NCSL loan interest rate ‘lower’
Employees in the public sector who are non-Nasfund contributors can join the Nasfund Contributors’ Savings and Loan Society Ltd (NCSL) by registering through its online portal or at a branch.
“Saving funds with NCSL allows a member to obtain loans and repay at a minimum loan interest of 1 per cent per month or 12 per cent per annum,” said general manager Vari Lahui in a statement.
“The loan interest applied on the reducing loan balance means that the effective loan interest rate is even lower.
“The new deduction code ‘DNCSL’ was recently approved and
can be used on the Alesco payroll system.
“NCSL now invites all public servants using the Alesco payroll system to have their savings directly deducted from their salaries into their NCSL accounts, making it faster and easier to save.
“This came about after much discussions with the Finance Department to get approval for the Government payroll deduction code to allow for Government departments and public sector employees to save with NCSL.”
Members can apply for loans and savings withdrawals via:
- Mobile banking USSD service;
- member online portal that can be accessed on any digital device with internet access capability besides self-service touch screen; and
- Biometric identification system set up in all of NCSL’s 19 locations and in high-foot-traffic areas in Port Moresby.
Members will also enjoy the FairPrice credit scheme which allows members to purchase household goods and furniture at competitive prices under low-interest rate charged on loans.
Through its medical and life insurance product, Nascare, NCSL members can also financially protect themselves and family against loss of income and permanent disability or death.
NCSL has financially empowered over 117,000 contributors nationwide and can do the same for you.
Employees from Government departments can register membership via the member online portal using this link (ncsl.com.pg) or simply visit any of its 19 branches throughout the country.