Following is a summary of the 403(b) Plan's loan provisions. For additional information about the loan program, see the Summary Plan Description available at UCnet. Log-in to NetBenefits or call Fidelity at 1-866-682-7787 to apply.
Processing time (from completion of loan request)
Number of loans
Minimum required balance in 403(b) Plan
Maximum available loan amount
Available source for loan
Maximum total loan amount
Minimum monthly repayment amount
Interest rate for the term of the loan (repaid to participant)
Promissory note/Promise to pay
Be sure you understand the plan guidelines and impact of taking a loan before initiating a loan from your plan account.
1 If your combined balance in the 403(b) Plan, DC Plan, and 457(b) Plan is $20,000 or less, your maximum loan amount is $10,000 or 100% of your 403(b) Plan balance, whichever is less. If your combined balance in these three plans is more than $20,000, your maximum loan amount is 50% of your combined balance up to $50,000 or 100% of your 403(b) Plan balance, whichever is less.Please note that if you have had an outstanding loan balance in one of these plans in the prior 12 months, the $50,000 is reduced by the highest loan balance during that period.
2 For example, the Prime Rate on January 1, 2016, was 3.5%, which results in a loan interest rate of 4.5%.
3 Loan servicing fees are applied after payments are credited.
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