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All about Eastwest Bank Teacher Salary Loan

Last updated: January 9, 2023

Written by: Sean Martin D. Plantado | Reviewed by: Rafael Hular

Key takeaways:

  • To be eligible for an EastWest Bank Teachers Salary Loan, you must meet all the requirements asked.
  • There are several banks that offer loans to teachers, and each has its own interests, terms, and conditions.
  • EastWest Bank is considered to be one of the banks that offers the lowest interest rates and the most flexible repayment terms.
  • So, if you are looking for a salary loan, EastWest Bank would be a good option.
  • You can check with the bank in person to find out if you are eligible or you can visit the bank’s website or call their customer service hotline.

About Eastwest bank Philippines

East West Banking Corporation, commonly known as EastWest Bank is the eleventh largest bank in the Philippines. It was founded in 1994 in Manila by Andrew Gotianun. The headquarters is at The Beaufort, a condominium building owned by Filinvest Group in Bonifacio Global City, Metro Manila. As of 2020, it has total assets of Php 408.2 billion. Some of its subsidiaries include EastWest Rural Bank, Inc., EastWest Insurance Brokerage, Inc., EastWest Leasing and Finance Corporation, and Assurance Solutions Insurance Agency. It also owns 50% of East West Ageas Life Insurance Corporation which is an insurance firm.

EastWest Bank is a subsidiary of the Filinvest Development Corporation, a publicly listed company founded in 1955. The Filinvest Group is composed of companies engaged in diverse businesses. It operates its real estate business primarily through its majority-owned subsidiaries, Filinvest Alabang, Inc and Filinvest Land, Inc.

EastWest Bank join BancNet in 1994 as an associate member, with full use of the network’s facilities and services but without voting rights. In 2008, EastWest Bank acquired a shareholding in the network, affording the Bank a Board set as a full member bank. On January 25, 2012, EastWest Bank obtained from Bangko Sentral ng Pilipinas the approval to operate as a universal bank.

EastWest Bank has 445 stores, including its subsidiaries, with 580 ATMs located all over the Philippines. EastWest Bank has also branches around the US and China. EastWest’s principal banking products and services include deposit-taking, cash management, loan and trade finance, treasury, trust services, custodial services, leasing and finance, and insurance services. All these financial products and services are offered to corporate clients and consumers. Being a universal bank, it offers a wide variety of financial services within a single, integrated platform. It offers extra services to the clients as compared to other commercial banks. Importantly, clients get all the required financial services under one roof.

Is EastWest Bank reliable? The Better Bureau Business grades individual EastWest Bank branches separately. Each branch has received either an A- or A+ in trustworthiness

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Eastwest bank and DepEd

Teachers and other employees of the Department of Education can now avail of any time and any type of loan at EastWest Unibank. The bank is offering all permanent employees of the Department of Education a salary loan that has favorable and affordable interest rates and flexible terms. Also, the EastWest Bank loan for teachers 2023 offers a 5-year loan term, this is included under the DepEd order which extends loan terms of payment under the department’s automatic payroll deduction system program. The DepEd order has included the EastWest Bank as one of the private lending institutions accredited to the automatic payroll deduction system. The implementation of authorized deductions is made as a policy to consider the welfare of the teachers and employees. One of the conditions is that the foregoing deductions will not reduce the employee’s monthly take-home pay to an amount lower than five thousand pesos. As one of DepEd’s duties is to enhance the employment status, professional competence, welfare, and working conditions of all personnel of the Department.

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How to get a Teacher loan in Eastwest bank

How to apply for an EastWest Bank salary loan for Teachers:

a. Visit your nearest EastWest Unibank. You can also click here for location reference. However, in order to speed up the teacher loan application process, bank personnel are going and visiting rounds from school to school offering EastWest Bank salary loan. This is to help teachers avoid leaving their posts while class hours are ongoing as pass-slips or excuses are strictly limited.

b. Should you decide to apply in person to your preferred EastWest Bank, Request the Teacher Loan Application and ATM form in the New Accounts Section.

c. Fill up all the required particulars, affix three specimen signatures, and
draw a location map from your office to the bank including landmarks to make it easily recognizable.

d. Submit all duly filled forms with your documents in the New Accounts Section. Your payslips will be assessed based on the net pay take-home cash and monthly amortizations. After agreeing with all the conditions, proceed to the ATM counter and wait to be called.

e. Get the issued ATM debit card and enter your chosen password or pin for activation. Sign in your name and signature on the logbook to acknowledge that you received the ATM Debit card.

f. Confirm your balance and net cash and make your withdrawals at any authorized ATM nearby.

