An investment in knowledge pays the best interest
Educational Loan up to Rs 40,000 at an interest rate of 5% per annum repayable in 36 months for employees undergoing further training or for payment of school materials or other fees for the education of their wards.
See TERMS & CONDITIONS
Mode of Application
Applicants should provide the following original document for both applicant and guarantors:
- National Identity Card
- Recent payslips
- Bank account number (Payroll/Bank Statement)
- Latest Proof of address (CWA or CEB or Telephone bill)
- Certificate of Employment which is Valid for ONE month only, should specify the date of employment, period of contribution and whether the applicant is under report or on leave without pay along with the seal of organisation.
NOTE: Letter from Educational Institution stating that either the ward is attending school or the employee has enrolled for training is required for Education Loan application
- Applicant should fill in the requested information and submit the application together with documents required as per the checklist
- Officers from TEWF will contact applicant for an appointment upon receipt of the application
- Employees of Tourism sector who have contributed for at least 12 months to TEWF and do not have more than 40% deduction from their basic salary
- Applicant should not have any outstanding loan at TEWF
- It is mandatory to have 2 Guarantors who are not self-employed
- Guarantors should NOT be existing guarantors at TEWF
- Applicant and guarantors should sign Salary Deduction Agreement with TEWF
- Upon receipt of Salary Deduction duly signed by HR and both guarantors, loan will be payable within the next 7 to 10 days.
- Loan amount is disbursed after deducting Administrative & Insurance fees.
- The first installment is effective one month after the disbursement of the loan
Salary Deduction Agreement will be triggered for both guarantors without prior notice.