Multipurpose credit or KMG is a type of loan that is now increasingly in demand by the community. As the name implies, KMG has a variety of uses. You can use this type of loan to meet all kinds of your needs provided you have valuable items that can be used as collateral, the type of collateral that is usually used for this type of loan is collateral in the form of land or buildings. In general, multipurpose credit requirements are not much different from the types of bank loans and other financial institutions, namely the borrower must complete documents such as KTP, Marriage Certificate (if married) Family Card, Salary Slip, Bank Savings Account, photo, NPWP , letter of submission collateral, and credit application.In Indonesia alone there are two KMG service provider institutions, namely banks and finance companies.
Multipurpose credit loan vs other loans
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Multipurpose credit loans usually require a longer process when compared to other loan products The bank or multifinance institution will usually provide news at least 2 weeks to approve the loan application that you submit. That is because the lender must carefully examine whether the collateral you have provided is acceptable or not. That way the nature of this loan cannot be used to meet very urgent needs.
Multipurpose loans are usually used by community members to open professional businesses, finance education and investment needs in large enough quantities. For charging interest rates to borrowers, multipurpose loans use three types of interest rates, namely effective interest rates, flat interest rates, and floating interest rates. Then how is this multipurpose credit payment? Is the payment method the same as other loan products? The following is an explanation of how to pay multipurpose loans that may be useful to be used as an illustration before you decide to apply for this type of loan.
The bank or multifinance institution that provides multipurpose loan services is always trying to provide the best service for its customers. The bank or multifinance institution will provide facilities for the borrowers to make loan repayment payments every month. Multipurpose credit loan installment payments can be paid by transferring services between banks via ATM, making deposits directly to the teller, or through auto debits from the debtor’s account. For customers who already have savings at a bank that provides credit funds, the bank will apply auto debits in accordance with mutually agreed agreements.
Auto debit is an electronic payment made directly from a bank account. This type of payment allows the bank to withdraw a certain amount of funds from the borrower’s account to pay installments. This type of payment through auto debit is considered to be more practical and easier, because it has been systemized automatically, so you don’t have to worry about being late in making loan repayments because of forgetting or due to other obstacles. In addition to providing loan installment payment facilities, auto debit can also be used for a variety of other payments, such as installments for purchases of goods, payments for telephone, electricity and others
Multipurpose loan repayment
One thing you need to remember during the multi- purpose loan repayment period in Milliki is that the types of interest rates imposed by this type of multipurpose loans do not always use flat or fixed interest rates. So the amount of installments to be paid in the first year may have a difference with the amount of installments to be paid in subsequent years. As for the maturity period itself, the loan installment payment will usually be determined on the same date as when you make the first installment payment.
Thus the explanation of how to make multipurpose credit payments that you can make an illustration before applying for this loan. Make sure you know the due date and clearly understand how to repay multipurpose loan installments to minimize the undesirable things during the loan repayment period.