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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 loan and Home loan.

General, Education, Marriage, Disaster, and Medical Loan Program

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 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)
Category of schools Membership types Loan application
Loans
(other than Home loan)
Home loan
Type A Type A-1 members
Type A-2 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-2 members
Type C specified personnel × ×
Voluntary Continued Insurance Members × ×

Loan rates

In principle, the annual interest rate for our General loan, Education loan, Marriage loan, Medical 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.

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 Less than 2.25%
Loan rate General loan, Education loan, Marriage loan, Medical loan, and Home loan 4.26% 4.26% 3.76% 3.26% 2.76% 2.26%
Disaster loan 3.40% 3.40% 3.20% 3.00% 2.50% 2.00%
Note1:
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.
Note2:
The going loan rate is 2.26% as of September 1, 2017 (the Disaster loan rate is 2.00%).

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 account or other official account 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 may remit the loan on the 22nd of the following month if you so request.
    (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.
  • 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:
You must fill out the “Loan Application Form” and the “Loan Agreement” in handwriting except the column for school authorization.

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 the school office
  • Please make sure you need a loan before applying for it. Once your application for a loan has been approved, cancellation request will not be accepted.

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

You can pay off the remaining loan balance while you are a member or by one day before the date of our loan remittance of the month following the month of retirement. 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.

Case example of retirement as of March 31
Type of repayment Documents required Submission due Final regular repayment month Repayment due Accrued interest (*4)
Voluntary Repayment The Voluntary Loan Repayment Request ・Group Credit Life Insurance Withdrawal Request Form Not later than March 15 (*1) March April 1 (*2) Nil
Immediate repayment due to post-disqualification Disqualification Report April 10 April May 1 (*2) Nil
June 1 (*2) One month of interest
 (for the month of May)
June 10 (*3) Two months of interest
 (for the months of May and June)
Immediate Repayment due to pre-disqualification Disqualification Report Early March March May 1 (*2) One month of interest
 (for the month of April)
May 30 (*3) Two months of interest
 (for the months of April and May)
(*1)
The documents for voluntary repayment must reach us by the 15th of the month. When the day falls on a weekend or holiday, the due date shall be the day before the weekend or holiday. (When the documents reach us early, we can send the money-transfer slip and other documents early.)
(*2)
Remittance is due on the day before the corresponding date of our loan remittance date. When the due date falls on a weekend or holiday, it will be the day following the weekend or holiday. The date of May 1 in the table means that the date of loan is the second day of a month.
(*3)
In case of immediate repayment, delinquent charge will be added to the payment overdue. The rate overdue interest is 0.03% per day.
(*4)
The accrued interest is calculated as follows: The remaining balance after the repayment for the final month x the annual loan rate** /12 x the number of months accrued. (Amount less than 1 yen is rounded up to the nearest 1 yen.) **The going loan rate is 2.26% as of September 1,2017 (the disaster loan rate is 2.00%).