With a competitive interest rate and up to 8 years to repay, you can borrow up to 10 times your savings! Max of 5 Million Dollars.
“Always have access to cash when you need it. As long as you repay your loan and you feed it.”
Why a TIP Regular Loan?
- Borrow up to 10 times your savings
- Same day approval
- Up to 96 months to repay
- Access loan every 3 months
- Must be a consistent financial member for at least six (6) months
- For loan eligibility, a TIP for Life plan is a prerequisite
- Members must be employed in the field of education
- Must be between 18 and 55 years old
- Members will be required to submit a birth certificate or passport
- All loan repayments must be made by salary deduction
- Loans are granted at three (3) or six (6) months intervals
- The maximum repayment period is 60 months or 5 years. This is determined by the members’ affordability and the discretion of the Customer Service Representatives (CSRs).
- Upon applying for the loan, the member must produce their last two (2) months pay slips and a valid photo identification (Passport, Driver’s Licence or National ID).
- The member can borrow up to 10 times their account balances
- Interest rate is calculated monthly on the reducing balance
- If it is your first loan, a letter from your Principal is required stating tenure, and this should be done on the school’s letterhead, signed by the Principal and the school’s stamp affixed.
- If it is not your first loan, your Principal will be called for verification of permanent employment.
- Withdrawals will only be guaranteed in excess of your account balance, that is, your total loan balances must be 100% covered by your account balance.
- Credit checks will be done at a cost to the member