Pintek Launches "Instant Pintek", Adjustment of Education Loans in the Midst of a Pandemic

Platform p2p loans special education sector Smart launched a new product called Pintek Instant. Pintek Co-Founder & President Director Tommy Yuwono said the new service was specifically created to help parents of students from early childhood education to college during this pandemic situation.

According to Tommy, the education sector has been deeply affected by the prolonged Covid-19 outbreak. The first is the increasing unemployment rate and the declining income of most people. On the other hand, there are around 69 million students who have lost access to education during this pandemic, only 40% of the Indonesian population has internet access. Educational institutions are also automatically affected because they need funds to digitize teaching and learning activities.

Actually this Instant Pintek is a version of upgrade from Pintek Student. The difference is, this latest product is able to do credit approvals in just one hour.

The credit limit that can be applied for is IDR 5 million. The urgent need for education funding accompanied by economic turmoil due to the pandemic has made Tommy confident that Instant Pintek can help parents pay off all school needs, from tuition fees, devices for distance learning, and other bills.

"Instant Pintek can be given quickly, there is also an option for restructuring, and it is integrated into schools for submissions," Tommy said in a statement. webinar which they host.

There are two tenor options available for those who want to use Instant Pintek, namely 30 days and 90 days. The 30-day settlement option bears no interest, while the 90-day option bears 2,19% interest. All with a loan limit of IDR 5 million.

"Instant Pintek is limited to schools that we work with. So we invite schools that need this solution, where parents have problems, so that cash flow does not decrease, students can study in peace, they can contact us," he added.

Besides Pintek, in Indonesia there is already a platform others to offer loans in the education sector. Two of them are Cicil, KoinPintar from KoinWorks, and DanaDidik.

Restructuring options

Pintek services have covered 20 provinces in Indonesia with more than 3 thousand borrowers. In addition, they have collaborated with 142 educational institutions. With a fairly large scale and this pandemic condition, Pintek provides loan restructuring options for this Instant Pintek.

Tommy explained that the request for restructuring can be done by filling out the required documents through: customer service they. If this is complete, they will only offer a new installment scheme, of course with the approval of the lender.

"We also increase or justify the criteria scoring us to prevent bad loans," said Tommy.

Through this new product, Tommy targets to get 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 loans those who focus on education are still relatively few in the country.

This Instant Pintek is also a continuation of Pintek's plan when it succeeded in pocketing extension funds from the pre-series round A they were announced last May. At that time Tommy stated that the funds they received at that time would be focused on developing technology that supports the education industry affected by Covid-19.