Personal Loan FAQs

Processing time for personal loan varieds for each bank. On average, it takes 14 days from the date we apply for one until the loan is disbursed. However, several banks can process your loan only in 2-3 days. Other thing that affect processing time is historical credibility of debtors. If the debtors had previously take loan from a bank and repay it on time, then the next time they borrow to bank they might get approved faster than someone who never before applies for a loan.

First is annual fee. Banks usually charge an annual fee for the first year and the following year. For the first year, bank will charge you a certain percent of fee from the total loan value upfront, and will be deducted from your loan value. The following years, bank will charge fixed annual fee, which must paid on the 13th of the month, the 25th, and so on.

Second is administration fee. Bank will charge this fee upfront, usually deducted from the initial loan value.

Third is loan disbursement transfer fee. Banks will charge this fee upfront, usually deducted from the initial loan value.

Fourth is late payment fee. Banks will charge you if you failed to pay the instalment until deadline.

Fifth, early repayment/cancellation fee. The bank will charge a certain percentage from the total loan value that has not yet been repaid. However, some loan providers may waive this fee.

Every bank has different method to evaluate customer loan application. However, there are some process that bank analyst will usually do to evaluate their potential customer.

First, the analyst will do BI Checking, a process where he or she downloads the credit history data from the Bank Indonesia Debtors Information System (in Bahasa: "Sistem Informasi Debitur"). On that system, all historical activities regarding the credit card and loan is recorded. This is the initial step to evaluate customer application quality.

When you already pass BI Checking, the analyst will do a phone survey to confirm and validate the application form you have filled in. Don?t lie during the survey because it might harm your current and future application process. If you are qualified with bank's standard, then in several days after the survey, it will call you again to sign the contract and your loan is ready to be disbursed.

personalloan.faq.term.title.4=Do I need to have credit card to be eligible to apply for a personal loan?
Yes, you could negotiate the interest rate charged on your loan. You need to call the bank representative to negotiate for a lower interest rate. Banks usually can give lower rates for credible and trusted debtors.
Banks also offer secured overdraft, in which debtors need to put collateral. Usually, interest rates on secured overdraft is lower than unsecured one. In Indonesia, an example of an asset that can be put as collateral is their time-deposit placement with the bank.
Overdraft fees is varied for each bank. But in general, overdraft fees are quite similar to fixed instalment loan fees. Several banks in Indonesia even waive overdraft administration and cash withdrawal fee to attract customers.
Payday loan usually can be disbursed in a very short time, many can be processed less than a day. Before you taking out your loan, lenders will arrange meeting physically or by phone to explain fees, terms of payment and other responsibilities that occur when you agree to take out the loan. The interest will compounded on daily basis. For a disciplined debtor, lenders usually charge lower interest rate for the next borrowing.
First, interest rate fee. It will componded daily from principal amount. Second, extension fee. Borrowers is able to extend their loan, if they can't repay their loan. Third, late-payment fee. Lenders will charged borrowes with a huge fee if they can't make payment on time (and borrowers didn't get approval for extension). Fourth, debt collector fee. This fee will be add to your balance if you ask lenders to take out payment for your loan at your home.
This is a fee imposed when you attempt to pay down your loan before the given loan tenore. A typical sum is 5% of the remaining loan amount, but this varies significantly between banks.
This is a form of revolving credit facility. If you are granted a credit line, you can borrow a given sum of money (usually up to two times your monthly income) as and when you need it, offering you the flexibility that you don't get with a personal loan.
A credit line usually has a lower interest rate as opposed to a credit card. It is more tolerable to use a credit line for these rollover debts, as the interest rate is more manageable. Additionally, you will be charged a cash advance fee on a credit card. Credit lines charge no fees when you withdraw funds from it.
A balance transfer is a way to transfer debt in such a way that you incur lower interest rates. This is done by transferring the debt on a credit card to a credit line (which has lower interest rates), or to a credit card that specifically offers lower rates for a balance transfer.
If you are about to incur rollover debt (you are not able or willing to pay your credit card in full at the end of the month), and the amount of the debt is significant, you should consider making a balance transfer to reduce the ongoing interest rate.
A secured loan means there is some form of collateral (guarantee) made to the bank. Examples of collateral include your property, car, stock portfolio, gold assets, etc. The value of the collateral must exceed the loan amount. If you do not repay the loan as agreed, the bank has the right to seize the collateral. while an unsecured loan does not require collateral. There is no guarantee beyond your signed loan agreement (which is a legally binding contract).

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