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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%.

Savings

Loan Security Deposit (S6)
This account is designed purposely to provide collateral for loans approved on the ration of 1:2.
Education Savings (S4)
This is a special purpose savings account designed to assist members to save for education related expenses. The minimum fortnightly contribution if K10.00.
Christmas Savings (S3)
This is a special purpose savings account that is designed to assist members to save for the Christmas related expenses.
General Savings (S1)
This is the primary savings account that is opened when you first join the society. The account acts as a trading account to which loans can be obtained.

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.