Savings and loan society reviews loan system

THE Nasfund Contributors Savings and Loan Society has reviewed its loan automation approval process for personal loans, and offer a loan product to a maximum of K50,000 per transaction.
Society manager credit Kini Vali said personal loans under the 1:1 ratio were fully secured by savings where a member could only borrow up to the current savings balance that he/she had saved.
Vali said any amount exceeding the threshold limit of K50,000 would need to go through a due diligence process.
“Members who are not aware of this will see that their loan application for the amount over the maximum threshold will not be auto-approved,” he said.
“We introduced the threshold as part of good credit risk management practice to minimise the risk of default by assessing the member’s character and capacity to repay the loan even though the loan is fully secured,” he said.
Members wishing to obtain a 1:1 loan exceeding the threshold amount can get in touch with the lending team on 313 2010/313 2016 or email [email protected].
Apart from the 1:1 lending ratio, it also offers higher ratio loans, small to medium enterprise and motor vehicle loans with terms and conditions.