Whether you’re thinking of your dream home or you’re planning for a new project, we are ready to give a hand.
After 18 months of contributions and if it is confirmed that you have exceeded the benchmarks for standard and special loans, you can access a project loan. [content_control role=”administrator, cooperators”]Maximum loan accessible is N10 million at 22% interest rate.[/content_control]
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Conditions/Procedures for Application
- Maximum amount for project loan is N10,000,000.00 (Ten million naira) only.
- A member can only access this loan after 18 months of employment and it’s subject to confirmation as TEPNG staff.
- The interest rate applicable to project loans will be based on the financial market realities and the lending rate offered by the funding bank. The current rate is 22% per annum
- The maximum repayment period is 36 months.
- The loan repayment can run through salary, allowance or both.
- A member should not have more than one project loan at a given time i.e. a member must offset his/her existing project loan before he/she qualifies for another.
- A member should have a minimum 10% of the loan amount in his savings to qualify for the loan and during the loan tenor.
- The project loan application form must be properly filled by the applicant.
- The member must also run his repayment plan and fill the direct payment authorization form for the payroll/allowance deduction or both.
- Allow 5 working days for processing.
- Disbursement of Project loans is subject to availability of funds. [/content_control]