EastWest Loan Table for Teachers 2023

Loan Amount, PHP Net Proceeds, PHP Mountly Loan Amortization, PHP
12 month 24 month 36 month 48 month
10,000.00 9,400.00 867.57 450.00 311.06 241.79
20,000.00 18,800.00 1,735.15 899.99 622.12 483.58
30,000 00 28,200.00 2,602.72 1,349.99 933.19 725.37
40,000 00 37,600.00 3,470.30 1,799.98 1,244.25 967.16
50,000.00 47,000.00 4,337.87 2,249.98 1.555.31 1,208.95
60,000 00 56,400.00 5,205.45 2,699.98 1,866.37 1,450.73
70,000 00 65,800.00 6,073.02 3,149.97 2,177.44 1,692,52
80,000 00 75,200.00 6,940.59 3,599.97 2,488.55 1,934.31
90,000 00 84,600.00 7,808.17 4,049.96 2,799.56 2,176.10
100,000.00 94,000.00 8,675.74 4,499.96 3,110.62 2,417.89
120,000.00 112,800.00 10,410.89 5,399.95 3,732.75 2,901.47
140,000.00 131,600.00 12,146.04 6,299 94 4,354.87 3,385.05
150,000.00 141,000.00 13,013.61 6,749.94 4,665.93 3,626.84
160,000.00 150,400.00 13,881.19 7,199.93 4,976.99 3,868.62
180,000.00 169,200.00 15,616.34 8,099.93 5,599.12 4,352.20
200,000.00 188,000.00 17,351.48 8,999.92 6,221.24 4,835.78
220,000.00 206,800.00 19,086.63 9,899.91 6,843.37 5,319.36
240,000.00 225,600.00 20,821.78 10,799.90 7,465.49 5,802.94
250,000.00 235,000.00 21,689.35 11,249.90 7,776.55 6,044.73
260,000.00 244,400 00 22,556.93 11,699.89 8,087.62 6,286.51
280,000.00 263,200.00 24,292.08 12,599.89 8,709.74 6,770.09
300,000.00 282,000.00 26,027.23 13,499.88 9,331.87 7,253.67
320,000.00 300,800.00 27,762.37 14,399.87 9,953.99 7,737.25
340,000.00 319,600.00 29,497.52 15,299.86 10,576.11 8,220.83
350,000.00 329,000.00 30,365.10 15,749.86 10,887.18 8,462.62
360,000.00 338,400.00 31,232.67 16,199.85 11,198.24 8,704.40
380,000 00 357,200.00 32,967.82 17,099.85 11,820.36 9,187.98
400,000.00 376,000.00 34,702.97 17,999.84 12,442.49 9,671.56
450,000.00 423,000.00 39,040.84 20,249.82 13,99.78 10,880.51
500,000.00 470,000.00 4,378.71 22,499.80 15,553.11 12,089.45
550,000.00 517,000.00 47,716.58 24,749.78 17,108.42 13,298.40
600,000.00 564,000.00 52,054.45 26,999.76 18,663.73 14,507.34
700,000.00 658,000.00 60,730.19 31,499.71 21,774.35 16,925.23
800,000.00 752,000.00 69,405.93 35,999.67 24,884.97 19,343.12
900,000.00 846,000.00 78,081.68 40,499.63 27,995.60 21,761.01
1,000,000.00 940,000.00 86,757.42 44,999.59 31,106.22 24,178.90

Eastwest bank teachers loan requirements

The EastWest Bank loan requirements for new applicants include accomplished forms, photocopied Appointment Letter, Service Record/s, PRC and DepEd IDs, and the three latest and original payslips. GSIS Loan Records are needed for applicants who are 20 months and above in service. For verification purposes, bring original records of the Appointment Letter and Service Record/s.

For teachers with existing Teacher Loan/s (Reloans), all you need to present are
your three latest and original payslips.

Aside from the EastWest Bank loan requirements, in order for you to be qualified, you must be at least 21 years of age and not more than 65 years old upon the maturity of the loan and your monthly net income is Php 15,000 and above. You must also be a full-time teacher. If you are just a newly-hired teacher, you may be able to get a loan if you meet the eligibility requirements of the bank but it is advisable to check the bank directly on this matter.

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Eastwest Teachers loan terms and rates

EastWest Bank offers qualified teachers a minimum loan amount of Php 25,000.00 and a maximum loan amount of Php 2,000,000.00 However, the amount that can be borrowed will depend on the assessment of the bank officer. The payment plans and monthly interest rates are as follows:
Loan Term up to 1 year- 1.49%
Loan Term from 1.5 to 2 years- 1.59%
Loan Term up to 3 years- 1.69%
Nominal Interest Rate – 3.99% per annum
If the loan term is up to 5 years term, the bank charges 7.5% per annum diminishing interest rate. The Processing fee is Php 1900 and overdue payments are charged at 500 pesos or 8% per month of the overdue amount. EastWest Bank does not require a co-maker for teachers loan.

Use your EastWest loan calculator so you can estimate your monthly loan payment to better manage your cash flow. However, you can always look at the EastWest Bank loan table for teachers or the EastWest loan table for teachers 2023. In the table, you will be able to find the loan amount, net proceeds, and loan terms including the monthly payments for each month.

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EastWest Teachers Loan Table for 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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Written by: Sean Martin D. Plantado

Author pages:
Sean Martin Plantado is the head of Customer Care Dept. and Online Sales Dept. of Digido Finance Corp. creating articles, blogs, and other learning mediums that helps Filipinos struggling on their financial literacy. Sean also loves Cycling, Photography, Cinematography, Online gaming, Fine Arts, and dreams of becoming a Doctor of Veterinary Medicine.

Reviewed by: Rafael Hular

Author pages:
Rafael “Raffy” L. Hular is, the Finance and Accounting Manager. of Digido Finance Corp., monitoring and controlling the flow of cash that comes in and out of the company to meet the company’s business needs, preparing the financial reports and analysis of income and expenses, and monitoring tax compliance.  Raffy loves reading Japanese comics called manga and watching Japanese animated cartoon series. He dreams of establishing his own Accounting and Auditing Firm and teaching in a University.