YOGYAKARTA - The cost of provision is a term that must exist in credit or bank loans. When applying for credit, there are several costs charged to borrowers or debtors. One of the costs that must be paid by the debtor is the provision fee.
Provision costs will be charged in applying for mortgages (House Ownership Credit), KTA (North Credit), KMG ( Multipurpose Credit, and other types of loans. Usually each bank or financial institution has its own policies.
If you want to apply for credit or loan to a bank, you have to understand what it is. how much, to how to calculate it.
What is the Provisional Cost?
The provision fee is the fee that must be borne by the debtor when the loan application is approved. Payment of the provision fee is made once, namely at the beginning of approval by cutting part of the loan given.
The provision fee can be referred to as a number of costs that must be paid by the debtor to the creditor or lender. The provision fee becomes the cost of handling the loan search that has been approved.
The debtor's dependent provision fee will be deducted directly from the total loan submitted by the debtor. The amount of the discount can vary depending on the bank or company's policy that provides the debtor.
Differences in the Provision Fee and Administrative Fee
In applying for loans or credit, there is usually an administrative cost burden and a provision fee. The administrative costs are quite recognizable. So what is the difference between the provision fee and administrative costs?
The provision fee is used to fund the required needs during the loan approval process. Examples are the application of marketing commission fees, photocopy of documents or other files. The amount of the provision fee ranges from 0.5% to 3.5% of the total credit value. This fee is paid once, before receiving credit.
Administrative costs are used for work taking care of documents during the mortgage application process and other credits. The fee that must be paid by the debtor is IDR 250,000-IDR 500,000. Payments are usually made before the credit use process.
How to Calculat the Provision Fee
The provision fee that must be paid at the beginning can apply automatic deductions. How to calculate the provision fee?
The following is a simulation of the calculation of the provision fee.
Credit value: IDR 350,000,000
Provisional costs: 1.5 percent
Calculation of provision costs: IDR 350,000,000 x 1.5 percent = IDR 5,250,000.
Then you just have to calculate the results, namely the total loan minus the calculation of the provision fee: IDR 350,000,000 - IDR 5,250,000. = IDR 344,750,000
From this calculation, it can be seen that the provision fee that needs to be paid is IDR 5,250,000. Meanwhile, net credit or loans that have been deducted from the provision fee amounted to Rp. 344,750,000.
Tips for Obtaining Free Provision Fees
The actual cost of provision can also be obtained free of charge, but under certain conditions. Here's how to get a free provision fee.
That is the explanation of creditors, the amount of costs, and how to calculate them. Banks and financial institutions also provide free creditors loans for prospective debtors who meet some of the conditions imposed.
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