OJK Will Lower Pinjol Flowers, This Is The Amount

JAKARTA - The Financial Services Authority (OJK) issued a new regulation regarding the maximum interest limit on fintech peer to peer (P2P) lending (pinjol). This is stated in the OJK Circular Letter or SEOJK No.19/SEOJK.06/ 2023 concerning the Implementation of Information Technology-Based Joint Funding Services (LPBBTI).

Based on the SEOJK copy, the maximum loan interest limit for consumptive funding is 0.3 percent per day and comes into effect from January 1, 2024.

Gradually, the amount of consumptive loan interest was lowered to 0.2 percent per day on January 1, 2025. Then on January 1, 2026, the amount of interest on consumptive loans finally fell to 0.1 percent.

In the SEOJK, the maximum interest limit for the productive sector has changed to 0.1 percent per day, valid for two years from January 1, 2024 to 2026.

Furthermore, the maximum limit for the loan interest of the productive sector is set at 0.067 percent per day and comes into effect on January 1, 2026.

It is explained that all the economic benefits and delay fines imposed on consumers do not exceed 100 percent of the value of funding listed in the funding agreement.

Meanwhile, loan interest includes administrative costs, commissions, platform fees, ujrah which are equivalent to the costs in question. Meanwhile, economic benefits include other costs in addition to late fines, customs, and taxes.

In this regard, the Chief Executive of the Supervision of Financing Institutions, Ventural Capital Companies, Micro Financial Institutions, and Other Financial Services Institutions (PVML) OJK Agusman said this was in accordance with the mandate of OJK Regulation (POJK) No. 10 of 2022, which states that OJK needs to regulate the amount of loan interest.

"This is a derivative of POJK Number 10 of 2022, there is a mandate. OJK is here to regulate so that the industry can support national economic growth," Agusman said at a press conference, Friday, November 10.

Previously, the Indonesian Funding Fintech Association (AFPI) set the maximum loan interest rate of 0.4 percent for commercial interest. Agusman said that with this SE, the loan interest rate will be lowered gradually.

Not only the interest rate, SEOJK also regulates late-paid sanctions and the maximum borrower limit is to borrow from three loans. So it is hoped that it can increase security and prevent the practice of digging hole cover holes.

In addition, Agusman emphasized that collection procedures will be strictly regulated and ensure according to the rules. "Make sure billing staff or those who provide services must comply with billing ethics. Threat methods are not allowed," he said.