Nasfund allows member loans for school fees

MEMBERS of the Nasfund Savings and Loans Society Ltd (NCSL) can use their savings to assist them in meeting education expenses, an official says.
These include fees, purchasing of stationery, uniforms and other educational-related needs.
NCSL chief executive officer Vari Lahui said in a statement that obtaining a loan was easy with an affordable loan repayment term.
“We offer a minimum loan of K200 with no maximum lending limits as getting the loan entirely depends on your security or savings,” Lahui said.
“For every loan obtained, a monthly loan interest of 1 per cent is charged on the reducing balance.”
Lahui said this was an attractive offer with an affordable repayment term of one month to a maximum of five years.
NCSL members have two lending options: the ratio of 1:1, which is borrowing the principal, and is available to all members, and the ration of 1:2 which enables a member to borrow twice of the actual principal balance.
Lahui said members who had worked for at least three years were eligible.
“Our lending services are widely accessible because we understand our members’ financial needs.
“Loans can be obtained via the e-channels of mobile banking, member online portal and biometric identification system.”