Japanese Site
Site MapLoan repayment methods
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.
Points to note regarding repayment
- 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 (Note1) 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)
Case: You submitted the Voluntary Repayment Application Form to us on or before the 15th of March, the month of your retirement.
|
Document required |
Request Form for Voluntary Loan Repayment / Group Credit Life Insurance Withdrawal |
|---|---|
|
Submission due |
Not later than March 15(Note4) |
|
Final month of regular repayment(Note1) |
March |
|
Repayment of principal balance(Note2) and accompanying accrued interest(Note3) |
If repayment of outstanding principal balance is due on April 1, there is no accrued interest to be collected. |
Case: Your school submitted your Disqualification Report to us early March and the Immediate Repayment Notice was issued on April 1.
|
Document required |
Disqualification Report |
|---|---|
|
Submission due |
Early March(Note5) |
|
Final month of regular repayment(Note1) |
March |
|
Repayment of principal balance(Note2) and accompanying accrued interest(Note3) |
|
Case: Your school submitted your Disqualification Report to us after your retirement and the Immediate Repayment Notice was issued in the middle of April.
|
Document required |
Disqualification Report |
|---|---|
|
Submission due |
Early April |
|
Final month of regular repayment(Note1) |
April |
|
Repayment of principal balance(Note2) and accompanying accrued interest(Note3) |
|
Note 1:
If a disqualification report is submitted after retirement, regular repayment is required in principle for the month following the month of retirement.
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.
Note 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.
Note 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.
Note 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.
Note 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.
Even if a disqualification report is submitted before retirement, the final month of regular repayment may be delayed until April depending on the timing of submission.
Note 6:
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). It will depend on the issue date of the Repayment Notification.