Bank South Pacific reduces Personal Loan rates

BSP has reduced its Personal Loan interest rate from 36% fixed rate down to 31% , a decrease by 5%.

The reduced interest rates provides a competitive and affordable loan product that benefits more BSP customers.

The new interest rate will be effective on May 15th and all approved Personal Loan after this date will, be repaid at a 31% interest rate.

The new rate will be calculated on the daily balance, charged monthly and fixed for the term of the loan.

BSP Personal Loan provides and avenue Papua New Guineans to obtain affordable finance  to meet immediate personal needs; like medical bills, travel or planned events like weddings and holiday expenses.

The Loan product does not require security which means that it is 100% unsecured. Customers don't need to provide evidence of security, however must be in regular employment to be able to maintain consistency in paying back the loan.

Customers can take out a personal loan from a minimum Loan amount of K1000 to a maximum loan ammount of K50 000 and have access to approved loan funds within 3 hours for approved borowers