Located closer to your location, there may be a type of cooperative that is very commonly found, namely the Savings and Loan Cooperative (KSP).
The public is not oblivious to the fact that this financial institution can be a financial solution when they need unsecured or secured cash loans if they want a larger disbursement of funds.
Explain what is meant by a credit union and give an example.
Savings and loan cooperatives are institutions dedicated to financing business activities in the form of accepting deposits and loans.
Another understanding is that a credit union is a non-bank financial institution whose business activities consist of accepting deposits and making loans in the form of money to its members.
In conducting their business, all types of cooperatives are governed by the same principle, namely the kinship principle. This is intended to help improve the welfare of the Indonesian people.
Some examples of KSPs that are officially registered by the OJK and already have branches spread across various regions, including:
The following are some examples of savings and loan cooperatives in Indonesia:
#1 Village Unit Cooperative (KUD)
KUD is usually found in the field and sticks to the value of the union. The main objective of KUD is to meet the needs of its members in terms of agricultural equipment and materials, as well as to provide savings and loans to its members.
#2 Koperasi Serba Usaha (KSU)
KSU is generally located in rural and urban areas. KSU’s primary objective is to assist its members in capital and business development.
KSU also offers savings and soft loans for its members. In addition, KSU also helps purchase necessities for its members on credit, such as motor vehicle loans.
#3 Market cooperative
A market cooperative is usually located in a market where its members are traders, shippers, and others. The purpose of market cooperatives is to assist their members in terms of capital savings and lending and business results, as well as to meet the business needs of members.
What are the conditions for borrowing money in a cooperative?
The conditions that must be fulfilled to request a loan in a cooperative are: the condition of member of a cooperative or potential member of a cooperative. complete the loan application/proposal form available. Taxpayer Identification Number (NPWP) for loan funds greater than IDR 50 million.
How do I borrow money from a credit union?
How to borrow money at the KSP closest to your location
Submit the required documents and proposals for the presentation of a loan. For business loans, you must go through an interview session with a cooperative officer. Fund lending proposals will be processed and reviewed within a few days.
The requirements for an unsecured cooperative loan are:
- indonesian citizens
- Minimum age: 21 years or 18 years already married
- Maximum age: 55 years at maturity of the loan
- Have an e-KTP
- Have a special NPWP specifically for loans of 50 million without collateral or with collateral.
If the loan application is approved, you will discuss the loan agreement. In the loan agreement, you will discuss profit sharing and monthly installments.
After that, the funds will be disbursed according to the time established in the contract.
Can cooperatives borrow money without collateral?
Because the principle is for the welfare of its members, the cooperative also offers unsecured loans as banking products.
Unsecured cooperative loans will also reduce the practice of profit-sharing lenders.
What is the difference between KSP and the bank?
Cooperatives were established to obtain funds from their members and to improve the welfare of their own members. Meanwhile, banking was established with the aim of raising funds and distributing funds from the community itself.
How much is the interest of the cooperative per month?
Cooperatives tend to be more populist because the interest on cooperative loans usually ranges between 0.3 and 2.5% per month. But keep in mind that usually when you want to borrow funds in a cooperative, you have to become a member or member of the cooperative in question.
How much is the interest on the loan from the Savings and Loan Cooperative? Interest rates for savings and loan unions (KSPs) vary, with some setting an interest rate of 7 percent per year, 8.5 percent per year, or 20 percent per year. It all depends on the type of loan taken.
Also check out other interesting reviews on official online KSP information registered with the OJK, as well as the latest discussion on financial solutions for borrowing KTP security deposits.
Table of fees of savings and loan cooperatives according to the repayment term
Terms of lending money at KSP Sejahtera Bersama
Mandatory requirements and supporting documents needed to apply for credit at KSP Sejahtera Bersama include:
- Must be a member of KSP Prosperous Together
- Minimum age 21 years or already married and maximum 55 years until the end of the installments
- Shipping through the nearest branch or online on the website https://kspsb.id/
Documents to include:
- Photocopy of the e-KTP of the borrower that is still valid
- Copy of KK (Family Card)
- FC Marriage Certificate for those who are already married
- Proof of electricity bill
- current savings account
- real photo of the borrower
- Commercial Certificate SKU Attachment
The loan application process will go quickly if all the requirements can be met and the funds that have been successfully disbursed can be used for all the needs, be it consumption or production.