Multipurpose loans from a bank can be used for the previous purposes, even to pay for a vacation with the family.
The amount borrowed itself can be adjusted to the need. The amount available from multipurpose loans ranges from Rp 2 million to Rp 2 billion from some banks, of course depending on the policy of the bank and the financial profile of prospective customers.
The bank requirements are nearly always the same – prospective customers must have a valid identity, a stable income with a minimum service life span of two years and be at least 21 years of age. Bank also limit the maximum age when for loan repayment with is is 55 years for employees, and 60 years for employers.
The loan term can also be tailored to the wishes of prospective customers. This could be in 12 months or up to 10 years. Quite often there will be a bank that is willing to extend the credit loans to 20 years.
Of course, in taking a bank loan, there are interest charges to be paid, and the amount will vary from bank to bank. Some are from 9 percent to 12 percent. The amount of the interest rate is also adjusted to the life of the loan, at the beginning is typically between 6 months -12 years being a flat rate or ‘fixed’. After that time period there will be an applicable floating rate that is adjusted to the bank’s policy.
One thing that should be underlined is a matter of interest, the interest is usually higher for multipurpose loans, because it is more flexible. Flexibility gives freedom in determining the assurance that customers do not have to land or buildings.
Prospective customers can thus guarantee the buying of vehicles in less than five years, as the amount of multi-purpose credit applications can be more than 30 percent of the value of tangible assets. The bank multipurpose loan can be100 percent as opposed to deposits being needed first.