OJK Allows Zero Percent Down Payment on Vehicle

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Laila Afifa

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  • TEMPO.CO, Jakarta - The  Financial Services Authority (OJK) has officially lowered the down payment on vehicles up to zero percent (zero percent down payment) regulated in the new decree.

    The newly-issued OJK Regulation or POJK No. 35/POJK.05/2018 concerning Business of Finance Company also stipulated that multi-finance firm could run the cash finance.

    The head of Non-Bank Financial Industry Supervisor (IKNB) 2B OJK, Bambang W. Budiman, said that OJK allowed multi-finance corporate to implement zero percent down-payment based on the principle of striking the balance.

    “So, we do not prohibit 0 percent DP as long as it offers low-risk credit,” said Bambang Thursday, January 10.

    Therefore, based on the OJK regulation, the company must have healthy financial statements and the level of non-performing finance (NPF) is equal to or below 1 percent to apply the zero percent down payment program.

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