Savings society offers new loan option

By JACKLYN SIRIAS
THE Nambawan Savings and Loan Society plans to offer loans to its members up to twice the balance of their savings accounts, says an official.
Senior loans officer Jane Frank said currently members could loan an amount equal to what they have in their savings account.
“This time members can obtain loans two times their savings balance depending on their eligibility,” she said.
Frank said this was done to encourage members to save and build their savings with the society.
According to the Nambawan Savings and Loan Society brochure, a member must save for six consecutive fortnights and must have a minimum balance of K200 before she or he is eligible to apply for a loan.
Loans officer Shirley Wilson said every member was allowed to apply for only one loan a month.
“And if they want to borrow some more money from the society, they will have to withdraw – and that is also once in a month,” she said.
“With our new savings and loans system online, if you have already applied for a loan and want to apply again in the same month, your application will automatically be rejected.”
Wilson said members had to wait for the next month to apply for another loan.
“There are obvious reasons why one should consider saving with the society as funds are immediately accessible after three months of continuous contributions, flexible rates of contributions and low interest charge with extended loan repayment terms of three to 36 months,” she said.