Terms 2018-09-20T13:04:01+00:00


  1. The TEWF is an Equal Opportunity Institution and all clients are treated on equal terms. Applicants are requested to call for an appointment before coming to the TEWF for their loan application.
  1. The Employee should have contributed to the Fund for at least 12 consecutive months.
  1. The applicant would not be allowed to run concurrent loan and the total deduction must not exceed 40% of his/her monthly basic salary. For recash of loan, applicant must either settle their existing loan or have already repaid at least 36 months of their initial loan.
  1. The applicant would be required to provide two Guarantors who have no loan or acted as guarantors to any loan at the TEWF and would jointly and in solido be required to repay to the TEWF in full any balance which may be due to the Fund in respect of the loan and the interest thereon, should the borrower resign, or be dismissed or otherwise fail to repay the said loan in terms of the agreement. The total deductions of the Guarantors should not exceed 40% of their monthly basic salary.
  1. The applicant and his guarantors would be required to sign a salary deduction agreement in favor of the TEWF. In case the applicant fails to pay the monthly instalments, the check off agreement with the guarantors would be enforced without notice to them. By acting as Guarantors they hereby renounced to their rights for “benefice de discussion et de division” and may be treated as principal debtor.
  1. The applicant will be required to subscribe to an Insurance policy from SICOM Ltd covering the amount of loan from the TEWF. The outstanding capital balance would be refunded to the TEWF by the Insurance Company in case of death or permanent incapacity certified by a medical practitioner.
  1. In case of non-repayment of the loans, all legal fees, expenses, other commission to be paid to the Attorney at Law and /or Debt Collectors and court fees in view of recovery of the debt shall be borne by the applicant and his Guarantors
  1. (i) Overseas Travel Loan – cheque would be issued in the name of the travel agency and the difference paid to the applicant upon presentation of air ticket.
    (ii) Educational Loan – Cheque will be issued to the Educational Institutions
    (iii) Computer Loan – Cheque will be issued to a Registered Supplier.
  1. In case the applicant is a self-employed singer, musician or animator, Hotel & Airport and Taxi operators, he/she would be required to provide bank statements for last six months together with two guarantors who must not be self-employed with a maximum of 40% deduction from their monthly salary.