Foreign Media Highlights OJK Decision Regarding Maximum Loan Interest of 0.3% Tech – 15 hours ago

Jakarta, CNBC Indonesia – Foreign media also highlighted the Financial Services Authority (OJK) decision regarding peer-to-peer (P2P) lending interest which decreased to 0.3%. Reuters released an article entitled ‘Indonesia to cap interest on loans given by fintech companies‘.

In the article it is written that fintech companies will reduce interest to a maximum of 0.3% per day starting next year. This is for consumption loans which will fall to 0.1% in 2026.

Reuters also quoted the words of the OJK Commissioner, Agusman regarding the reasons for the decline. This is done so that consumers are not harmed.

“Because if we don’t regulate interest rates well, the ones who will suffer the most are consumers,” explained Agusman, quoted Reuters, Friday (10/11/2023).

Agusman also said that loan interest for productive purposes will be limited to 0.1% per day starting January 2024. In 2026 it will be less than that amount.

The reason is that the government will divert most of the consumption loans to business activities. Specifically directed at micro, small and medium enterprises.

Furthermore, citing Agusman, the government wants 50%-70% of loans from fintech to be given to productive activities by 2028. This number is a significant increase from what is currently happening, which is below 40%.

For your information, the maximum interest limit will differ based on the type of funding. Here are the details:

Borrow Productive Funding

1. In the amount of 0.1% per calendar day of the Funding value stated in the Funding agreement, which is valid for 2 years starting January 1, 2024.
2. In the amount of 0.067% per calendar day of the Funding value stated in the Funding agreement, which is effective from 1 January 2026.

Borrow Consumer Funding

This limit is for short-term funding tenors of less than 1 year, namely:

1. In the amount of 0.3% per calendar day of the funding value stated in the funding agreement, which is valid for one year starting January 1, 2024
2. In the amount of 0.2% per calendar day of the funding value stated in the funding agreement, which is valid for one year from 1 January 2025
3. In the amount of 0.1% per calendar day of the funding value stated in the funding agreement, which is valid from 1 January 2026.

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(npb/npb)