Startup Life Loan
- Toka Kimaisha na GEPF
This loan is provided to any GEPF member who has been contributing to the Fund for at least six months. The loan is intended to enable GEPF members be happy and successful in every stage of their life. Such important stages include new employees, middle ages members and matured members. The new employees require cash for acquisition of rental house, purchase of furniture and settling in their new working locations. The middle ages and matured members require cash for purchase of a plot for house construction, purchase of construction material, starting of new business and completion of a house and many other requirements.
Mode of payment
The loan is paid as multiple of members’ salary and is repayable within two to three years. The member is eligible for the next loan two years from the date of completion of the previous loan.
Depending on fulfillment of other eligibility criteria the member is entitled for payment of up to three months’ members’ basic salary including interest.
The eligibility Criteria
The following are the qualification criteria:
- Member should be confirmed by employer,
- Member should have contributed to the Fund for the period of not less than six months,
- Submit all the required documentations per the forms issued by GEPF and TPB
- Employer shall guarantee monthly deductions from employee salary to GEPF / TPB deduction code,
- 1/3 of members salary shall be considered according to labour Act before disbursement of the loan,
- Duration of the loan will vary from 2-3 years depending on the loan amount.
- The member must have completed a minimum of two years since completion of the previous loan.