Savings Account
Savings Secured Loans (1:1)
The Savings Secured Loan is your primary loan product.
This loan caters for all consumption loans. Whether it be personal, educational, travel related or when that unplanned family obligation arises this loan product is specifically tailored for your needs.
Contrary to current lending practice, this product aggregates all consumption loans in one basket to allow you to have one loan account with a single loan deduction, rather than having different deductions for each loan which would make it more costly for you.
Eligibility for this product is calculated from a member’s ShareSaver account balance. Whatever amount is currently saved in the ShareSaver account, you can borrow against it.
- Minimum loan K200
- Borrow against S1 balance
- Nil accounting keeping fees
- 12% per annum
- Nil open-account fees
Features & Benefits
| Account Name | Saving Secured Loan (1:1) |
|---|---|
| Minimum Loan Amount | K200.00 |
| Minimum Loan Repayment per fortnight | K50.00 |
| Loan Limit | 100% of Member’s ShareSaver (S1) |
| Restrictions | No loans allowed beyond member’s current ShareSaver balance |
| Additional repayments over the counter allowed | Yes |
| Interest Type | Reducing balance method (The quicker the loan is re-paid, the less interest is accumulated on the loan for repayment) |
| Interest Rate | 12% per annum |
| Interest Crediting Frequency | Monthly |
| Term | 12 – 36 months |
| Fees - Account Opening account fees | Nil |
| Fees - Account keeping fees | Nil |
Additional Information
- A member’s ShareSaver balance is used to calculate loan eligibility.
- Additional repayments can be made through the Society’s operating account – 1000 489 515, Bank South Pacific Ltd, Boroko Branch, Cheque Account. Upon repayment, member’s must ensure notifying Society (refer contacts on website)