The rising cost of living has increased the need for additional funds. As a result, many people are looking for loans in various amounts to support their financial needs.
A 10 million rupiah loan can be obtained from financing companies such as BFI Finance, subject to certain requirements. To understand the installment simulation and get tips on choosing the right loan tenor, read the information below.
Common Uses of a 10 Million Rupiah Loan
A 10 million rupiah loan can be used for a wide range of needs, whether urgent or planned. Some of the most common uses include:
- Business capital: With a capital of 10 million rupiah, you can start various types of businesses, such as a home-based culinary business, a self-service laundry, or a plant and hydroponic business. In addition to initial capital, the loan can also support business operations, marketing activities, and emergency funds.
- Home renovation: If your house needs repairs or you plan to do a simple renovation to improve its appearance, a 10 million rupiah loan is generally sufficient to cover the required costs.
- Education and healthcare expenses: Education and healthcare are essential needs that often require a significant amount of money.
- Travel and vacation needs: Traveling to distant destinations requires a considerable budget for accommodation, transportation, meals, and souvenirs.
10 Million Rupiah Loan at BFI Finance
To meet the needs above, you can apply for a 10 million rupiah loan at financing institutions such as BFI Finance. Through loans secured with a motorcycle or car ownership certificate (BPKB), you can obtain a high loan limit—starting from 10 million rupiah and even up to 50 million rupiah—depending on the borrower’s eligibility assessment.
BFI Finance is a financing company that has been operating since 1982 and has served various financial needs of Indonesians for more than 40 years. With this extensive experience, you can obtain a 10 million rupiah loan through a process that is easy and relatively fast.
Why Choose a 10 Million Rupiah Loan at BFI Finance?
BFI Finance offers several advantages that are worth considering, including:
- Fast application process: For motorcycle BPKB-secured loans, the process can take around 1 day, provided all documents are complete and meet the requirements.
- High loan limit: The approved loan amount varies depending on the value of the collateral. You can obtain a loan of 10 million rupiah or even tens of millions when securing it with a motorcycle or car BPKB.
- Competitive interest rates: Flat interest rates start from 2.25% per month, with a maximum annual rate of 29%, depending on the asset condition and document completeness for motorcycle BPKB-secured financing.
- Flexible for various needs: BFI Finance loans can be used for multiple purposes, such as business capital or home renovation.
Installment Amount for a 10 Million Rupiah Loan at BFI Finance
Before applying for a loan, it is important to understand the installment amount you need to pay. So, how much is the monthly installment for a 10 million rupiah loan? Here is a simulation:
Loan Amount
IDR 10,000,000
Loan Tenor
24 months (2 years)
Interest Calculation
IDR 10,000,000 × 2.25% × 24 months = IDR 5,400,000
Total Amount Payable
IDR 10,000,000 + IDR 5,400,000 = IDR 15,400,000
Monthly Installment
IDR 15,400,000 ÷ 24 months = IDR 642,000
Disclaimer: The installment amount above is only a simulation and may vary depending on the borrower’s profile assessment, approved loan amount, and BFI Finance policies.
Tips for Choosing the Right Tenor for a 10 Million Rupiah Loan
Since 10 million rupiah is a relatively significant amount, it’s important to choose the right loan tenor to avoid financial strain in the future. Here are some tips:
Match the tenor with your income: Ensure that the monthly installment does not exceed one-third of your monthly income so it doesn’t interfere with daily expenses. For example, if the monthly installment is IDR 642,000, the recommended income should be around IDR 3,000,000 or aligned with the regional minimum wage for better financial stability.
Choose the shortest tenor within your capability: If possible, select a shorter tenor so the loan can be paid off faster. However, always consider your repayment ability, as shorter tenors come with higher monthly installments.
Opt for a longer tenor if necessary: If installments for a shorter tenor are too burdensome, choosing a longer tenor can help reduce the monthly payment amount.
Review your existing installments: Before applying for a new loan, check any ongoing installments. If your total installment burden is high, a longer tenor may be a safer option.
Compare interest rates before deciding: While longer tenors result in lower monthly installments, the total interest paid will be higher, and vice versa. Make sure to carefully calculate the total interest before applying.
That concludes the explanation of the 10 million rupiah loan available from BFI Finance. Through financing secured with a motorcycle or car BPKB, you can apply for loans to meet various needs—whether urgent (such as medical expenses) or planned (such as business capital). For larger loan alternatives, you can also choose financing secured with a house, shop, or office certificate.
With over 40 years of experience, BFI Finance offers an easy application process, relatively fast disbursement, and competitive interest rates. Moreover, BFI Finance is licensed and supervised by the Financial Services Authority (OJK), making it a trusted financing partner. Fulfill all your needs because #ThereIsAlwaysAWay with BFI Finance.
