By: Anton Hermansyah

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Amar Bank, owned by the Singaporean-based Tolaram Group, recently launched “Tunaiku” ( my cash ), an online-based credit without installment service.

The online based loan service allows consumers to borrow between Rp 2 million ( US$147.27 ) to Rp 10 million at a lending duration of between six to 12 months via the bank’s official website.

For this service, Amar Bank has promised to keep the loan interest rate low, citing three percent per month.

“We have decided to keep the interest rate the same as unsecured loans such as credit cards. Thus, it will be kept at three percent per month. Now the public can obtain funds in four simple steps," Amar Bank director Vishal Tulsian said on Friday.

Consumers are directed to fill in an application form on the bank’s website and, if the application is approved, the loan will be transferred in four or five days.

Amar Bank aims to become a leading financial technology-based bank in Indonesia.

Although it is based in Singapore, Tolaram Group initially began in Malang, East Java. The Group was built by Indian Khanchand Vaswani, who opened a small textile shop in Malang called “Toko Vaswani”. Vaswani later increased in size and re-branded under the name "Toko Tolaram". Tolaram grew into a large garment retail industry when Mohan Vaswani, Khanchand Vaswani’s son, joined the business empire in 1957.

In 1967, Tolaram established its trade hub in Singapore and in 1977, the group entered Nigeria to build a textile factory. Tolaram entered the US and Estonia in 1980 and 1995, respectively, having purchased old textile factories in the two countries. The group currently boasts multi-sector businesses from banking and real estate, to textile, pulp, paper, and energy. ( ebf )

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The article Amar Bank offers loans through online application system was first published on The Jakarta Post. It has been reproduced here with permission.

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