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OJK cuts 2026 growth outlook for finance-company receivables to 2–4% from 6–8%

Published Data as of IndonesiaCreditVehicle finance
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Key points

Implications for lenders

Lenders funding or partnering with Indonesian finance companies can expect slower receivables growth, with OJK now projecting 2–4% for 2026. Underwriting for multipurpose credit, which grew 4.58%, may need tighter income checks as the mix moves away from vehicle collateral, while a gross NPF of 3.04% gives little room for looser standards.

Implications

ExecutivesPlan 2026 finance-company volumes around a flat vehicle market; growth is coming from consumer, working-capital and electric-vehicle lines rather than conventional vehicle loans.
InvestorsA lower official outlook with a stable gross NPF points to pressure on volumes more than on asset quality; watch whether net NPF keeps edging up.
OperatorsShifting the mix toward multipurpose and BNPL credit raises the weight of income verification and bureau checks relative to collateral recovery.

Facts

Outlook: at its monthly press conference on 5 October, the Financial Services Authority (OJK) said finance companies' receivables are expected to grow 2–4% year on year by the end of 2026 (cut from 6–8% projected in February 2026). 1 OJK linked the cut to heightened global economic pressure, which has slowed motor-vehicle sales and investment financing. In February OJK had projected 6–8% for 2026, 2 after receivables ended 2025 at IDR 506.5 trn, growth of 0.61%. 3

August data: receivables were IDR 514.08 trn (up from IDR 513.05 trn at end-July), 4 up 1.68% year on year (down from 2.01% in July). 5 The gross non-performing financing ratio was 3.04% (up from 3.03% in July) 6 and the net ratio 0.83% (up from 0.81% in July). 7

By purpose: multipurpose financing, mostly consumer credit, was IDR 257.38 trn (up 4.58% year on year), 50.07% of the total. 8 Investment financing was IDR 169.12 trn (down 4.47% year on year). 9 Working-capital financing was IDR 54.38 trn, up 5.4% (down from 6.32% in July). 10

Vehicles: motor-vehicle financing was IDR 403.02 trn (down 0.68% year on year). 11 Financing for electric and hybrid vehicles reached IDR 26.20 trn (up from IDR 25.49 trn in July and IDR 21.05 trn in January). 12

Analysis

Time series: growth in finance-company receivables slowed from 2.01% in July 13 to 1.68% in August. Measured from the end-2025 level, receivables were up 1.5% by August (T&S calculation). 14 The bottom of OJK's new range therefore needs only modest growth in the last four months of the year, while the top would need a clear pick-up in new lending. Electric and hybrid financing rose every month this year, from IDR 21.05 trn in January 15 to IDR 26.20 trn in August (chart), and made up about 6.5% of vehicle financing (T&S calculation). 16 It is a growing niche, not yet large enough to offset the decline in conventional vehicle credit.

Across lenders: finance companies are growing far more slowly than other credit channels OJK reports. Bank credit grew 13.65% in August 17 and pawn financing 44.60%. 18 Within finance companies, BNPL receivables grew 36.57%. 19 Growth is shifting from vehicle and investment loans toward short-tenor consumer products.

Finance companies' electric and hybrid vehicle financing (IDR trn)
010203021.052026-0121.942026-0222.52026-0323.392026-0423.942026-0524.62026-0625.492026-0726.22026-08
Finance companies' electric and hybrid vehicle financing (IDR trn)
2026-0121.05
2026-0221.94
2026-0322.5
2026-0423.39
2026-0523.94
2026-0624.6
2026-0725.49
2026-0826.2

Outstanding financing for electric and hybrid vehicles by OJK-supervised finance companies, month-end · Source: Bisnis.com: Pembiayaan kendaraan listrik sentuh Rp26,20 triliun per Agustus 2026 (2026-10-06) OJK figures as reported by Bisnis.com.

Counterpoints and uncertainties

OJK's range is an outlook, not a target, and it was cut once already this year; a further slowdown in vehicle sales could push growth below the range. The electric-vehicle figures come from OJK statements reported by the media, and their coverage may differ from the vehicle-financing total, so the share is indicative. A faster shift into unsecured consumer products could raise credit costs later even if the NPF ratio is steady today.

