Gadjian Collaborates with KoinWorks for Employee Loans

Payroll platform Gadjian announces business collaboration with p2p loansCoinWorks to market employee loans to provide additional value to Gadjian corporate clients for its employees. This collaboration is present in the Benefide module which was first released by Gadjian.

"We launched this benefit with our first partner starting from KoinWorks. So in this Benefide there is added value that the company can provide to its employees, in addition to providing salaries," said CEO and Co-Founder Gadjian Afia R Fitriati, Thursday (3/5).

According to Afia, employee loans are a retention tool that companies can use so that employees can focus on work without being distracted when there is a sudden need for money. For companies, issuing cash receipts is a burden in itself because it is not included in the core budget.

"But with this collaboration the company continues to provide benefits to its employees without burdening the company's finances."

He admitted that he would continue to add other benefits for clients in the Benefide module. All of these benefits are expected to provide a special attraction for Gadjian's clients, as well as an effort to attract new clients.

As of now, Gadjian has clients of around 300-500 companies with a total of 6-10 thousand employees.

Application procedure

KoinWorks CEO and Co-Founder Benedicto Haryono added that for this loan application process, previously the HRD team needed to activate the loan feature in its dashboard. Then fill out the form and submit directly to KoinWorks.

In the process, KoinWorks will conduct an assessment before issuing the MoU to the client. After that, employees of the company can directly apply for loans via their dashboard. The review process will be carried out again during one working day.

"Employees who want to borrow also have standard requirements, such as having worked at least six months at the company, their status is still actively working, at least 21 years old and submitting KTP, KK, and account mutations for three months," explained Benedicto.

Every employee who applies for a loan to KoinWorks, has the advantage of being able to borrow funds up to 6 times above salary, interest 1-1,2% per month with a maximum tenor of 12 months, funds can be transferred to any account.

The amount of interest paid, according to Benedicto, is quite competitive if you borrow on a regular basis. The interest rate for business loans ranges from 0,75-1,7% per month or 9-20% per year.

Benedicto is optimistic that the company can serve Gadjian's clients in line with its efforts to realize its loan disbursement target of up to Rp1 trillion by the end of this year. Until the end of April 2018, the company had only realized the distribution of around Rp. 170 billion with a total of 50 thousand funders.