Nambawan Super launches ‘1:2 loan’ product for teachers

THE Nambawan Savings and Loan Society (NSLS) is offering a new loan product to empower teachers and given them financial flexibility, an official says.
“It is our hope that with the 1:2 loan for teachers, they could move away from the loan sharks who are charging very high interest rates and loan fees,” chief executive officer John Solok said in a statement.
The launch of the ‘Teachers 1:2’ loan product was attended by NSLS chairman John Cholai, director Shirley June, workers and teachers in Port Moresby on Friday.
He said teachers made up about 40 per cent of the NSLS members.
“This product launch embodies the core value of inclusivity and empowerment,” he said.
“This stands as a beacon of financial flexibility, offering our educators the means to pursue their aspirations without the burden of overwhelming debt.
“It reflects our commitment to creating products that make a tangible difference in the lives of our members.”
The loan product will be available to public service teachers who are NSLS members under the Alesco payroll system.
A member must have contributed to the fund for more than one year.
The loan range is between K400 and K5,000, with a one-year loan repayment term.
“While specifics of this loan may vary, NSLS is committed to providing a transparent and accessible platform for teachers to navigate the lending process,” Solok said.
Members can borrow an amount twice their initial deposit.
The product is available at its 21 branches.