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Loan services

Our loan services are available when you require financial support on special occasions.

Loan application

Types of loan

We have six types of loan: General loan, Education loan, Marriage loan, Disaster loan,Medical and Nursing loan and Home loan.

Loan eligibility

  • We provide loan services for school personnel with regular membership: You may not apply when you have lost membership or when you are voluntary continued insurance members or specified personnel irrespective of whether you are in employment or not.
  • You are eligible for our General loan, Education loan, Marriage loan, Disaster loan and Medical and Nursing loan when your membership period is one year or more.
  • You may apply for our Home loan when your membership of Pension benefits is five years or more. Furthermore, Type B-1 and Type B-2 members are not eligible for our Home loan.
  • Membership types and eligibility of loan are shown in the table below. (refer to membership types)
Membership types and Loan application
Category of schools Membership types Loan application
Loans
(other than Home loan)
Home loan
Type A Type A-1 members
Type B-2 members ×
Type B-3 specified personnel × ×
Type C-4/C-5 members
Type C-6 specified personnel × ×
Type B Type B members ×
Type C Type C members
Type C specified personnel × ×
Voluntary Continued Insurance Members × ×

Loan rates

In the principle rules of the loan regulation, the annual interest rate for our General loan, Education loan, Marriage loan, Medical and Nursing loan and Home loan is 4.26% and that for our Disaster loan is 3.40%. However, when the annual deposit interest rate is lower than 4.00%, the following special rates are applied.

Special Loan rates
Deposit interest rate Basics 
(4.00% or more per annum)
Over 3.75% and less than 4.00% per annum Over 3.25% and less than 3.75% per annum Over 2.75% and less than3.25% per annum Over 2.25% and less than 2.75% per annum Over 1.50% per annum Less than 2.25% Over 1.00% and less than 1.50% per annum Less than 1.00% per annum
Loan rate General loan, Education loan, Marriage loan, Medical and Nursing loan, and Home loan 4.26% 4.26% 3.76% 3.26% 2.76% 2.26% 1.76% 1.26%
Disaster 3.40% 3.40% 3.20% 3.00% 2.50% 2.00% 1.50% 1.00%

Note 1:
The going loan rate is 1.26% as of November 1, 2019 (the Disaster loan rate is 1.00%).

Note 2:
The special rate varies with the rate (the Rate on Deposits) determined by the Minister of Finance in accordance with Clause 3, Article 7 of the Fiscal Loan Fund Act. See FAQs on Loan Services

Loan application

  • All the procedures for loan application shall be done through the school office. The application shall be authorized by your school representative.
  • Loan remittance is scheduled as follows:
    When your application reaches us on or before the 15th of the month, we will remit the loan to the designated school bank accounts registered with PMAC on the 2nd of the following month.
    When your application reaches us between the 16th and the end of the month, we can remit the loan on the 22nd of the following month on request (circle “22nd” in the remit date column of the “Loan Application Form”).

    Note:
    When the 15th or the last date of the month falls on a weekend or holiday, application is due on the weekday before the weekend or holiday. When the date of remittance falls on a weekend or holiday, remittance is made on the first weekday following the weekend or holiday.

Maximum repayment allowed per repayment

When you apply for more than one loan, the total monthly repayment shall be limited to 30% of your Monthly Standard Salary. (As for Home loan, the semi-annual repayment shall be limited to 60% of your Monthly Standard Salary.)

Note 1:
You must fill out the “Loan Application Form” and other documents in handwriting except the column for school authorization.

Note 2:
The documents should be submitted at the same time in a bundle.

Note 3:
For the stamp used for the “Loan Application” etc., please use the same seal for all of the documents (including seals used for correction seals). Simplified stamps and name stamps cannot be used.

Note 4:
We may ask to submit documents that verify the reason for applying and the content of the expenditure along with the documents confirming the requirements for each type of loan.

