Frequently Asked Questions

The NASFUND Contributors Savings & Loan Society Ltd (NCSL) was established in October 2003 as a result of changes made to the Superannuation Act, which disallowed voluntary education contributions to be part of superannuation scheme. Through the savings & loan vehicle, NCSL continues to provide a savings facility for not only education/school fee expenses but for other immediate financial commitments as well.

What is Save Bal?
It is a Service that enables NCSL members to access their account balance by typing in the request format. *628*Membership Number# and press send. A text message will be sent to the member advising of the savings account balance and the balance of any loan outstanding. Applicable to both Bemobile and Digicel users.

Who is eligible to join as a member of the NCSL?

Any person, who is a contributing member towards superannuation with NASFUND and is not an active financial member of another savings & loan society, is eligible.

Is membership compulsory?
No. Savings with NCSL is not compulsory. It is a voluntary savings scheme that gives members flexibility to access savings to fulfill their urgent financial commitments such as school fees, customary obligations and funeral expenses.

What services does NCSL provide?
NCSL offers three savings accounts. The accounts are:

Education Savings – Can only be used for education related expenses
General Savings – For any other purposes
Christmas Savings – Enables savings for the festive season in November, December and January

The purposes of these accounts are to:

Education Savings Account (ESA)

General Savings Account (GSA)

Christmas Savings Account (CSA)

Savings can be used as security against loans.

Does NCSL pay interest on savings?
Yes. The Society pays interest on savings based on the surplus funds (profit) made each year.

Can I transfer my superannuation savings to my NCSL account?
No. Superannuation savings are totally separate and independent from NCSL savings. One can not transfer superannuation funds to NCSL while being an active member of NASFUND.

If I am already a member of another savings & loan society, can I still join the NCSL?
No. The Registrar of savings & loan societies does not allow members to join more than one society. If you wish, you may cease your membership with another society and transfer your savings to NCSL.

What are the rules for withdrawing savings if I am not taking a loan?
Members may withdraw up to 50% of their net total savings balance in their General Savings Account. Only one withdrawal per month is allowed.

The minimum amount that a member shall withdraw is K200.00. No amount less than K200.00 shall be permitted for withdrawal.

A member with a loan balance that exceeds 50% of their total general saving account, shall not be allowed any withdrawal of their savings.

A refund of savings or a full exit is due to the member three months after the last contribution is received. An exit fee is applicable.

How will I know my money is safe?
We give you peace of mind and comfort with the way in which we manage and administer the affairs and operations of the Society. Commitment to good governance, prudential management and customer-oriented service is what we are known to deliver.

Additional Savings

Does NCSL offer loans?
Yes. The maximum lending ratio as approved by the Registrar of Savings and Loan is 1:2. If you have K1,000 in your savings account, you are allowed to borrow a maximum of K2,000.00 provided normal loan requirements are met. The 1:2 loan ratio is now available for emergency and medical purposes.

Lending Guidelines Loan Eligibility

A member is eligible for a loan if he/she:

Any 1:2 loans of K100,000.00 and above requires NCSL Board approval.

Loan Ratios and Terms

The Society can grant loans for a wide variety of reasons such as:

Purpose Maximum Ratio Maximum Term
Education or school fees 1:2 12 months
Funeral Expenses 1:2 12 months
Customary Obligations 1:2 12 months
Holiday Travel Expenses 1:2 12 months
Motor Vehicle Purchase 1:2 5 years
Motor Vehicle Registration & Insurance 1:2 12 months
Household Electrical Items & Chattels 1:2 5 years
Birthday Expenses 1:2 12 months
Investments 1:2 5 years

Maximum, Minimum & Additional Loans

Maximum Loan: The maximum loan the Society may grant to a member is limited to twice their total accumulated savings at any one time, taking into account any existing loans, fees and charges that is outstanding to the members account.

Minimum Loan: The minimum loan that may be granted to a member is K200.00. A member with a loan balance that exceeds 50% of their total general saving account, shall not be allowed any withdrawal of savings.

Additional Loans: Additional loans may be granted to a member (a) If a members’ total current savings fully secures the aggregate sum of the loan required. (b) No member shall be granted more than one (1) additional loan per month. No additional loans will be granted to a member if the existing loan balance exceeds 50% of their total savings balance.

Interest on Loans
Interest is charged at 1% per calendar month on the unpaid balance on all existing and current loan accounts.

Loan Repayments

Lending Priorities
Loan priority shall be considered on a first come first served basis and availability of liquid funds.

Administration Fees

What is NASCARE?
NASCARE is a medical and life insurance cover for NCSL members. It provides medical, dental, optical, pharmaceutical, hospital and death benefit for members, their spouse and children in PNG. Members are insured for medical expenses they incur through illness or injury. Our partners are AON for medical cover and Capital Insurance for life cover. These are reputable insurance companies in PNG.

I am not a member of NCSL. Can I apply for NASCARE?
No, NASCARE is a benefit available only to members of NCSL.

Can I take medical insurance cover only?
No, Members can not take out partial cover i.e; they cannot take medical insurance and leave out life insurance or vice versa.The NASCARE plan is for both medical and life insurance cover.

What is the annual premium?
The premium is K850.00 and is to be paid in full upon registration. Membership in NASCARE is renewed each year to maintain the cover. It is NOT a one off cost.

How can I apply and when does NASCARE cover start?
Members must fully complete two proposal forms, one for medical cover and one for the life cover. Once registration is confirmed, the cover is automatically in place.

How can I pay my Premium?
You can pay your premiums in the following manner:

Are there any age limits and does this cover my family?
NASCARE covers:

How much can I claim under NASCARE?
You can claim the following within 12 months period of the cover:

Type of Benefit Limit
Medical Benefit K 70,000
Pregnancy K 3,000
Dental K 2,500
Optical K 2,500
Natural Parents K 500
Life Benefit    
Member K 40,000
Spouse K 15,000
Children K 2,000
Natural Parents K 500

How can I claim a refund for medical expenses?
When you seek treatment from a medical institution, you must pay in full after obtaining treatment. You must complete the medical claim form and forward to any NCSL Office with original copies of the following:

Your claim will be settled within 14 working days with payment made to your nominated bank account.

How much will be refunded for my medical expenses?
Members will be refunded 80 % of the total amount claimed, i.e. if your hospital bill is K100.00, the refund will be K80.00.

What is excluded from medical cover?

How can I/beneficiaries claim for life cover?
In the event of a member’s death, the life benefits are paid out to the nominated beneficiaries, usually spouse and children. In the event of the spouse’s death, the life benefit is paid to the member. When claiming life cover, you must complete the death claim form and attach all original required documents with the application to any NCSL office. Your claim will be settled within 14 working days with payment made to your nominated bank account or cheque to be collected at your nearest NCSL Office.

What is excluded from the life cover?
Any claims arising from;

Can I claim for my natural parents?
Yes. Members can claim life and medical insurance for natural parents. You can claim K500 as a life benefit for a nominated parent. Under this policy, there is no age limit for natural parents.

How can I get more information on NASCARE?
You may call NCSL Head Office on phone 313 2023/313 2014, website page or email nascare@ncsl.com.pg for more information.

What is Biometric Identification System (BIS)?
Biometric Identification System (BIS) enables members to scan their fingerprint into a reader which then verifies their identity and automatically displays personal details and a summary of their savings, loan balances and eligibilities. Members can also perform withdrawals through BIS which is more quicker having quicker turn around time to have access to your funds. Prior to using this service, a member must initially register their finger print at the nearest NCSL office.