Ordinary Loans

ORDINARY LOANS

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.

[content_control role = “administrator, cooperators”]

Conditions/Procedures for Application

1. A member can only access this loan after six months of employment and it’s subject to confirmation as TEPNG staff.
2. Members are entitled to an amount which should not exceed two times their cumulative savings as at the date of application.
3. 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.
4. Maximum repayment period is 24 months.
5. It must be repaid through monthly payroll deductions from salary.
6. The ordinary loan application form and agreement form must be properly filled by the applicant.
7. The member must also run his/her repayment plan and fill the direct payment authorization form for the payroll deduction.
8. Allow 5 working days for processing.[/content_control]