Key figures

  1. OJK outlook for finance companies' receivables growth, end-2026: 2–4% (cut from 6–8% projected in February 2026). OJK projection of year-on-year growth in finance companies' receivables at end-2026. Finance companies (multifinance) supervised by OJK. Basis date: 5 Oct 2026. Source: Kontan: OJK proyeksikan piutang pembiayaan multifinance tumbuh hingga 4% pada akhir 2026 (2026-10-06)
  2. OJK earlier outlook for finance companies' receivables growth, 2026: 6–8%. OJK projection of year-on-year growth in finance companies' receivables for 2026, given in February 2026. Finance companies (multifinance) supervised by OJK. Basis date: 5 Feb 2026. Source: Bisnis.com: OJK proyeksikan piutang pembiayaan multifinance tumbuh 6%–8% pada 2026 (2026-02-05)
  3. Finance companies' receivables growth, 2025: 0.61%. Year-on-year growth in finance companies' financing receivables at end-2025. Finance companies (multifinance) supervised by OJK. Basis date: 31 Dec 2025. Source: Bisnis.com: OJK proyeksikan piutang pembiayaan multifinance tumbuh 6%–8% pada 2026 (2026-02-05)
  4. Finance companies' receivables: IDR 514.08 trn (up from IDR 513.05 trn at end-July). Outstanding financing receivables of finance companies. Finance companies (multifinance) supervised by OJK. Basis date: 31 Aug 2026. Source: Kontan: Piutang pembiayaan multifinance Rp514,08 triliun per Agustus 2026 (2026-10-05)
  5. Finance companies' receivables, year-on-year growth: 1.68% (down from 2.01% in July). Year-on-year growth in finance companies' financing receivables. Finance companies (multifinance) supervised by OJK. Basis date: 31 Aug 2026. Source: OJK: Siaran Pers RDKB September 2026 (SP 185/OJK/DKPU/X/2026, 2026-10-05)
  6. Finance companies' gross NPF ratio: 3.04% (up from 3.03% in July). Gross non-performing financing as a share of receivables, finance companies (OJK). Finance companies (multifinance) supervised by OJK. Basis date: 31 Aug 2026. Source: OJK: Siaran Pers RDKB September 2026 (SP 185/OJK/DKPU/X/2026, 2026-10-05)
  7. Finance companies' net NPF ratio: 0.83% (up from 0.81% in July). Net non-performing financing as a share of receivables, finance companies (OJK). Finance companies (multifinance) supervised by OJK. Basis date: 31 Aug 2026. Source: Kontan: OJK proyeksikan piutang pembiayaan multifinance tumbuh hingga 4% pada akhir 2026 (2026-10-06)
  8. Multipurpose financing, share of finance companies' receivables: 50.07%. Multipurpose financing as a share of total finance-company financing. Finance companies (multifinance) supervised by OJK. Basis date: 31 Aug 2026. Source: Kontan: Pembiayaan multiguna multifinance tembus Rp 257 triliun, ini data terbaru OJK (2026-10-08)
  9. Finance companies' investment financing: IDR 169.12 trn (down 4.47% year on year). Outstanding investment financing of finance companies. Finance companies (multifinance) supervised by OJK. Basis date: 31 Aug 2026. Source: Kontan: Pembiayaan multiguna multifinance tembus Rp 257 triliun, ini data terbaru OJK (2026-10-08)
  10. Finance companies' working-capital financing growth: 5.4% (down from 6.32% in July)
    July growth (6.32%) as stated by OJK and reported by Bisnis.com on 7 September 2026.
    . Year-on-year growth in finance companies' working-capital financing. Finance companies (multifinance) supervised by OJK. Basis date: 31 Aug 2026. Source: Kontan: Pembiayaan multiguna multifinance tembus Rp 257 triliun, ini data terbaru OJK (2026-10-08)
