If it’s your first time to request a loan, you are entitled to an ordinary loan. You can access this loan after 6 months of contribution based on availability of funds. Maximum for repayment is 24 months.
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Conditions/Procedures for Application
- A member can only access this loan after six months of employment and it’s subject to confirmation as TEPNG staff.
- Members are entitled to an amount which should not exceed two times their cumulative savings as at the date of application.
- A member should not have more than one ordinary loan at a given time i.e. a member must offset his existing ordinary loan before he qualifies for another.
- Maximum repayment period is 24 months.
- It must be repaid through monthly payroll deductions from salary.
- The ordinary loan application form and agreement form must be properly filled by the applicant.
- The member must also run his/her repayment plan and fill the direct payment authorization form for the payroll deduction.
- Allow 5 working days for processing.[/content_control]