Loans without collateral or loans without collateral is indeed one solution that you can choose if you are in need of cash quickly.
Unsecured loans provide unsecured loan facilities that might burden potential borrowers who do not have collateral to apply for the loan. That way the borrower does not need to prepare goods or other assets to be used as collateral.
Make lending decisions
Banks or financial institutions that offer this type of loan will only make lending decisions based on the loan history of the borrower in person. By choosing to apply for loans without collateral you will get many benefits including
- Requirements for an easy loan application with a fast process, which is an Indonesian citizen and lives in the territory of Indonesia, aged 21 to 60 years, have a minimum monthly net income of 3 million USD, as well as completing the required documents (KTP, NPWP, Slip salary, savings book, and others)
- The use of loans can be adjusted to the needs needed by the borrower, such as funds to renovate the house, marriage, your education or other family members, treatment, debt repayment, venture capital, and other financial needs.
- The interest rates offered are fixed rates with low-interest rates. For the determination of interest rates, unsecured loans generally use three types of interest calculations, namely flat interest rates, effective interest rates, and annuity rates.
- The installment period is quite long, ie up to 60 months
- Get insurance protection for several credit loan products at certain banks
- The loan limit is quite large, some banks even offer a loan limit of up to 300 million USD.
Repay loan installments
To repay loan installments, some banks offer a choice of ways to facilitate their borrowers by making automatic deposits from debtor accounts, using the interbank transfer method, by using online services such as e-channel banks (internet banking, mobile banking, or ATM), and by making a manual deposit through the bank concerned.
Check it through a loan simulation
Meanwhile, to find out the loan installment table, you can check it through a loan simulation without collateral provided by each bank site to which you want to apply for a loan. You can check the unsecured loan simulation using a loan calculator provided on the bank’s website.
You can enter the amount of the advance in the advance column, then navigate the number of credit and tenor arrows in accordance with the amount of credit and tenor you want. The loan calculator will then display the calculation from the data that you entered earlier.
For the nominal that is displayed, of course, is only an illustration of the credit simulation data without collateral that you want.
Consider the loan simulation without collateral
For more details, consider the loan simulation without collateral with the flat interest method to find out the number of installments that you must pay each month the following:
If you have a net income of USD. 5,500,000 with a monthly repayment of 30% of your net income of USD. 1,650,000. In addition, you also have a mortgage or vehicle installment of USD. 1,250,000 with a fixed interest of 1.25% (15% per annum).
Then the way to calculate the installments that you have to pay each month is to reduce the maximum number of monthly installments you have with the number of other budget installments that have been previously calculated.
Maximum number of installments per month: 1,650,000
Other budget installments: 1,250,000
1,650,000 – 1,250,000 = 400,000
That way the maximum loan installment without grace you have to pay in USD. 400,000
If you still feel confused and want to know more about the exact number you can use a loan calculator application that is widely available on various internet pages.
By doing a loan simulation without collateral as illustrated above, you can get an idea of the number of installments that you have to pay based on the tenor and the amount of interest that has been determined by the Bank.
You can also make careful installment payment planning to reduce the things that are not desirable when entering the loan installment period.