Our Products
Loans
Loan’s offered by MPSL are secured and affordable with repayments made easier. Every loan obtained from MPSL is charged at 1% per month on the reducing balance and can be comfortably repaid over a term of 1-36 months as per the member’s choice.
MPSL offers loans based on a member’s available savings and can lend from a minimum of K200.00. Per our Lending Policies, there is no maximum as this depends on a member’s savings balance.
We offer loans based on 1:1 and 1:2 basis as approved by the Bank of Papua New Guinea who is also the Registrar of Savings & Loan Societies.
Additional loans can be given to existing members at 1:1 or 1:2 ratio as long as the member has reduced his/her recent loan to 50%.
This is a compulsory lending ratio and savings is used as security. Under this loan product, a member can borrow the current savings balance that he/she have saved, or can borrow at 1:2 ratio, as long as the member is contributing for both the general savings and the loan security deposit savings.
Example: If you have K1, 000.00 in your savings account, you can borrow a maximum of K1, 000.00. However, at 1:2 ratio, if you have K1, 000 general savings, you’re eligible to apply for K2, 000 as long you have savings account of General Savings & Loan Security Deposits.
Housing loan is designed to assist members who are looking to build their own houses, or are looking to purchase furniture’s and building materials to complete their house.
The ratio applied is both 1:1 and 1:2 ratios. As long as the client has surplus savings of both the General Savings (S1) and the Loan Security Deposits (S6), all members are eligible to apply.
Minimum loan amount is K300 and maximum amount is K100, 000.
Housing Equity Loan product is designed in partnership with the commercial banks to funds its members the equity contribution to get a housing loan with the commercial banks.
The greater challenges for Papua New Guinea has been the equity contributions to purchase a property, as such MPSL in partnership with the banks has taken this into heart and stepped in to bridge this gap so our members can finally own a property.
Main requirements to be eligible for this loan product;
Member of the Society with Surplus Savings
1:1 & 1:2 ratio applied
Employed for more than 3 years
Completed loan application signed by member
2 recent pay slips.
Bank statement
Copy of identification card
Signed Credit Data Bureau search form.
Savings
Life Insurance Cover
MPSL has introduced and expanded its current Life & Medicare with Life Insurance Corporation to MPSL Members and their families. There is a greater need of such scheme amongst the workers in the mining area, and with this product, workers are now fully insured.