Pintek Introduces "Pintek Instan", Adjusting Educational Loan Amid Pandemic
Loan reaches up to Rp5 mio within 1-hour approval
The specific p2p lending platform for the education sector, Pintek, launched a new product called Pintek Instant. Pintek's Co-Founder & President Director Tommy Yuwono said the new service was made specifically to help parents of students from early childhood education to college during this pandemic situation.
As Tommy said, the education sector was severely affected by the Covid-19 outbreak. First, the increasing unemployment rate and the decreasing income of the majority of the population. On the other hand, there are around 69 million students who lost access to education during this pandemic, only 40% of Indonesia's population has internet access. Educational institutions are automatically affected because they need funds to digitize teaching and learning activities.
In fact, Pintek Instant is an upgraded version of the Pintek Student. The difference is, this latest product is able to do credit approval in just one hour.
The credit limit that can be submitted reaches IDR 5 million. The urgent need for education funding along with the economic turmoil due to the pandemic has made Tommy believe that Pintek Instant can help parents to pay for everything in school, from admission fees, gadgets for distance learning, and other bills.
"This Pintek Instant can be given quickly, there is also an option for restructuring, and integrated into schools for submission," Tommy said in the webinar.
There are two tenor options available for those who want to use this service, 30 days and 90 days. The 30-day settlement option has no interest, while the 90-day option will cost 2.19% interest. All with a loan limit of IDR 5 million.
"Pintek Instant is limited to schools partnered with us. Therefore, we also invite schools in need of this solution, where there are parents who experience problems, therefore, cash flow does not decrease, the students can learn in peace, to contact us," he added.
Apart from Pintek, there are other fintech lending platforms in Indonesia that offer loans in the education sector. Some of them are Cicil, KoinPintar from KoinWorks, and DanaDidik.
Restructuring as an option
Pintek service has reached 20 provinces in Indonesia with more than 3 thousand borrowers. In addition, they have collaborated with 142 educational institutions. With a large enough scale and this pandemic condition, Pintek provides loan restructuring options for Pintek Instant.
Tommy explained that the restructuring application can be done by filling in the required documents through their customer service. After completing the document, they will offer a new installment scheme, of course, with the approval of the lender.
"We also improve or justify our scoring criteria to prevent bad credit," said Tommy.
Through this latest product, Tommy targets to gain around 5,000 new borrowers in the next six months. This target is very likely to be achieved considering the large funding needs in the education sector during this pandemic and the number of p2p lenders that focus on education is still relatively small in the country.
Pintek Instant is also a continuation of Pintek's plan after securing an extension fund from their pre-series A round which was announced last May. At that time, Tommy stated that the funds they obtained is to be focused on developing technology that supports the education industry affected by Covid-19.
– Original article is in Indonesian, translated by Kristin Siagian