ValueMax Indonesia – Pawning personal assets to obtain quick cash is one of the solutions for people experiencing financial difficulties during the coronavirus (Covid-19) pandemic. One of the assets that can be used as loan collateral is a vehicle.
Pawning is an instant solution; however, before proceeding, it is important to understand the process thoroughly, including your ability to repay the loan within the agreed period.
The requirements include personal identification documents and vehicle ownership papers. For personal identification, photocopies are sufficient, but original vehicle documents must be presented along with the vehicle being pawned.
Although the process is easy, during the pandemic ValueMax is more selective in choosing customers to minimize the risk of default.
Once all requirements are complete, the ValueMax team will verify the documents and inspect the vehicle’s condition. This verification is not only based on the submitted documents but also includes checks with the police authorities.
After verification, the team determines the maximum estimated loan value. If the customer agrees, the officer will process the loan and issue an SBK (Loan Receipt Certificate).
The officer will then explain the loan maturity period, which is usually four months but can be extended by paying interest. The interest amount can be calculated using the pawn simulation.
There is no strict limit on repayment after four months as long as the customer agrees to continue paying interest. However, if the customer is unable to make payments, the pledged vehicle will be auctioned.
