Pintek Instant, a Choice for Parents during the Pandemic

Pintek, a financial technology company launched Pintek Instant, as an option for parents during the pandemic by providing convenience in financing education for children. Pintek Instant is an upgrade program and is part of the Pintek Students, which provides relief for parents to be able to pay tuition fees in installments, ranging from Early Childhood Education to Higher Education.

Not only for tuition fees/tuition payments, but the Instant Pintek installment program can also be used for all school bills, such as book fees, e-learning, graduation, thesis, and so on. Pintek Instant can be used for funding to schools such as admission fees, tuition fees, books, laptops, and other educational needs.

Pintek Instant has a loan limit of up to 5 million rupiah with tenors ranging from 30 days to 3 months with low-interest rates, starting from 0%. Easy and instant application requirements using only KTP are also the advantages of this product. As for other products, Pintek provides loans with flat interest rates below 1% per month, without collateral for school.

Inviting All Educational Institutions to Provide Facilities to the Community

Pintek also invited all educational institutions to work together in providing this facility to all parents of students and partnering with Education Technology companies. Tommy Yuwono, Co-Founder and President Director of Pintek, said that his party wants to be a driver for the growth of the education sector in Indonesia.

“Education is a key in creating superior human resources who are able to face challenges in the future,” he said in a written statement.

According to Tommy, Pintek as a financial technology company that focuses on education fully supports the government in continuing education in Indonesia with the latest upgrade program, namely Pintek Instant.

“Since the beginning, we have maintained good communication with our partners, namely private educational institutions. Through our team that takes an approach in the field, there are indeed many difficulties in fulfilling the educational needs of parents of elementary to high school students,” he added.

The daily chairman of the Indonesian Joint Funding Fintech Association (AFPI), Kuseryansyah, added that currently financial technology, especially peer-to-peer lending, has targeted various sectors in Indonesia, including the education sector.

“We hope that the innovations that have been made by Pintek can increase the contribution of fintech lending to the education sector in Indonesia,” he concluded.

Reveals the Difficulty of Getting Banks to Give Education Credit

A number of banks are partnering with financial technology companies (fintech lending) to channel loans to Micro, Small, and Medium Enterprises (MSMEs). Meanwhile, Pintek assessed that it is difficult to attract banks to provide loans to the education sector.

Tommy Yuwono, the co-founder and President Director of Pintek, said that no bank has yet looked at financing in the education sector. However, he realized that banks were very careful in extending credit.

“Usually prudent banking institutions, that’s why they ask for guarantees. Meanwhile, education is not guaranteed. This is a service. The entry of the consumption sector,” said Tommy at the launch of the Pintek Instant, Thursday (15/10). He realized that banking focuses on providing financing to productive sectors such as MSMEs.

However, many students need education fees, especially during the corona pandemic. Pintek noted that the demand for loans in this sector increased 10 times per July compared to last year. Pintek disbursed loans of more than IDR 48 billion to around three thousand students and 100 educational institutions.

Another educational fintech, namely Cicil, has also launched a new product, the Cicil Jobs feature during the Covid-19 pandemic. However, this service focuses on reducing bad credit.

Through this feature, student borrowers can apply for jobs as survey workers, MSME reviewers to influencers. Co-Founder and CEO Cicil Edward Widjonarko said the ability of student borrowers to pay installments decreased during the coronavirus pandemic.