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Project Loan

PROJECT LOAN

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]

[content_control role = “administrator, cooperators”]

Conditions/Procedures for Application

  1. Maximum amount for project loan is N10,000,000.00 (Ten million naira) only.
  2. A member can only access this loan after 18 months of employment and it’s subject to confirmation as TEPNG staff.
  3. 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
  4. The maximum repayment period is 36 months.
  5. The loan repayment can run through salary, allowance or both.
  6. 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.
  7. A member should have a minimum 10% of the loan amount in his savings to qualify for the loan and during the loan tenor.
  8. The project loan application form must be properly filled by the applicant.
  9. The member must also run his repayment plan and fill the direct payment authorization form for the payroll/allowance deduction or both.
  10. Allow 5 working days for processing.
  11. Disbursement of Project loans is subject to availability of funds. [/content_control]