Loan repayment

  • Regular repayment: The repayment (level payment) amount is deducted monthly from your salary through the school office. You may additionally repay twice a year in January and July along with the monthly repayment when you have applied for a semi-annual repayment plan in advance. The semi-annual repayment cannot be applied or cancelled, once repayment started.
  • Voluntary repayment: You may repay the whole or part of the remaining balance of loan. Request must be filed by the 15th of the month. When the date falls on a weekend or holiday, the due date shall be the day before the weekend or holiday.
  • Immediate repayment: When you lose your membership due to retirement or other circumstances or when you become a voluntary continued member, you are requested to immediately repay the loan outstanding. The amount shall be deducted from your retirement benefits or other benefits through the school office. When you are employed by another private school immediately after retirement and are reauthorized as a member there, you may maintain the repayment schedule through your new school.
  • You will be subjected to immediate repayment when you have violated our loan policy even if you don't lose your membership.
  • When you receive retirement allowance while you have an outstanding Home loan, the outstanding loan shall be deducted from the retirement allowance even if you continue to be a member.
  • When your position has been recategorized as special school personnel while you have an outstanding Home loan, you are subjected to immediate repayment in principle. However, you may resume the repayment schedule by so requesting through the school office.
  • Repayment(regular repayment, voluntary repayment, or immediate repayment) shall be made through schools. to PMAC.
  • Once your loan has been decided and the payment has been made, it cannot be canceled.
    Make sure you have worked out a reasonable repayment plan before using the member loan services.

Loan repayment at retirement

When you retire (or, you become no longer eligible as a member) while you have an outstanding loan, it must be paid off in a lump-sum. The amount shall be deducted from your retirement allowance or other payments and be remitted to us. There are two types of repayment: voluntary repayment and immediate repayment.

Voluntary repayment

Upon receipt of your “Request Form for Voluntary Loan Repayment / Group Credit Life Insurance Withdrawal” on or before the 15th (*1) of the month of retirement through your school office, we will send the “Voluntary Loan Repayment Advice” with a money-transfer slip to your school office. The school office will then deduct the amount specified in the money-transfer slip from your retirement allowance or other payments for remittance.

Immediate repayment

Upon confirming your membership disqualification, we will send your school office the “Immediate Loan Repayment Advice” with a set of money-transfer slips with different payment dates and amounts (see the example below). From your retirement allowance or other payments, your school office will deduct the amount specified in each slip for remittance and remit it according to the due date specified therein.

[Example case] Repayment for a person retired on March 31
(voluntary repayment, immediate repayment)
  • Voluntary repayment is made when a request is made and reaches PMAC before March 15 of the retiring month.
  • (1) is applied if a “Disqualification Report” has been submitted during March, and an “Immediate Repayment Notification” has been issued on April 1st.
  • (2) is applied if a “Disqualification Report” has been submitted after retirement, and an “Immediate Repayment Notification” has been sent after mid April.
Documents required Final regular repayment month*1 Repayment due*2 Accrued interest*3
Document name Document due
Voluntary repayment request while still employed Voluntary Loan Repayment Request / Group Credit Life Insurance Withdrawal Request Form Must reach by March 15th*4 March April 1st Nil
Immediate repayment*6 (1) Report by school due to pre-disqualification Disqualification Report (submitted by schools) Early March*5 March May 1st 1 month
May 30th*7 2 months
(2) Report by school due to post-disqualification Early April April May 1st Nil
June 1st 1 month
60 days after issue*7 2 months
(*1)
Regular repayment is required for the month after retirement in case of immediate repayment due to disqualification report.
If participating in Group Credit Life Insurance of the Housing Loan, participation (guaranteed) up to the final regular repayment month and payment of appropriation is required.
(*2)
Payment is due on the day before the loan date (anniversary date) and if that date falls on a weekend or a holiday, it will be on the following weekday.
The [Example] in the table shows the payment day for a case where the 2nd day of the month is the loan date.
(*3)
Calculation formula for voluntary and immediate repayment is: “Remaining principal in final regular repayment month × (Annual interest rate X.XX% ÷ 12 months) × Interest for X months” (Rounded up to the nearest yen)
If a half-year repayment for Housing Loan is used along side this, excluding the voluntary repayment in January and July, the accrued interest for the period between the closest of either January or July and the final regular repayment month is added.
(*4)
Voluntary repayment request must reach PMAC by the 15th of the month. When the day falls on a weekend or a holiday, the due date will be the last weekday before that date.
If the member is using multiple loans, “Voluntary Loan Repayment Request / Group Credit Life Insurance Withdrawal Request Form” must be created and submitted for each loan type.
(*5)
This is the due date if the final regular repayment is to be made in March.
This is not the due date for the pre-disqualification request.
Submitting a Disqualification report beforehand is accepted only for those retiring at the end of the fisical year.
(*6)
Immediate Repayment Report will be sent in April regardless of pre-disqualification or post-disqualification.
(*7)
The repayment due date in case of an immediate repayment is 60 days from the issue date of the Repayment Notification
An overdue interest rate of 0.03% per day will be imposed after the final payment due date (repayment due date). For (2) in the table above, it will depend on the issue date of the Repayment Notification.

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