		(2,108.02)
12		1,423.16	684.86		(2,108.02)
13		1,434.62	673.40		(2,108.02)
14		1,446.17	664.85		(2,108.02)
15		1,457.81	650.21		(2,108.02)
16		1,469.54	638.48		(2,108.02)
17		1,481.37	626.65		(2,108.02)
18		1,493.30	614.72		(2,108.02)
19		1,505.32	602.70		(2,108.02)
20		1,517.44	590.58		(2,108.02)
21		1,529.65	578.37		(2,108.02)
22		1,541.97	566.05		(2,108.02)
23		1,554.38	553.64		(2,108.02)
24		1,566.89	541.13		(2,108.02)
25		1,579.50	528.52		(2,108.02)
26		1,592.22	515.80		(2,108.02)
27		1,605.04	502.98		(2,108.02)
28		1,617.96	490.06		(2,108.02)
29		1,630.98	477.04		(2,108.02)
30		1,644.11	463.91		(2,108.02)
31		1,657.35	450.67		(2,108.02)
32		1,670.69	437.33		(2,108.02)
33		1,684.14	423.88		(2,108.02)
34		1,697.69	410.33		(2,108.02)
35		1,711.36	396.66		(2,108.02)
36		1,725.14	382.88		(2,108.02)
37		1,793.02	369.00		(2,108.02)
38		1,753.02	355.00		(2,108.02)
39		1,767.14	340.88		(2,108.02)
40		1,781.36	326.66		(2,108.02)
41		1,795.70	312.32		(2,108.02)
42		1,810.16	297.86		(2,108.02)
43		1,824.73	283.29		(2,108.02)
44		1,839.42	268.60		(2,108.02)
45		1,854.22	253.80		(2,108.02)
46		1,869.15	238.87		(2,108.02)
47		1,884.20	223.82		(2,108.02)
48		1,899.37	208.65		(2,108.02)
49		1,914.66	193.36		(2,108.02)
50		1,930.07	177.95		(2,108.02)
51		1,945.61	162.41		(2,108.02)
52		1,961.37	146.75		(2,108.02)
53		1,977.06	130.96		(2,108.02)
54		1,992.97	115.05		(2,108.02)
55		2,009.01	99.01		(2,108.02)
56		2,025.19	82.83		(2,108.02)
57		2,014.19	66.53		(2,108.02)
58		2,057.92	50.10		(2,108.02)
59		2,074.49	33.53		(2,108.02)
60		2,091.19	16.83		(2,108.02)
Total		100,000.00	26,480.68	6,000.00

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China Bank Loan Requirements for Teachers

Below is a list of the China Bank loan requirements for teachers:

• Completed Application Form
• Recent three (3) months’ payslips or Certificate of Net Pay*
• A valid government-issued ID
• Letter of Permanent Appointment (for new loans only)
• Fully signed General Waiver (For autonomous schools and non-Department of Education segments)
• Marriage Certificate (if identification and documents are in the maiden name)
• Extra requirements for State Universities and Colleges (SUCs), Local Universities and Colleges (LUCs), TESDA, and other non-Department of Education entities: Two co-borrowers, each providing the latest one month payslip, one valid ID, and Letter of Permanent Appointment.

For valid IDs, the preferred ones are government IDs like passports, PRC, or school ID from DepEd. The IDs must have signature specimens.

To be able to borrow from China Bank, you must have at least one year of permanent or regular status as a teacher. To prove this, you must secure a copy of a document from your School Head.

You also need to submit your loan application form, which you can get from a bank branch. There is also a general waiver you need to submit if you are a teacher from autonomous schools.

If you do not work for DepEd, you must submit some documents like SUCs, LUCs, or TESDA documents. In addition, the bank may ask you for two co-borrowers, and each co-borrower must submit one month of pay slip and ID, along with your application requirements.

China Bank Teachers Loan Terms and Amounts
The amount of money you can get is between ₱5,000 and ₱1,000,000. The loan terms are between 12 months and 36 months only. The average interest rate is 7.5% per year.

Apply for a Digido Quick Loan with just 1 government valid ID. Calculate your pre-approved loan amount with Digido calculator:

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Below is the China Bank loan table for teachers 2024

China Bank has a loan calculator for their personal loans. Below is a sample computation:

• Loan amount is ₱50,000
• Loan term is 12 months
• The monthly installment for this is ₱4,941.667

However, one should take note that the numbers on the loan calculator are only an estimation based on the current interest rates. These things can change especially so when there is inflation happening. The final loan amount must also be approved based on background checks and your salary.

