BY MAXINE KAMUS
Nasfund Contributors Savings and Loan Society Limited has revised its loan product terms and conditions to make them accessible to members.
General Manager Vari Lahui said revising the terms and conditions of loan products is part of the company’s goal to increase its membership.
This includes the 1:5 loan, the Moto vehicle loan and the SME loan product.
Mr. Lahui said that for their 1:5 loan product, the requirements for members to be eligible to access the facility, the member must earn 50,000K or more and the loan repayment limited time was three years maximum, but based on feedback from members NCSL was successful in getting approval from the Central Bank to revise its terms and conditions.
“Rather than restricting members earning K50,000 or more, we have now made the 1:5 loan available to members earning K25,000 or more and the loan repayment terms have been extended from three to five years.
“This will give flexibility to our members in terms of loan repayment to see greater uptake by members,” Lahui said.
He said for the car loan that the loan was initially intended for large companies and therefore these large companies will have to sign a guarantee so that their employees can access these car loans under this guarantee.
Mr. Lahui added that based on feedback from employers, NCSL has decided to make it optional for companies to provide the letter of guarantee or not, but otherwise members are required to contribute a 20% contribution towards the purchase of the vehicle, NCSL will then fund the balance. and repayment of the car loan will be spread over a period of five years.
“For SME lending, what NCSL experienced was that the loan turnaround time was taking a bit longer and so we reviewed the process and with the commitment of the lending team as well as from the credit team, NCSL has now implemented a revised process that will ensure faster processing time for the SME loan application,” he said.