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Bank Rakyat Indonesia (BRI) is to offer collateral-free loans
to would-be migrant workers looking for jobs overseas through
recruitment firms.
The first loan deal was signed Friday with recruitment agency PT
Binawan Inti Utama, which will pass the loans on to workers currently
being trained by the company.
Under the agreement, the loans will be used to finance the training and
the accommodation of the would-be migrants, and the processing of the
necessary documents before they leave the country.
Bank Rakyat Indonesia president director Sofyan Basir said that the
bank would disburse around Rp 100 billion (US$10.7 million) in loans to
Binawan Inti in 2007, and more in subsequent years.
The loans will carry an interest rate of 14 percent, with various
tenors depending on the amount of each loan and the salaries of the
migrant. A skilled migrant, such as a nurse or a construction
supervisor, with a monthly salary of about Rp 30 million, will be able
to secure loans of up to Rp 50 million.
"We are offering the financing scheme to skilled workers only as they
will earn quite a lot. We think they will be able to pay off their
debts in three to five months," said Sofyan.
Binawan Inti president director Saleh Alwaini said that the company
would only act as a facilitator in helping the migrants secure the
loans and would not be held liable for their repayment.
"Under the financing scheme, Binawan Inti will not be liable. Rather,
the workers will be responsible, with their anticipated salaries being
the collateral," he said.
He said he hoped that the loans provided by BRI would help prevent
migrants falling pray to loan sharks.
Many migrant workers who need money to pay for their passport, exit tax
and air ticket are forced to borrow from loan sharks, who charge
interest rates of up to 100 percent.
The situation is further exacerbated by the fact that they are also
frequently exploited by unscrupulous recruitment agencies, customs
officials and employers.
Separately, BRI signed a memorandum of understanding with Bakrieland
Development to provide mortgages for the purchase of homes and
apartments.
Under the memorandum, BRI will provide mortgages with an interest rate
of 8 percent during the first year for purchasers of homes at the Bogor
Nirwana Residence development in Bogor, West Java, and apartments at
The Grove complex in Kuningan, South Jakarta.
The mortgages for Bogor Nirwana purchases will have maximum tenors of
20 years, while loans for The Grove purchases will have to be paid back
within a maximum of 10 years.
BRI corporate secretary Hartono Sukirman said that the bank was
expanding its mortgage business as it had offered good prospects in
line with the improving economic condition and the increasing trend of
people choosing to live in apartments.
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