Financial problems can come at any time. There are times when some of us have worked really hard but run into a shortage of funds before payday. One solution to this problem is to apply for an employee loan to meet your needs.
What is an employee loan? An employee loan is a fund loan that is specifically intended for employees with applicable terms and conditions. Both in banks and non-bank financial institutions.
This type of loan is divided into several types that can be adjusted to your needs and ability to pay. For more details, let's look at the following information.
Types of Employee Loans
There are several types of credit that are suitable and you can try as an employee, especially for those of you who have a steady income every month. Here are the types of employee loans that you can choose from.
1. Unsecured Loans (KTA)
KTA is a type of credit that is a loan product from a bank and can be used for all your needs, starting from living expenses, business capital, recreation costs, wedding expenses, emergency funds, and so on.
As the name implies, this employee loan or loan is free of collateral so it is perfect for young employees who do not have assets as collateral when applying for a loan.
Usually, there are several requirements that are required before you apply for this loan, these are a minimum age of 21 years and a maximum of 55 years (when the loan is paid off), a steady income, attach several supporting documents such as identity, TIN, credit card bill (if you have one), and payslips issued from the office.
KTA has several advantages such as easy terms and short disbursement, low administrative costs, not requiring collateral, and being a bank product so there is no need to doubt its legality.
However, applying for a KTA loan cannot be with a large nominal, relatively high-interest, loan disbursement seen from the amount of income and credit card ownership.
2. Home Ownership Credit (KPR)
Next is mortgages or homeownership loans. Who doesn't want to own a house? Some people choose to become workers rather than entrepreneurs because they are afraid of risks and not enough capital.
As a result, to own a house, employees usually choose to apply for employee loans in the form of mortgages. Although it does not rule out the possibility of an employee buying a house in cash, some of them choose to take credit considering it takes a long time to save. Not to mention the inflation every year which makes house prices even more expensive.
In carrying out home ownership loans, employees have good points because they are considered to have a steady income compared to entrepreneurs who have considerable risk. The scoring points are getting better if your credit score or debt payment history at several financial institutions is very smooth. In addition to this, the status of permanent employees will also be a special assessment for the bank.
Also Read: Provision Fees Are: Definitions, Costs, and Easy Ways to Calculate
3. Vehicle Loans
The next special employee loan is a motor vehicle loan. As an employee, you can apply for a motorbike or car loan for daily mobilization purposes to become a source of side income. When applying for a motor vehicle loan, there are several things to consider:
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Pay attention to the price of the motorbike, down payment or DP, amount, and installment period. The bigger the DP or down payment you have, the smaller the installments you have to pay. Conversely, the smaller the down payment issued, the greater the installments that must be paid every month. To get around a large number of installments, some of them choose a tenor or a long loan period. However, keep in mind that long loan terms or tenors also have some drawbacks.
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Prepare all administrative requirements for this type of employee loan which includes payslips, personal identification, financial data in the form of bank statements for the last 3 months, and contacts of the guarantor.
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The next thing you need to pay attention to is insurance. Insurance in motor vehicle credit itself is divided into two, namely TLO (Total Loss Only) or All Risk. TLO insurance is a type of insurance that provides protection against the risk of the vehicle being lost or severe damage which makes the car unusable. Meanwhile, all risk insurance is insurance that provides comprehensive protection for all vehicle risks including minor damage. In accordance with its benefits, all risk insurance has a higher premium and usually applies to vehicles with a new year or under 5 years.
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After the vehicle is paid off, you can also ask for the return of the BPKB to be held directly by you considering that during the credit period, you cannot have the BPKB until the credit agreement is paid off.
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The last is fine. You also need to ensure the nominal penalty per day if at any time you are late paying credit because you forget or are experiencing poor financial flows. But you should still pay installments according to the specified maturity so that the credit score gets better it has a good impact on applying for loans in the future.
4. Cooperative Loans
Cooperative loans are one type of private and non-private employee loans that are commonly found in agencies and companies.
The presence of this loan makes it much easier for employees to get loan funds with fairly easy terms and conditions. Among other things, namely being part of a cooperative (cooperative member) and being obliged to pay fees set for each member.
In some institutions, cooperative loan payments can be made by deducting a portion of the borrowers' monthly salaries. The general requirements for becoming part of a cooperative are a photocopy of KTP, photocopy of family card, salary slip, photocopy of land and building tax payments, and photocopy of electricity bill.
5. Multipurpose Credit with a Guarantee
The last type of employee loan is multipurpose credit with collateral. Employees with civil servant status, BUMN employees, and members of the Indonesian National Police/TNI usually apply for credit with collateral in the form of employee decrees to obtain large loans. Meanwhile, private employees can get a loan with collateral or collateral in the form of BPKB for a car or motorcycle as well as a house certificate.
In accordance with the price of the guaranteed asset, you can get a loan starting from 70-85% of the price of the guaranteed asset. If you need a loan with a nominal that is not too large, you can apply for a loan with a motorcycle BPKB guarantee. Meanwhile, for large nominal loans, you can apply for a loan with a car BPKB guarantee or a house certificate.
Also Read: 4-3-2-1 Salary Regulating Formula For A Healthier Financial Cycle
Safe Employee Loan Procedure
When providing employee loans, the finance company will apply the applicable SOP (Standard Operating Procedure). The following are three safe lending procedures.
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1. Conducting employee track record checks
Track record or track record is an act of checking the background and information concerning the borrower. This includes loan records owned, whether there are bad credit or debts that have not been repaid, ability to pay, and so on.
This must be done as a preventive measure so that liquid funds do not fall on irresponsible persons.
2. Establish Maximum Employee Loan Limits
A limit on loan funds needs to be applied to avoid defaults (bad credit). Generally, this maximum limit is determined according to the status of the employee, nominal salary or fixed income per month, and level of position.
3. Make a Letter of Agreement
After checking the track record of the prospective debtor or borrower, the next step is to make a letter of agreement.
This letter contains an agreement covering the loan amount, payment system, interest rate, and loan tenure. Later, the prospective debtor must complete the existing agreement letter which must be signed on stamp duty as legal evidence that the agreement has been made.
For additional information, one of the trusted financing companies for employee loans that you can choose is BFI Finance. BFI Finance provides multipurpose loans with vehicle BPKB guarantees and house certificates. There are several benefits that you can get, such as:
1. Long tenor up to 7 years
2. Interest starts from 0.6% only
3. Disbursement of up to 3 Billion
Requirements that must be met:
1. Minimum age 21 years and maximum 65 years *until full payment
2. Prospective debtors work as permanent employees with a working period of > 2 years
3. Own a house SHM/SHGB in the name of yourself, your parents, or your spouse
4. The house that is guaranteed is not in an alley, fits 1 car lane, and is not in a village
5. The house that is guaranteed is not in the process of being sold and must be occupied or if it is empty for a maximum of 6 months and not close to public facilities
Whatever type of loan you choose, make sure to pay the installments on time according to the agreement and apply for a loan at a financing institution or loan that is registered and supervised directly by the OJK to avoid unwanted bad things. Come on, apply for a large loan that is safe and has many benefits at BFI Finance.
Further information can be accessed at the following link.
Loan Information Car BPKB Guarantee
Loan Information BPKB Motor Guarantee
Loan Information Home Certificate Guarantee
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