Check the Fees Charged on a Non-Credit Loan, Many No Yes?

Want to apply for a Non-Credit loan in the near future? You need to know first-hand what the costs to pay when applying for a Non-Credit loan. Check the fees below!

Lending is one way when you are in desperate need of fresh funds right away. Usually the first step is to apply for a loan to a relative or close friend. If that doesn’t work, then the next option is to head to the office. But if that doesn’t work, the bank may be the last option you can go to. Cash loans from these banks are divided into two parts, namely Multiple Credit and Non-Credit. Among these, Non-Credit loans without credit cards are of particular interest because they do not require a loan or guarantee to apply.

Since there is no guarantee

Since there is no guarantee

The process is much faster than Multiple Credit loans because there is no long-term asset valuation. To apply for a Non-Credit loan, you must prepare a few requirements and documents such as a photocopy of your National ID (Tax ID), a photocopy of your Tax ID, pay slip or income statement, newspaper account, and even active credit card ownership for at least 1 year ( not all banks require this).

So how much can I borrow? If the size of a Multiple Credit loan depends on the value of the asset you own, the average Non-Credit loan can give you cash from as little as $ 5 million to $ 30 million up to $ 50 million, depending on the policy of each participating bank. The term tenor provided is not too long as the average installment period is up to 60 months (5 years). But be aware that in this online Non-Credit loan there are some additional fees that you usually have to pay.

There are many cases when a customer lends a loan and is shocked by the amount of additional fees they have to pay. This is not unusual because in the case of Non-Credit loans, there are many additional costs to borrowers. Let’s see what extra costs you have to pay!

Provision Fee

The first cost that you always incur when you apply for a Non-Credit loan without bi checking is the provisional cost. The provisional fee is the cost of repayment to the bank as the Non-Credit loan has been approved. These provisional fees usually cover only 1% of the total loan amount and must be paid only once at the beginning of the Non-Credit loan process.

So suppose the loan you borrowed is $ 10 million, then the provisional cost of the loan is $ 10 million x 1% = $ 1 million. Provision fees will be deducted or deducted directly from the bank’s Non-Credit loan funds that have been successfully liquidated by the bank.

Administration Fees

Administration Fees

Next is an administration fee that you must pay as a fee to take care of your Non-Credit loan application. Unlike the provisional charge of 1% of the total loan, the nominal amount of this administration fee varies depending on the policy of each bank. On average some people charge administrative fees ranging from $ 10 to $ 25. But this number is no different if you apply for a small or large loan as there is only one administration fee for different loan planners.

Upfront Cost

Prepayment fees are usually charged when we take out a motor vehicle or home ownership credit. But do you know that with a Non-Credit loan there is also a down payment. But the upfront cost here is not a down payment, rather than a down payment. This policy does not apply to all banks in Indonesia but only some banks determine the cost of prepayment.

Interest Fees

If the cost of flowers is certain you already know. Whenever you lend to a bank, whether it is a Non-Credit loan or any other type of loan, you will be charged interest on the amount you have to pay each month along with your monthly installment or monthly installment. The magnitude of the interest rate does not depend on each bank and the type of interest charged. If the bank implements a flat or fixed rate flowering system, the interest will remain the same every month. But if a bank implements a floating rate calculation system, then the interest paid on a monthly basis is not always the same as interest is determined based on the market rate so that the range can rise and fall.

The interest rate of the Non-Credit loan determined by the bank can be considered to be quite high in nominal value compared to other loan interest rates. This is due to the lack of guarantees and also the process that comes with faster liquidity than other types of loans. If you want to know how much interest is on a mortgage loan, the average bank will apply interest rates from 9% to 12% per annum.

Fee Fees

Then there are fines that the bank will charge if you are late or late in paying the installment. In addition to the various fine fines, some set 1% of the monthly installments and some set a maximum of USD 200 to $ 25k. Usually this fine will increase if you pay more than one month. So try to always pay the installments on time.

Penalty Fees

Penalty Fees

In addition to the fine, there will be a penalty charge if you accelerate the repayment of the mortgage loan. The fees charged are quite large as they can account for 3% -5% of the remaining Non-Credit loans. This penalty charge is provided in lieu of interest rates that are due along with the installment balance. Although it is said to be a loan repayment, but the average penalty charge is larger so it is best not to pay in advance and pay according to the tenor term.

Insurance Cost

In Non-Credit loans, we will be charged insurance as a form of protection. This should be done by the bank in relation to the tenor term provided by the old Non-Credit loan and if there is any risk to you during the loan installment, the bank will not be harmed. Insurance will be picked up by the bank and will usually be in one package provided to you. The amount of these insurance costs can vary depending on the nominal loan plan and tenor term.