How to Calculate BRI Bank Loan Interest and Examples
How to Calculate BRI Bank Loan Interest – You can get capital that is large enough for your business needs through a BRI Bank loan. Apart from the easy method and process, the interest rate set will not strangle your business.
It’s not only intended for large scales. BRI Bank also provides small-scale loans and is open to all groups.
To ensure that BRI Bank is the right choice for you to get a loan, you can look for the terms and interest rates set.
And to find out the interest that will be borne and paid upon return, you also need to know how to calculate BRI bank rate loan interest, even though the bank will also tell you about the transparency of the bill that you have to pay.
What is the Percentage of BRI Bank Loan Interest?
The interest rates offered by banks can change every year depending on each policy issued and this also adapts to Indonesian economic conditions.
Before making a loan, you need to know how to calculate BRI bank loan interest, which has been determined on October 31 2023 interest rate for consumer credit or KPR is 7.25 percent, as well as non-KPR consumption credit 8.75 percent, corporate credit 8 percent, retail credit 8.25 percent, for micro credit 14 percent.
How to Calculate BRI Bank Loan Interest
There are 2 ways to calculate BRI bank loan interest, the first is the flat interest rate and the effective interest rate method. Where flat interest rates will apply to unsecured loans, for example motor vehicle loans and BRI micro KUR loans.
And the effective interest rate method will be different from the fixed interest rate. The effective interest rate in the principal installments and the interest will continue to decrease each month, whereas with a fixed interest rate the value of the bill for the interest rate will remain the same.
The following is how to calculate BRI bank loan interest based on the types of interest rates that you need to know.
1. Flat Interest Rates
The formula that can be applied to find a flat interest rate is to multiply the loan amount by the annual interest percentage and then divide by 12 months.
Example:
It is known that Mrs. Ani borrowed funds from the bank as detailed below
Loan principal: IDR 12,000,000.00
Interest per year: 6%
Loan tenor: 12 months
Flat flower
So, if you put this into the formula it becomes
Interest: (Rp. 12,000,000.00 X 6%) : 12 = Rp. 60,000.00
Principal installments: IDR 12,0000,000.00 : 12 = IDR 1,000,000.00
From these calculations it has been found that the installments that Mrs. Ani must pay each month are IDR 1,060,000.00 with interest of IDR 60,0000.00.
2. Effective Interest Rate
The formula used to calculate the effective interest rate is to multiply the last loan balance by the annual interest rate percentage and then divide by 12 months.
Example:
Mrs. Ani applied for a bank loan as detailed below
Loan principal: IDR 12,000,000.00
Interest per year: 6%
Loan tenor: 12 months
Effective interest
So, if you put this into the formula it becomes
Interest: (Rp. 12,000,000.00 X 6%) : 12 = Rp. 60,000.00
Principal installments: IDR 12,0000,000.00 : 12 = IDR 1,000,000.00
First month installment: IDR 1,000,000.00 + IDR 60,000.00 = IDR 1,060,000.00
The second installment will be different from the first installment because the remaining principal installment will be recalculated
IDR 12,000,000.00 – IDR 1,000,000.00 = IDR 11,000,000.00
Requirements for Loans at BRI Bank
Several conditions that must be prepared when you decide to take a BRI loan include photocopy of KTP, photocopy of family card, salary slip, photocopy of BRI savings, passport photo of husband and wife for those who are married, letter of recommendation from the debtor’s superior, and BRIguna Muda loan application form.
To submit a BRIguna Muda loan application form, you need to come directly to the nearest BRI branch office to fill in the form according to the loan you are applying for.
After filling in the form, the next step is to complete all the requirements and verification of the loan application will be carried out from BRI Bank. If the verification is successful then the credit has been approved and continues with signing the contract, and waiting for the funds disbursement process.
The final word
This is information regarding how to calculate interest on BRI bank loans, information on interest rate percentages and requirements for borrowing money at BRI bank. Hopefully this brief information can help those of you who want or are currently borrowing money from BRI Bank.