Personal Loan 1: 5

High Ratio Loan

Secure up to five times your savings balance for major personal commitments. Flexible repayment terms and fast approvals to support your financial goals.

Personal loan 1:5

This loan type is accessible to members whose employers have agreed to NCSL’s terms of conditions under a Commitment Letter. The 1:5 ratio enables a member to borrow 5 times the current savings balance that he/ she has but is subjected to assessment by our Lending Team.

Before submitting your application check to see if your employer is registered for 1:5 loans.

Savings can be accessed once a month.
Withdrawn funds are transferred to the Poro account for easy and convenient access by using your Poro Card.
Minimum withdrawal amount of K200.00.
K20.00 minimum fortnightly contribution.
No Monthly account keeping fee is charged.

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Competitive interest rates.
Savings can be used as collateral to apply for loans.
Instant transfer of funds into Poro Account, depending on funds availability.
Free issue of Membership ID card for access to exclusive discounts from selected retail outlets.

Features

K1,000.00 minimum loan
Available to members who have a gross annual salary of K25,000 per annum unsecured loan
Maximum loan is dependent on available savings
Loan interest charged is 26% per annum
Minimum loan repayment term is 6 months
Maximum loan repayment terms is 60 months or 5 years
All loans must strictly adhere to the approved loan repayment schedule and through payroll deduction
The security against this lending is a written undertaking produced by a member’s employer to pay to NCSL the member’s “long service leave” or “severance entitlements” in the event that the member leaves employment or is not able to repay the loan
Your savings is used as security and any transfer from savings to loan is subject to approval by NCSL Lending
Online application available on Personal Online Services.

Benefits

Borrowing 5 times the amount of your savings
Easily accessible
Short processing timeframe
Instant access to funds

Fees & charges

2 business working days excluding weekends and public holidays

How to Apply

K150.00 is charged for approved applications

More Information

Fully completed application form
Provide 3 most recent pay slips
Confirmation letter of employment
Proof of ownership of personal asset for security
Provide a minimum of 12 months bank statement (first time borrower and, or if loans exceeds K10,000.00)
Statement of Financial Position if total loan exceeds K10,000.00
NCSL encourages members to submit online applications. Approved loans are deposited into the member’s Poro Account for accessing using Poro Card. If you do not have a Poro Card, inquire with our Call Centre on 207 2000.

Frequently asked Questions

What is a personal 1:5 loan?A personal loan product that allows members to borrow 5 times the current savings balance. This is subjected to NCSL Lending terms and conditions
What is the interest rate?NCSL personal 1:5 loan interest is 16% per annum
How can I apply for a personal loan 1:5?You can apply for a personal 1:5 loan by completing a loanapplication and lodging this at any NCSL branch near you orapply using any of the available digital services such as Personal Online Services or Mobile USSD Services
What is the turnaround time?Loan is processed instantly, and once approval is given by NCSL, funds are credited to your Poro Account
Where can I go to get more information?You can visit a NCSL branch near you or contact our Call Centre on 207 2000 or email callcentre@ncsl.com.pg

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Personal Loan 1: 5

High Ratio Loan

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