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Jakarta Post

Bank Mandiri to distribute student loans

  • News Desk

    The Jakarta Post

Jakarta   /   Tue, March 20, 2018   /   05:48 pm
 Bank Mandiri to distribute student loans Bank Mandiri president director Kartika Wirjoatmodjo (JP/win)

State-owned lender PT Bank Mandiri plans to distribute student loans as requested by President Joko “Jokowi” Widodo recently.

Bank Mandiri president director Kartika Wirjoatmodjo said the lender was making preparations for the implementation of the program. “We are following up because such credit disbursement is quite reasonable for us,” said Kartika in Jakarta on Tuesday as reported by kontan.co.id.

He said the bank needed valid data of the students, such as identity cards and student registration numbers before the bank could disburse student loans.

He added that the students should also be registered as debtors by Bank Indonesia and the Financial Service Authority (OJK).

Previously, President Jokowi called on the OJK and financial establishments to study the possibility of banks distributing student loans.

The President was inspired by the fact that in the United States, the funds involved in student loans are larger (US$1.3 trillion) than the funds that finance transactions by credit cards ($800 billion).

 “I was shocked when reading the report. If we can take this as an example, we can shift credit for consumption into more productive loans. Please study it,” he added. (bbn)