For this loan type, the borrowing is fully secured by a member’s savings.
Under this ratio, a member can only borrow up to the current savings balance that he/ she has.
1:1 Lending Ratio
Example: If you have K1,000.00 in your savings account, you can borrow a maximum of K1,000.00.
Requirements when applying
• Completed application form signed by member and endorsed by employer;
• 3 recent pay slips;
• Bank statement (if first time applicant or new bank account);
• Copy of identification card (if first time applicant).
Service turnaround time for processing 1:1 application is 24 hours excluding weekends and public holidays.
Money for a car or to better manage your debts and get ahead.
This loan type is accessible to members whose employers have agreed to ncsl’s terms or conditions under a Commitment Letter. The 1:2 ratio enables a member to borrow twice the current savings balance that he/ she has.
Lending Ratio 1:2
To qualify for this ratio, a member must have sufficient long service leave entitlements and have been with the current employer for 3 years and more.
Example: If you have K1,000.00 in your savings account, you can borrow a maximum of K2,000.00 (twice your savings).
Processing Time
Service turnaround time for processing 1:2 application is 48 hours excluding weekends and public holidays.
The security against this lending is a written undertaking provided by the member's employer, assuring that the member's "long service leave" or "severance entitlements" will be directed to ncsl in cases where the member departs from employment or faces difficulty in repaying the loan.
Requirements when applying
• Completed application signed by member and endorsed by employer;
• 3 recent pay slips.
• Bank statement (if first time applicant or new bank account);
• Copy of identification card (if first time applicant);
• Irrevocable order;
• Employer confirmation letter;
• Signed Credit Data Bureau search form.
The 1:2 loan ratio is available for emergency and medical purposes.
Any 1:2 loans of K100,000.00 and above requires ncsl Board approval.
Before submitting your application, please check here to see if your employer is registered for 1:2 loans.
A loan fee of K25.00 is charged for approved applications. Please note for loans of K25,000.00 and above, 0.1% fee is charged.
Loan Eligibility
A member is eligible for a loan if he/she: –
(a) Has had a continuous payroll deduction contribution for a minimum period of 3 months.
(b) Has a minimum of K200.00 in their savings account.
(c) Is honest and of good character and has had no prior conviction for fraud or theft.
(d) Has a good credit rating.
Loan Interest Rate
The interest rate is charged at 1% per month on the reducing balance of all existing loans. All loans plus interest must be repaid within 1 to 60 months period.
Loan Repayments
-All loans must strictly adhere to the approved loan repayment schedule.
-Any interest rate more than 1% per month on the unpaid balance may be charged subject to the approval of the Registrar.
Security
Your savings is used as security and maybe transferred to offset loan accounts.
Transfers are allowed after 3 months of obtaining the loan. Additional security shall be taken out on any particular loan if it is deemed necessary and in accordance with the ncsl Lending Guidelines.
This loan is available to members who have a gross annual salary of K50,000 per annum. This is similar to the current 1:2 ratio loan.
Where a member has K1,000 in his/her savings accounts, he/she will be eligible to get a loan of K5,000. The maximum loan term for this product is 36 months (3 years).
Requirements when applying
• Fully completed application form
• Provide 3x recent pay slips
• Confirmation letter of employment
• Proof of ownership of personal asset for security
• Provide a minimum of 12 months bank statement (first time borrower)
Service turnaround time for processing 1:5 application is 5 business working days (excludes public holidays and weekends).
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