Brilio.net - Talking about borrowing money in cooperatives, one thing we often hear about is KUR . The general public only knows that KUR can be borrowed from cooperatives. You need to learn how to borrow money from a cooperative so that you don't feel disadvantaged when you encounter strange things there.
There are many types of cooperatives. Not only that, cooperatives can be found everywhere in any form. One classification of cooperatives is based on their operational practices. This is based on documents from the Ministry of Cooperatives and Small and Medium Enterprises, abbreviated as Kemenkop UKM, including Village Unit Cooperatives (KUD), Civil Servant Cooperatives (KPN), Employee Cooperatives (Kopkar), Market Traders Cooperatives, Student Cooperatives (Kopma), Promer Navy Cooperatives (Primkopal), Air Force Cooperative Primer (Prinkopau), and other cooperative practices.
These types show ease of access when we use the facilities of the cooperative. Moreover, if you become an employee in one of the work units, you will usually also establish a cooperative. Becoming a member of a cooperative means you also have savings and loan rights.
Cooperatives are definitely an option for urgent funding needs. Nationally, it is clear that cooperatives are based on family and are an option for you to consider borrowing money. You can discuss it with the cooperative management when you need a loan.
The following is how to borrow money from a cooperative when you need a solution for your urgent funding needs, compiled by brilio.net from a summary of various sources, Thursday (29/2).
Conditions for borrowing money that must be met
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Currently operations are institutions that can be used to borrow money, but they are different from banks in general. Cooperative membership is special. Borrowing money from cooperatives can only be done by cooperative members. You cannot borrow money from another cooperative even if you have registered with one cooperative.
Registering as a member is your initial gateway to borrowing from a cooperative. You need to confirm your membership status first before looking for loan terms. The conditions for borrowing money from a cooperative are usually as follows:
1. Indonesian citizen (WNI).
Cooperatives only exist in Indonesia. This is because cooperatives were founded from the start when there were financial problems among Indonesian citizens. This first requirement can be shown with your National Identity Card.
2. Membership is individual.
The system in the cooperative is individual. You can only borrow in your name and cannot represent or be represented. Automatically, loan profits and repayment expenses will be legally recorded as your responsibility.
This membership concept actually refers to the rights and responsibilities inherent in registered members in all cooperatives. Likewise, in the registration process, from the start your name is registered personally and does not represent any institution.
However, cooperatives also implement openness for every individual who wants to register. Within the scope of student cooperatives, cooperatives are only intended for students of the relevant campus, employee cooperatives are only for employees of a company, and other similar examples.
3. Pay off responsibilities.
As is known, each member has their own responsibilities. When you want to borrow money from a cooperative, of course you have to pay off your responsibilities. Cooperative management records all forms of financial activities of all members. When you apply, you will be checked how complete your principal savings and mandatory savings are.
4. Agree to the relevant rules in the cooperative.
You must know and agree to the regulations in the cooperative including the Annual Member Meeting, Articles of Association and Bylaws. Being a good member will make the borrowing process easier.
The document requirements that you must fulfill include:
1. Member identification
2. Have filled out the form or provided a proposal to apply for a loan.
3. NPWP if your loan is above IDR 50 million.
4. Husband and wife ID cards, accompanied by a marriage certificate if they are married.
5. Family Card
6. Electricity account, salary slip, or pension book (depending on each cooperative)
7. Collateral (can be in the form of BPKB, land certificate, deposit, or other valuables according to the rules of each cooperative)
8. Proposal for borrowing money.
An important note in the process of borrowing money from a cooperative is the authenticity of identity. All the documents you provide will support the nominal amount of the loan and the trust of the cooperative management. Try to fulfill all the requirements given so that the loan is easier to process.
Reasons for choosing to borrow money from a cooperative
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As a member of a cooperative, of course you know that in a cooperative there is residual money from business profits (SHU) which will be distributed to members. All forms of profits in the cooperative will return to its members. If the loan contains profits that go to the cooperative, of course it will go back to you.
Many people choose to borrow money from cooperatives because cooperatives often offer lower interest rates compared to other financial institutions such as banks or microfinance institutions. This is caused by the ownership and operational structure of cooperatives which are oriented towards the interests of members, not towards seeking maximum profits. That way, cooperative members can get loans at more affordable costs.
Apart from that, borrowing money from cooperatives is also often easier and less complicated than from traditional financial institutions. The lending process is usually more flexible, with requirements that are easier to fulfill, especially for cooperative members who already have a good membership history. Cooperatives also tend to be more concerned with local needs and their members, so they can offer loan programs that are more appropriate to the conditions and needs of local communities.
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How to borrow money from a cooperative
1. Follow the procedures of the cooperative you are joining, then pay attention to where you can apply for a loan.
2. Submit the requirements in the form of documents such as KK, KTP, and other files according to the cooperative you are joining.
3. Submit an application for borrowing money at the cooperative in the form of a proposal containing a plan for how you want to use the money.
4. Wait for the process of examining the proposal you have made by the cooperative management.
5. After the inspection, you will be asked by an officer to discuss the loan amount and repayment deadline.
6. You will sign a document as proof of the agreement to borrow the money you have applied for.
Intern: Robiul Adil Robani