Lifestyle | Your Money

July 01, 2013

Employees Welfare Loan Scheme: New Financing Plan for Employees

The Employees Welfare Fund (EWF) officially launched Friday, June 28 a new financing plan for all employees participating in the National Savings Fund (NSF). It is the Employees Welfare Loan Scheme. This appropriation is intended to finance travel, domestic or household equipment, renovations, medical expenses and weddings.

It is necessary to be employed for at least one year to be eligible. The loan amount is Rs 15,000 minimum to Rs 300 000 maximum and annual interest rate is 7%. Note that this rate is fixed. It is essential to have a guarantor and the repayment is spread between 3 and 5 years depending on the loan amount. EWF also reviewed various conditions other loans that come into force on 1 July 2013.

Regarding the 'Soft Loan', the new limit is now Rs 300,000 against Rs 200,000 previously and the maximum reimbursement is now eight years in September against the level of the 'Loan Fixed Charge' repayment is a maximum of 10 against nine years ago. Finally, the in-house Death Cover Scheme covers up to Rs 1 million by borrowing against Rs 500,000 previously as well as permanent disabilities.

 

 

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