For most people, going to the bank will be more effective than applying for unsecured loans. Not only is the problem of getting a credit limit that can be greater, but a much lower interest rate is one of the special considerations in this regard. Multipurpose loans have a much longer repayment period, so they can be utilized more efficiently and optimally.
But as we all know, the application of multipurpose credit must, of course, be accompanied by the submission of collateral as well. This is what often makes people think long in applying for this loan to the bank because not everyone wants to take risks on the assets they have, especially assets that have great value for them.
Deposits as collateral
There are many people who are reluctant to guarantee a house or land that they have for generations, where the asset certainly has a number of memories that are very valuable to all family members, so it would be very risky if guaranteed.
Or even, on the other hand, there are many people who do not have a number of assets that can be guaranteed to apply for a multipurpose loan, so it is not possible for them to take the long-term loan from the bank.
Some obstacles related to assets that can be used as collateral for multipurpose loans certainly make the banks rack their brains to find solutions. A number of funds owned by banks must be disbursed to the public so that banks can have income from this, so it is very natural if the banks think of various ways to be able to disburse these funds.
Lately, several banks have made possible submission of deposits as collateral in obtaining multipurpose loans. This is certainly good news for customers who have been struggling to apply for the loan.
Submitting deposits as credit guarantees
In general must be a deposit in the same bank, meaning that the deposit is in the same bank as the bank that will be used as a source of multipurpose credit to be submitted. That way, banks will find it easier to verify various relevant customer data.
Although not all banks accept deposits as credit guarantees, several national banks have made this possible, so that customers can have several banks that can be used as an option. Submitting deposits as a credit guarantee will provide several benefits, such as:
Even though they do not have bad intentions in applying for a loan from a bank, this action always poses a risk to customers, especially if they submit certain assets as collateral for the loan application.
If at any time the customer experiences a default, then the asset can be taken over or even auctioned off by the bank as the lender. Things like this certainly make some people reluctant and unwilling to submit their assets as collateral for multipurpose loans.
But it will be very different from the submission of deposits as collateral because deposits are a number of funds that are basically used as investment/savings funds by the customer concerned. The customer will not take a large amount of risk, as when applying for assets as collateral for the credit.
Deposits carry a smaller amount of risk compared to other assets such as property or vehicles that can be obtained with a very long process or even inheritance for the customer.
In general, the submission of deposits as collateral for loans must be deposited from the same bank where the credit will be submitted. That way, the credit application process will take place fairly quickly, where the bank will only need a few days to conduct the verification process of the data submitted because they already have most of the data before.
It would be very different if what was proposed as collateral was a number of other assets such as a house or plot of land, then the bank would require a much longer time because the bank had to make an appraisal process for these assets.
This process is intended to see and know clearly the estimated value of the proposed assets. In practice, the appraisal process will require a considerable amount of time, so that the disbursement of funds will be longer than the submission of deposits as collateral.
Appropriate Credit Ceiling
Usually applying for deposits as a multipurpose credit guarantee, will make it easier for customers to see the amount of loanable funds they can get. This amount will be determined based on the amount/value of the deposit to be guaranteed.
In general, the bank will provide a loan amount between 70% -90% of the total value of the guaranteed deposit, so that from the beginning customers can easily have a clear picture of the loan size that they can take home.
It can also make it easier for customers to decide how much funds they need and how much they will propose as loans to banks.
Low Loan Interest Rates
Consideration of relatively low loan interest rates is also one of the reasons for the importance of applying for collateral in obtaining multipurpose loans.
The bank promises lower interest rates on the condition of submission of collateral, and customers can make good use of it because after all this loan interest will greatly affect the amount of debt that will arise later, so it is very important to get a loan with the lowest interest rate .
Submit and Get Benefits
Don’t think that multipurpose credit is so difficult to obtain, with a deposit guarantee now it will certainly be easier to access. An easy process and also a number of mild conditions can be used as more value from this loan.
But always remember that all loans are debt, so it is important to consider applying for multipurpose loans from the start. Propose and use multipurpose loans appropriately, and last but not least is to make timely repayments so that deposits remain safe and do not change hands.