Unsecured Credit is one of the most popular loan products in providing fast funds loans. However, almost all banks provide these credit facilities. Then what products are suitable for your needs? Before submitting a loan without collateral, let’s consider the 11 features offered by Personal Loans that you need to know.
If you are talking about a loan or credit product from the bank, the majority of you will immediately consider the tenor and interest rates to calculate your ability to pay it off. But have you ever considered other features that might be different for each bank?
In addition to the costs that might arise, you can compare several products before making a decision. This will be very beneficial and beneficial for you as a customer, you know. For example, Sam Hamilton will describe what features are offered by Unsecured Loans that you need to know and compare them to 3 large banks.
Because the risk of the bank in loans without collateral tends to be large considering that there is no guarantee or collateral that is the bank’s hand in providing credit, the loan ceiling provided is generally not too large. This is done to minimize possible losses. Like the example of the comparison of above, SWA provides the largest loan range, namely:
The second feature that is usually the main consideration in applying for is the amount of installments or installments per month. The amount of the installments per month is determined by the amount of the principal and the interest charged for the month. Installments per month can vary in size depending on the interest rate currently in effect.
In the comparison example, you can see that with the loan amounting to Rp.10,000,000 and the tenor of 12 months, the monthly installments of SWA are the lowest, amounting to Rp920,833 per month.
The amount of interest charged varies for each bank in the range of 10% to 23% per year. Types of interest rates charged on the is a fixed interest rate (fixed) so that its value will always remain in each period. Interest costs will be calculated according to the amount of the loan agreed before deducting the provision fee. In the above case, the prevailing interest rates are as follows:
|SCE||17.88% (specifically in Bandung and Surabaya)|
The length of the loan is given or often referred to as the tenor becomes a determinant of the borrower’s ability to pay installments every month. But don’t be afraid, now many banks offer tenors that are long enough so that installments of will not be as heavy as you might think.
Some banks that offer special features include ANZ MoneyLine, Neobank Regular, Bank Bukopin Multipurpose Credit, BII Payroll, and others. Through the same example, the maximum tenor offered by the three banks is above:
Submission of is usually intended to meet fast funding needs because of very urgent needs, such as relatives who need treatment. Thus, one of the features offered by several banks is a fast disbursement process under 5 days, even 3 days.
Approval of the loan ceiling to be approved by the bank has its own benchmarks. The bank will consider your ability to pay installments per month by conducting several checks, one of which is to check your monthly income. Each bank has a different standard in determining the amount of loans based on income per month. The average bank applies a minimum salary requirement of Rp 3 million to Rp 10 million per month. In the example above, the three banks determine the minimum income per month that is different, namely:
Fees or administration fees will usually be charged to the borrower if you apply for. Usually it will be charged at the beginning of the loan application process.
In the example of a comparison of the 3 banks above, the following are the provisions of the provisions imposed:
In loan products without collateral, there are also provisions in the form of penalty fees if you pay faster than a predetermined time. The fee is an accelerated repayment fee which ranges from 5 to 6% of the rest of your loan. This fee is a consequence of the violation of the tenor agreement that was agreed by both parties (the debtor and the bank) at the beginning of the agreement. However, there are now several products that free up early repayment fees so you can pay them off at any time.
|Bank||Accelerated Repayment Fee|
Aside from not being able to pay faster than the specified time, you are also not allowed to pay late. There are fees charged to customers if they are late in paying installments. Like the late fees on other loan products, these costs are usually quite large and will be very detrimental to the customer.
Late payment fees are usually set in percentage. In the 3 bank example, the cost of the delay is as follows:
Other costs are costs that have not been included in the costs mentioned at the beginning of the agreement and can vary in their components. The usual fees are annual fees, cancellation fees, and so on. In the example above, other costs that arise are:
|SWA||Provision fee of 1% of the maximum eenmalig credit|
|Neobank||Annual fee of IDR 150,000 (2nd to 5th year)|
Because it is urgently needed, the majority of borrowers will look for banks whose requirements are few and tend to be easy to prepare. Some examples of general requirements required by banks include:
|No.||Document / type of work||Employee||Entrepreneurship||Professional|
|1||Photocopy of KTP / KITAS||√||√||√|
|2||Proof of Income (Salary Slip / SKP / SPT)||√||x||√|
|3||Photocopy of Credit Card||√||√||√|
|4||Photocopy of Savings Account (last 3 months)||x||√||x|
|5||Photocopy of Professional License||x||x||√|
|7||Photocopy of Deed of Establishment / SIUP / TDP||x||√||x|
However, in the example above, some of the requirements given by the three banks are:
|1||Citizenship||Indonesian citizen||Indonesian citizen||Indonesian citizens, foreigners and permanent residents|
|3||Work||Employees, entrepreneurs, professionals|
|6||Photocopy of NPWP / SPT PPh||√||x||x|
|7||Credit Card (limit> IDR 6 million; ownership period> 12 months)||x||√||√|
Disclaimer : The mention of the brand in this article is only intended as a means of education, not for other purposes.
Although Unsecured Credit can be considered as a solution in fast funding needs, and you need to disburse funds as fast as lightning, you should first compare some of the features available and also compare the benefits and disadvantages of each of these features to benefit you.
For example, prioritize your needs from the most important so you can easily compare features. The process of comparing products will indeed take a little time, but it can actually help you and allow for a faster liquefaction process. Just by looking at the disbursement time of each bank and the costs that arise in, you certainly can determine the best choice for you right?
Do you have questions about the features offered by other Unsecured Loans? Leave your comment below. If you have questions, please submit your question in the column below. Our Financial Planner is ready to help you, thank you.