Officially Decreased Starting Today, What Is The Percentage Of Online Loan Interest?

Starting January 1, 2025, the Financial Services Authority (OJK) will officially lower online loan interest rates. This decision follows OJK Circular Letter Number 19/SEOJK.05/2023, which sets the maximum daily interest rate for technology-based funding services (LPBBTI) or online loans. "From January 1, 2025, the adjustment to the maximum economic benefit limit for LPBBTI per day will take effect," OJK stated in an official announcement on Wednesday (January 1, 2025).

So, what will the new interest rates for online loans be according to OJK's new rules? Here are the details of the interest rate reductions:

For consumer loans:

- Loans longer than 6 months: maximum interest drops from 0.3% per day to 0.2% per day.

- Loans shorter than 6 months: remains at 0.3% per day.

For productive loans:

- Micro and ultra-micro businesses with loans shorter than 6 months: maximum interest is 0.275% per day.

- Micro and ultra-micro businesses with loans longer than 6 months: maximum interest is 0.1% per day.

- Small and medium enterprises for all loan terms: maximum interest is 0.1% per day.

The reduction in online loan interest rates is a strategic move by OJK to enhance public access to safer and more affordable financial services. Additionally, OJK aims to support the sustainable growth of the financial services industry while providing optimal consumer protection. "OJK continues to strengthen regulations related to LPBBTI or online loans and BNPL for financing companies to support a healthy financial ecosystem," OJK explained.

Understanding online loans better: Online loans, also known as pindar, refer to financial loan services based on technology that utilize digital platforms.

The policy to lower online loan interest rates set by OJK aims to help people access loans at more affordable costs, reducing the risk of defaults. All registered online loan providers under OJK must follow this interest rate reduction policy.

What should you do if an online loan provider breaks this rule? You can report the violation to OJK through their official complaint services, either online or by calling their center.

Tag: Financial Services Authority LPBBTI OJK Online Loan Interest