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No Interest Loans Scheme (NILS) |
About NILS®
The aim of the BANC No Interest Loan Scheme (NILS®) is to provide no interest loans to people on low incomes living in the following areas: Leura, Katoomba, Medlow Bath, Blackheath, Megalong, Shipley, Mount Victoria, Dargan, Bell, Mount Irvine, Mount Wilson, Mount Tomah.
What will NILS® provide loans for?
These loans may be used to purchase essential household items e.g.
- white goods such as fridges, washing machines
- essential electrical goods
- furniture
- medical equipment
- or for other worthwhile purposes
Community Money
The funds to provide for these loans comes from the community and prompt and complete repayment enables the providers to re-lend the money to other needy members of the community. If you are experiencing difficulty repaying your loan contact your NILS® lender as soon as possible.
Repayments
Repayments are tailored to suit individual circumstances
The term of the loan is usually 12 - 18 months
How much can I borrow?
The maximum loan is dependant upon your ability to repay, however the usual maximum is around $1,200.
Are you eligible for a No Interest Loan?
Can you answer yes to the following questions?
- Are you on a low income, i.e. holder of a Health Care Card?
- Have you lived in the area for the last six months?
- Do you have the ability to repay the loan over a 12 -18 month period?
- Are you unable to qualify for other affordable loans?
- Will this loan improve the health and well-being of you or your family?
How can I apply for a loan?
If you have answered ‘yes’ to the questions above, ‘Are you eligible for a No Interest Loan?’, then you will need to:
1. Gather the following documents:
- Your current Income Statement from Centrelink or Pay Docket from your employer
- A document showing length of stay at current accommodation, e.g. Lease, Driver’s License or other identification
- Details of your usual household expenditure, including most recent rent receipt or mortgage statement, telephone, gas and/or electricity accounts.
- Any other outstanding accounts
- Copy of your most recent bank statement??
2. Obtain written quotes for the item/service you wish to purchase.
3. Make contact with BANC to make an appointment for a loan interview.
4. Attend a loan interview, ensuring you bring all those documents.
Decisions about loan applications are made by a loan assessment committee. Clients are advised of the committee’s decision 7-10 days following their interview.
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