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AFPI: Interest in fintech lending should be no more than 0.8%/day

25 September 2019 07:37

JAKARTA. The Indonesian Joint Funding Fintech Association (AFPI) confirms that interest on loans provided through digital lending platforms should be no more than 0.8% per day, including service fees and risk management.

Sunu Widyatmoko, Deputy Chair of AFPI, explained that the nominal value of loan provided at fintech makes the calculation different from other financial institutions. For short-term loans, debtors only get a maximum tenor of 30 days and a maximum loan value of Rp 3 million.

While for loans of Rp 500 thousand, debtors have a tenor of 20 days and loan interest of 0.8% or Rp 80,000. The interest also includes transaction costs of Rp 45 thousand and Rp 35 thousand for fintech organizers.

"We cannot compare the transaction costs of fintech lending with KTA (Unsecured Loans) provided by banks," Widyatmoko was quoted as saying on Tuesday (24/9) yesterday. (KR/AR)

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