As a secured loan, you can borrow up to the total current savings balance in your account.
1:1 Lending Ratio
Example: If you have K1,000.00 in your savings account, you can borrow a maximum of K1,000.00.
Under this loan ratio, you can apply multiple times during the same month.
Features
• K200.00 minimum loan
• Maximum loan is dependent on available savings.
• Loan interest charged is 23% per annum.
• Minimum loan repayment term is 1 month
• Maximum loan repayment terms is 60 months or 5 years
• 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, Mobile Banking and BIS
Loan Processing Timeframe
• Instant for loan amounts from K200.00 - K50, 000.00
• 24 hours for loan amount exceeding over K50,000.00.
• For amounts over K50,000.00, processing timeframe exclude weekends and public holidays.
This loan type is accessible to members whose employers have agreed to NCSL’s terms of conditions under a Commitment Letter. The 1:2 ratio enables a member to borrow twice the current savings balance that he/ she has but subjected to assessment by our Lending Team.
Example: If you have K1,000.00 in your savings account, you can borrow a maximum of K2,000.00.
Before submitting your application, please check here to see if your employer is registered for 1:2 loans.
Features
• K200.00 minimum loan
• Unsecured loan
• Maximum loan is dependent on available savings.
• Loan interest charged is 26% per annum.
• Minimum loan repayment term is 1 month
• 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.
• Any interest rate in excess of 2.17% per month on the unpaid balance may be charged subject to the approval of the Bank of Papua New Guinea.
• 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 twice the amount of your savings
• Easily accessible
• Instant processing
• Instant access to funds
Loan Processing Timeframe
• 24 hours excluding weekends and public holidays.
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, please check here to see if your employer is registered for 1:5 loans.
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 30% per annum.
• Minimum loan repayment term is 1 month
• 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 savingsEasily accessible
• Short processing time-frame
• Instant access to funds
Loan Processing Timeframe
• 2 business working days excluding weekends and public holidays.
This product is made available to ncsl members to purchase a motor vehicle. The availability of this facility is strictly on the basis that the employer is willing to provide a signed and sealed corporate guarantee for the loan.
Requirements when applying
• Fully completed application form
• 3x recent pay slips
• Employer confirmation of remuneration
• 2x valid forms of identification
• Confirmation of corporate guarantee by employer
This loan is available to ncsl members who have a new or existing small business. Our SME Loans range from K1,000 to K300,000. The repayment period for the loan ranges from 12 to 48 months, accompanied by an annual interest rate of 15%.
Requirements when applying
New Business (In operation for less than six months)
• Fully completed application Form (signed)
• Bank Statements
• Business Registration Certificate
• Tax identification Certificate (IRC – TIN)
• 2 x valid ID
• Borrower Profile (Business Owner)
• Business Profile / Business Plan
• Detailed Cash Flow Projections for the next 12 months
• Proof of ownership of assets to be pledged as collateral / security
Existing Business
• Fully completed application form
• Bank Statement (past 12 months)
• Financial Reports for past 2 years (signed)
• Detailed Cash Flow
• Detailed Cash Flow Projections for the next 12 months
• Business Registration Certificate
• Tax identification Certificate (IRC – TIN)
• 2 x valid ID
• Borrower Profile
• Business Profile / Business Plan
• Proof of ownership of assets to be pledged as collateral / security