Loan 1:2
Unsecured Loans 1:2
The Unsecured Loan is an extension of your primary loan product.
This loan caters for all members that intend to exceed their borrowing beyond the normal 1:1 ratio.
Conditions apply.
- Minimum loan K200
- Loan limit K80, 000
- Minimum repayment p/f K50
- Maximum Term 24 months
- 12% per annum
Features & Benefits
| Account Name | Unsecured Loans (1:2) |
|---|---|
| Minimum Loan Amount | K200.00 |
| Minimum Loan Repayment per fortnight | K50.00 |
| Loan Eligibility Limit | 200% of Member’s ShareSaver (S1) (Subject to security) |
| Loan Limit | K80, 000.00 |
| Security | 65% of Long Service Leave (LSL) Entitlements (Subject to LSL availability) |
| Additional repayments over the counter allowed | Yes |
| Interest Type | Reducing balance method (The quicker the loan is repaid, the less interest is accumulated to the loan for repayment) |
| Interest Rate | 12% per annum |
| Interest Crediting Frequency | Monthly |
| Maximum Term | 24 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 (1:2 ratio basis).
- Member LSL entitlements are used as security to cover for the unsecured portion of the loan.
- 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)