The general advice of financial planners is that you should never get a loan whose monthly amortization is more than 30% of your net income.

For example, let us say that your monthly net salary is ₱50,000, and you want to loan ₱50,000 for 12 months. In this case, the monthly amortization is ₱4,941.667, which is roughly 10% of your monthly net income. As such, you are highly likely to be approved for this loan.

On the other hand, if you loan ₱300,000, its monthly amortization is ₱29,650, which is more than 50% of your monthly net salary of ₱50,000. In this case, do not expect your loan to be approved. It is just too risky for the bank., considering that you also have other bills to pay.

For further information, use the table above to see the amortization of China Bank salary loan for teachers. Unfortunately, there is no China Bank loan table 2024 5 years because the maximum term is only 36 months or three years.

Loan Amount, PHP	Net Proceeds, PHP	Monthly Loan Amortization, PHP
		12 month	24 month
5,000.00	4,700.00	433.79	225.00
10,000.00	9,400.00	867.57	450.00
15,000.00	14,100.00	1,301.36	674.99
20,000.00	18,800.00	1,735.15	899.99
30,000.00	28,200.00	2,602.72	1,349.99
40,000.00	37,600.00	3,470.30	1,799.98
50,000.00	47,000.00	4,337.87	2,249.98
60,000.00	56,400.00	5,205.45	2,699.98
70,000.00	65,800.00	6,073.02	3,149.97
80,000.00	75,200.00	6,940.59	3,599.97
90,000.00	84,600.00	7,808.17	4,049.96
100,000.00	94,000.00	8,675.74	4,499.96
150,000.00	141,000.00	13,013.61	6,749.94
200,000.00	188,000.00	17,351.48	8,999.92
250.000.00	235,000.00	21,689.35	11.249.90
300,000.00	282,000.00	26,027.23	13,499.88
350,000.00	329,000.00	30,365.10	15,749.86
400,000.00	376,000.00	34,702.97	17,999 84
450,000.00	423,000.00	39,040.84	20,249 82
500,000.00	470,000.00	43,378.71	22.499.80
550,000.00	517,000.00	47,716.58	24.749.78
600,000.00	564,000.00	52,054.45	26,999 76
650,000.00	611,000.00	56,392.32	29,249.74
700,000.00	658,000.00	60,730.19	31,499.71
750,000.00	705,000.00	65,068.06	33,749.69
800,000.00	752,000.00	69,405.93	35,999.67
850,000.00	799,000.00	73,743.80	38,249.65
900,000.00	846,000.00	78,081.68	40,499.63
950,000.00	893,000.00	82,419.55	42,749.61
1,000,000.00	940,000.00	86,757.42	44.999.59

How to Get a China Bank Loan for Teachers

To get a loan from China Bank, you must go to the bank and inquire. The requirements were already provided earlier, so you only have to prepare them. You must get a loan application form from the bank, as there is no online loan method from China Bank.

Once you have all the documents ready, go back to the bank to submit them. A bank teller or bank personnel will give you guidance. He will check the documents and tell you if you are missing something. Make sure you list these things down and prepare them accordingly.

So, how long will you wait for the loan to be approved? There is no timeline for it. What you can do instead is just ask the bank personnel.

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Teacher China Bank Loans Benefits

Below are the benefits of applying for a China Bank loan for teachers.

1. Accessibility
China Bank is one of the major banks in the country. It has more than 150 branches, and you can go and visit any of these branches to inquire about or apply for a loan.

However, China Bank has no online loan. You must go to the bank if you want to borrow money. It does not work like loan companies that have apps. The good news is that China Bank is run by professionals. You will not get harassed if you miss out on your loan commitments.

2. Ease of Application
It is easy to apply for a loan from China Bank if you are a teacher. All the documents they need are pretty much already available to you. Perhaps the only thing you need is the document proving that you are a regular employee or teacher in DepEd.

For private institutions, you just have to ask your HR or principal to write a document stating that you are a regular employee. This must be signed by the principal.

3. High Loan Amount
The loan amount that China Bank offers is high. It is rare for an institution to offer a loan that can reach up to ₱1,000,000. This is good news if you really think about it.

At that amount, the lowest amortization is ₱31,106 per month, which translates to ₱1,119,816 after the three-year duration of the loan. The interest may be high, but it is lower than the interest on car loans.

4. Long Terms
The terms of the loan are also generous. Usually, personal loans like this are only payable for 24 months. China Bank, however, has extended this to 36 months.

As the term gets longer, you will also pay lesser on your monthly amortization. However, the overall interest will also get bigger. The good thing about a long-term, though, is that you are not heavily burdened on your monthly payments.

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