Welcoming Normal New, Pintek Offers Student Loans with 0% Interest

The financial technology finance company (fintech lending) Pintek estimates, many students need funds to support online learning when a new normal. This startup also provides loan products with 0% interest.

“When new is normal, students need online education services, laptops, tablets, and others. It’s a matter of dressing up and we have to be ready,” said Co-founder and Managing Director of Pintek Tommy Yuwono during a virtual press conference on Tuesday (6/16).

On the one hand, many parents of students who lost their jobs or income decreased due to the corona pandemic. Some of them also keep cash there, in order to anticipate the continued impact of the coronavirus pandemic.

Therefore, the company is expanding loan products for students. If previously only for entrance fees, semesters, and course fees, now it can be used to buy books, theses, and the internet. “For students, we provide facilities by providing more flexible funding,” Tommy said.

“Our loan terms are easy because the loan is relatively small. We also provide a 0% interest option for a 30-day tenor.” Not only for students, Pintek provides loans to educational institutions. “When new is normal, schools need infrastructure for online learning such as hardware and software, which has not been budgeted,” he said.

Offers Easy Loans

When schools are opened, according to him, supporting facilities and infrastructure are needed to prevent transmission of coronaviruses such as hand sanitizers, masks, and thermometers. Therefore, Pintek simplifies loan applications for schools.

Pintek provides loans with flat interest below 1% per month and no collateral for schools. “This is expected to be an incentive for schools to strengthen financial and risk management,” said Tommy.

VP of Commercial Pintek Patricia Sanjoto added lending to both students and educational institutions declined in the first quarter. Covid-19 Pandemic also disrupted student study plans in the second quarter.

“This is because there is a decrease in the number of students who take courses, applying for loans for course fees is reduced,” he said. However, lending is expected to increase again in the third quarter.

Some schools and universities will open student registration and there is already clarity of the new school year. “This condition is likely, the need to pay installments in semester fees or tuition fees increases,” Patricia said.

Distribute Loans worth IDR 54.9 Billion

The peer to peer lending fintech organizer PT Pinduit Teknologi Indonesia or Pintek has disbursed loans worth IDR 54.9 billion since its establishment until now. The number of loans disbursed from the beginning of the year until now reaches IDR 51.9 billion.

Outstanding loans to date reached IDR 17.8 billion. The loan was distributed to 2,506 loan recipients (borrowers). The success rate of repayment of loans (TKB) 90 days at the level of 99.85%.

To expand penetration in the education segment, Pintek collaborates with Pinnacle Alfa Education and Cambridge University Press to hold the Achieving Educational Innovation with Strong Budgeting webinar. This step also encourages the creation of education 4.0 in Indonesia as well as producing graduates ready for work who are able to compete on the international scene.

The industrial revolution 4.0 is encouraging teachers to prepare students to face the rapidly changing technological developments. The need for teachers who can think analytically and collaboratively will be needed in the future.

Through this opportunity, Pintek wants to provide easy access for teaching staff and educational institutions themselves in improving their competence as well as building facilities that can support learning activities.

Pinnacle CEO Alfa Educations Arif J. Tarigan said, in the current era of digital learning, the role of all stakeholders in encouraging the success of education 4.0 is needed. In terms of business, collaboration is the most widely spoken keyword. Likewise, collaboration in education is also needed.