Leasing Industries Ease Vehicle Loans Due to Debt Collection Rule

Multifinance companies are taking a more cautious stance in disbursing vehicle loans following OJK’s issuance of a regulation regarding debt collectors.

Hendri T. Asworo

10 Jun 2024 - 18.19
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Leasing Industries Ease Vehicle Loans Due to Debt Collection Rule

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Bisnis, BATAM—Loan disbursements have reportedly slowed following the issuance of a Financial Services Authority (OJK) regulation to protect consumers from vehicle loan debt collectors.

According to Ahmad Nasrullah, OJK’s Department Head for Governance and Development of Financing, Capital Venture, and Microfinance Institutions, the OJK recently invited multifinance actors to realize a 17 percent growth roadmap for vehicle financing over the next five years. However, companies were seemingly hesitant to spur their loan disbursements aggressively.

“Their comment was, 'with POJK 22, we cannot be too expansive' because it limits the [multifinance] scope in collection recovery,” he said in a focus group discussion in Batam last Saturday (6/8/2024).

Several multifinance companies have reportedly revised their business plans due to collection headwinds stemming from the OJK regulation. Multifinance receivables slowed to IDR486.35 trillion in April 2024, marking a 10.82 percent year-on-year (YoY) growth, notably lower than April 2023’s 15.13 percent and December 2023’s 13.23 percent YoY.

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© Copyright 2024, Hak Cipta Dilindungi Undang - Undang.