Tips for Submitting Loans at a Union

women calculating loans
Woman calculating loans (
Did you know? you can apply for a loan for business capital at a local union (or koperasi). Currently, unions now also provide loan products specifically for members and even non-members.
What are the conditions for making a loan at a union?
1. Indonesian citizens;
2. Membership will be individual and not in the form of a legal entity;
3. Paying principal deposits and mandatory deposits in accordance with applicable regulations;
4. Approve the Articles of Association, Bylaws and also the applicable provisions in the union
After becoming a member of a union, you will be facilitated to borrow money. The conditions are:
1. Status as a member of a union or prospective member of a union
2. Fill out the loan form
3. Submit a copy of husband and wife’s ID card when married
4. Submit Copy of CoW, Electric Account, Pay Slip and Collateral
After completing the general conditions above, then you as a member just follow the next steps, namely:
1. Completing the loan fund proposal by submitting a proposal for the purpose of using the funds, for example for business capital or otherwise;
2. The management of the union will later consider your loan proposal according to the loan procedure that has been predetermined;
3. If the loan proposal that you submit is approved, then the loan disbursement and the length of return will be adjusted based on the agreement that has been stated in the union loan agreement.
Then, what are the benefits of borrowing business capital from unions? One of the most important, of course, is a light flower. Here are some types of interest that are usually charged in unions:
1. Flat interest: this type of interest is often used in short-term loans, the purpose of flat interest is the calculation of nominal interest is always the same every month;
2. Declining interest: This interest is the type of interest that is influenced by the amount of the principal loan, the smaller the loan, the smaller the interest;
3. Effective Interest Decreases: This one-interest calculation method is also often used in loans in unions. This type of interest is calculated from the final balance in each month, so the interest you pay will decrease every month.
It’s easy, right? Now who’s interested?

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