  11. Finance companies' motor-vehicle financing: IDR 403.02 trn (down 0.68% year on year). Outstanding motor-vehicle financing of finance companies. Finance companies (multifinance) supervised by OJK. Basis date: 31 Aug 2026. Source: Bisnis.com: Pembiayaan kendaraan listrik sentuh Rp26,20 triliun per Agustus 2026 (2026-10-06)
  12. Finance companies' electric and hybrid vehicle financing: IDR 26.20 trn (up from IDR 25.49 trn in July and IDR 21.05 trn in January). Outstanding financing for electric and hybrid vehicles by finance companies. Finance companies (multifinance) supervised by OJK. Basis date: 31 Aug 2026. Source: Bisnis.com: Pembiayaan kendaraan listrik sentuh Rp26,20 triliun per Agustus 2026 (2026-10-06)
  13. Multifinance receivables growth: 2.01%. Year-on-year growth of financing receivables. Multifinance (finance) companies. Basis date: 31 Jul 2026. Source: ANTARA: OJK: 42 perusahaan multifinance punya NPF bruto di atas 5 persen
  14. Finance companies' receivables, change since end-2025 (T&S calculation): 1.5%
    T&S calculation: IDR 514.08 trn (August 2026) / IDR 506.5 trn (end-2025) − 1.
    . Change in receivables from end-2025 to end-August 2026, T&S calculation from OJK figures. Finance companies (multifinance) supervised by OJK. Basis date: 31 Aug 2026. Source: Kontan: OJK proyeksikan piutang pembiayaan multifinance tumbuh hingga 4% pada akhir 2026 (2026-10-06)
  15. Finance companies' electric and hybrid vehicle financing: IDR 21.05 trn. Outstanding financing for electric and hybrid vehicles by finance companies. Finance companies (multifinance) supervised by OJK. Basis date: 31 Jan 2026. Source: Bisnis.com: Pembiayaan kendaraan listrik sentuh Rp26,20 triliun per Agustus 2026 (2026-10-06)
  16. Electric and hybrid share of finance companies' vehicle financing (T&S calculation): 6.5%
    T&S calculation: IDR 26.20 trn / IDR 403.02 trn. OJK does not publish this share; the two series may differ in coverage.
    . Electric and hybrid vehicle financing as a share of motor-vehicle financing, T&S calculation. Finance companies (multifinance) supervised by OJK. Basis date: 31 Aug 2026. Source: Bisnis.com: Pembiayaan kendaraan listrik sentuh Rp26,20 triliun per Agustus 2026 (2026-10-06)
  17. Bank credit growth (OJK): 13.65% (up from 13.58% in July). Year-on-year growth of bank credit outstanding, as announced by OJK. Indonesian banking industry. Basis date: 31 Aug 2026. Source: Asbisindo (republishing OJK press release): OJK luncurkan RP3I 2026-2030 (2026-10-02)
  18. Pawn industry financing, year-on-year growth: 44.60% (down from 50.73% in July). Year-on-year growth in financing outstanding of licensed pawn companies. Pawn (pergadaian) industry. Basis date: 31 Aug 2026. Source: OJK: Siaran Pers RDKB September 2026 (SP 185/OJK/DKPU/X/2026, 2026-10-05)
  19. Finance companies' BNPL receivables, year-on-year growth: 36.57% (down from 54.65% in July). Year-on-year growth in finance companies' BNPL receivables. Finance companies (multifinance) supervised by OJK. Basis date: 31 Aug 2026. Source: OJK: Siaran Pers RDKB September 2026 (SP 185/OJK/DKPU/X/2026, 2026-10-05)

Sources

  1. OJK: Siaran Pers RDKB September 2026 (SP 185/OJK/DKPU/X/2026, 2026-10-05)primary
  2. Kontan: OJK proyeksikan piutang pembiayaan multifinance tumbuh hingga 4% pada akhir 2026 (2026-10-06)
  3. Kontan: Pembiayaan multiguna multifinance tembus Rp 257 triliun, ini data terbaru OJK (2026-10-08)
  4. Bisnis.com: Pembiayaan kendaraan listrik sentuh Rp26,20 triliun per Agustus 2026 (2026-10-06)
  5. Bisnis.com: OJK proyeksikan piutang pembiayaan multifinance tumbuh 6%–8% pada 2026 (2026-02-05)
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