Employee Cooperative Financing iB

Sharia iB Employee Cooperative Financing is a financing with Modaraba (profit sharing) scheme to Employee Cooperative that will be distributed to the Cooperative Members for sustaining the member’s necessity with members’ credit as collateral.

The benefit of Employee Cooperative Financing:

1. Competitive Profit Share level.
2. Flexible, adjusting Employee Cooperative necessity.
3. Other service and product are available:
   • Bisa iB Current Account
   • TBisa iB Deposit
   • Cash Management
4. Support Employee Cooperative to provide loan for its members.
5. Sharia Employee Cooperative Financing using Profit Sharing Contract based on Sharia.
6. Financing tenure maximum is 7 years.

Why choose Employee Cooperative Financing – iB?

1. Payment pattern using limit by executing method, where the Bank will distribute directly to the Employee Cooperative.
2. The financial period is up to 7 years.
3. Financing value for each member up to Rp 300 million.
4. Installment ratio for each Employee Cooperative member maximum for 35% of the Take Home Pay** value.
5. Fixed instalment during the payment period.
6. Withdrawal system is collective based on the nominative member list.
7. Collective payment duty through the pay-cut scheme by the Treasurer.
8. The collateral asset is only Member Credit.
9. Protected by life insurance so that the payment will be paid-off by the insurance company when the Cooperative Member is passed away.

Criteria of Employee Cooperative who are allowed to get financing:

1. The Employee Cooperative is legal.
2. The Employee Cooperative should be official as an employee cooperative from the main company.
3. Minimum member of 100 persons.
4. The Employee Cooperative is running for 4 years minimum.
5. Manage the minimum of 4 million Saving and Loan instalment for the last 3 years.
6. Administrator or Supervisor of the Employee Cooperative minimum for echelon 4 (4 level under director).
7. Having positive profit for the last 2 years.
8. A pay-cut scheme by HR is written on the account.

Criteria for Employee who are allowed to get financing:

1. As a permanent employee in the main company.
2. Working in the main company for at least 1 year.
3. 21 years-old or 17 years-old (married) when the financing application and maximum on pension age at the payment due date. Pension age information should be supported by the regulation of the main company.

Criteria for the Main Company:

1. National Company/Regional Company/Open or Closed Private Company/PMA/Hospital/University/ Non-Bank Financial Institution.
2. Not on the list of Industry List Banned by BDI (except for University and Hospital).
3. Business is running for 7 years (except National Company for 5 years, University and Hospital minimum for 10 years.
4. The minimum total asset is Rp 500 billion (except for National Company/Regional Company which is minimum for Rp 300 billion).
5. For the last 2 years, the pre-tax Company profit should be positive.

General Requirements: