Thu | Oct 19, 2017

JN launches new personal unsecured loan product

Published:Monday | August 8, 2016 | 12:00 AM
Maureen Hayden Cater

The Jamaica National Building Society (JNBS) is set to make its imprint on the consumer loan market with the launch of its new JN Personal Unsecured Loan.

The company introduces its new loan product to the public today at a low interest rate of 22.5 per cent. However, a special introductory rate of 18.99 per cent for six months has been made available to members and customers who apply from August 8-31.

"Unsecured loans are among the products that our members have been requesting for a long time; and, therefore, we've developed this facility to address the need for access to funds without collateral," announced Maureen Hayden Cater, executive at JNBS.

"The call for such a facility has increased, as we enter the back-to-school period; therefore, we are very pleased that we can offer this loan product at this time to meet the needs of our members and the public."

The launch of the unsecured loan facility comes as JNBS moves closer to completing its conversion to commercial banking and reorganisation of the JN Group. The business transformation is expected to be completed towards the end of this year, Cater stated.

However, the career banker underscored that JN will maintain its structure as a member-owned organisation under its new group establishment, with member-ownership residing in a mutual holding company, which will retain all assets in the JN Group.

She said the new loan facility will be available to all qualified members and non-members of the company. Qualified borrowers can access a maximum of $1.5 million, with up to 36 months to repay.

She also pointed to the JNBS' recent launch of its JN VISA credit cards in May and the JN Auto Loan in August 2015 as other credit products which "our members have been asking for and we are happy to provide. We will be providing all commercial banking products and services, at the best rates, to satisfy the needs of the Jamaican market," she emphasised.