Kredivo launches lowest cost personal loan in Indonesia
By Digital News Asia December 6, 2018
- Disbursal to the user’s bank account is instant, with no collateral needed
- Offer Mini loans of up to US$209and Jumbo loans of up to US$2,092
KREDIVO, Indonesia’s leading digital credit card for millennials, has launched personal loan offerings for its users as part of its efforts to offer its customers a full suite of consumer credit offerings.
Kredivo’s personal loans, in line with its vision to be the lowest-cost provider of consumer credit in the country, carry 2.95% in interest per month, representing a significantly lower interest rate than what is offered by any other digital lender in the country.
Kredivo’s personal loans are available in two varieties: Mini and Jumbo. Mini allows users to borrow up to Rp3.000.000 (US$209) with a 30 day tenure and Jumbo allows users to borrow up to Rp30.000.000 (US$2,092) with up to a six month tenure.
The size of the loan that each user can take is linked to that user’s specific credit limit; upon selecting the loan amount and loan term, the disbursal to the user’s bank account happens instantly, with no collateral needed. This is another first in the country.
Commenting on the launch, Adiska Haryadi, head of Product for Kredivo Personal Loans, said, “Access to personal loans has been the #1 request from Kredivo’s customers and we are delighted to make a best-in-class offering available to our customers.
“In line with our philosophy of creating the best possible product for our customers, we have designed a product that is lowest-cost in the market and provides instant disbursals, literally within 10 minutes.”
In addition, Indina Andamari, head of Marketing for Kredivo, said, “Kredivo’s vision is to enable access to credit to Indonesian millennials at scale and at the lowest possible cost. We are thus delighted to be able to make the Personal Loan product available to all of our users at the cost that far lower than the competition just in time to meet the year-end needs.
“While our competitors are charging 1% per day, we are just charging as low as 2.95% per month. Indonesian millennials can now get the best end-of-year deals for shopping and travel and pay later at ease.”