NCSL introduces three loan packages

The National Business

THE Nasfund Contributors Savings and Loans (NCSL) members can now apply for higher loans and build their asset base, says chief executive officer Vari Lahui.
Lahui said during the launching of three loan products yesterday that there were specific terms for the products which were better than similar products in the market.
The loan packages include the higher ratio one to five loan, corporate motor vehicle loan and small to medium enterprise (SME) loan.
Terms and conditions for the products include a corporate motor vehicle loan with a 16 per cent interest rate per annum and repayment term of 60 months plus a corporate guarantee from the company where the customers works.
The SME loan is up to K300,000 with an interest rate of 15 per cent per annum, a minimum membership with NCSL for 12 months and equity. The higher ratio one to five loan has an interest rate of 15 per cent per annum, a maximum repayment term of 36 months and a 12-month membership
“Those specific terms and conditions and the perimeters of the products are there for a reason,” Lahui said.
“One of them is that we are entering products with high-risk profile and we need to ensure that we have those terms and conditions so we better manage associated risks.”
Customers can expect a quick turnaround time to be further enhanced through NCSL’s electronic channels.
The loans were approved by the Bank of PNG which has partnered with NCSL on a risk-sharing facility where the Central Bank pays 50 per cent of the loan in case of a default.

8 comments

  • Thumbs up to the CEO for introducing this Loan package – the commercial banks are really killing us with higher interest rates., this arrangement will really help the members.

    Thank you!

  • Great stuff, keep up the good work
    With these tough economic condition we battle day after day to live and do business.
    Banks don’t do much to really support us.
    To you, the CEO for NCSL, We pray that God will give you more knowledge and wisdom.

  • Thats a great effort for the institution,,,,, BUT unlucky for some of the employees which their employers are not supporting them for such opportunity. The very simple 1:2 ration can no longer entertain.

    Any option for an employee that has their entitlement with nasfund that could guarranty.

  • Thanks NCSL. The Banks are killing us with their 19% interest rate and armotisation which doubles or triples the initial amount by the time you repay it.

  • Thanks NCSL CEO and Team. You have already won the hearts of more members and also these is how you are attracting more member to register.
    I would say you have help us meet most of our struggles.
    God bless you and you team as well as the company as a whole.

  • We the employees and the financial institutions are inter-dependant. For such service, that is, the loan must be offered as low as possible in terms interest charge/rate which will be affordable. Thank you NSCL CEO to announce the stated service. It is helpful and I personally appreciate it.

Comments are closed.