The Consumer Credit Agreement serves as the primary legal document for establishing credit relationships between financial institutions and individual consumers in Indonesia. It is used when extending various types of consumer credit, including personal loans, vehicle financing, or retail purchase financing. The agreement must comply with multiple regulatory frameworks, including the Financial Services Authority (OJK) regulations, Law No. 8 of 1999 on Consumer Protection, and banking regulations. This document includes mandatory provisions for consumer protection, clear disclosure of terms and conditions, interest calculations, fees, and dispute resolution mechanisms. The Consumer Credit Agreement is essential for financial institutions operating in Indonesia's consumer finance sector and must be updated regularly to reflect changes in regulatory requirements and market practices.
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1. Parties: Identification of the credit provider and the consumer borrower with complete details as required by Indonesian regulations
2. Background: Context of the agreement and purpose of the credit facility
3. Definitions: Definitions of key terms used throughout the agreement, including financial and technical terms
4. Credit Facility Details: Specific details of the credit facility including principal amount, purpose, and term
5. Interest and Fees: Clear breakdown of interest rates, fees, and charges as required by OJK regulations
6. Repayment Terms: Payment schedule, method of payment, and prepayment provisions
7. Conditions Precedent: Conditions that must be satisfied before the credit facility becomes available
8. Representations and Warranties: Standard declarations by the borrower regarding their capacity and financial condition
9. Consumer Rights and Protections: Mandatory consumer protection provisions as required by Law No. 8 of 1999
10. Events of Default: Circumstances constituting default and consequences
11. Termination: Provisions for early termination and its consequences
12. Governing Law and Jurisdiction: Specification of Indonesian law as governing law and jurisdiction for disputes
1. Security: Required if the credit facility is secured by any assets or guarantees
2. Insurance: Required if credit-linked insurance is part of the agreement
3. Electronic Communications: Required if the agreement involves electronic transactions or communications
4. Direct Debit Authorization: Required if automatic payment arrangements are available
5. Co-Borrower Provisions: Required if there is more than one borrower
6. Special Drawing Conditions: Required for facilities with multiple drawdown periods or special conditions
7. Reward Programs: Required if the credit facility includes any reward or cashback programs
1. Schedule 1 - Payment Schedule: Detailed amortization schedule showing principal and interest payments
2. Schedule 2 - Fees and Charges: Comprehensive list of all applicable fees and charges
3. Schedule 3 - Required Documents: List of documents required for credit application and ongoing compliance
4. Schedule 4 - Direct Debit Terms: Terms and conditions for direct debit arrangements if applicable
5. Appendix A - Standard Forms: Standard forms for drawdown requests, notices, and other communications
6. Appendix B - Product Information Sheet: Key facts sheet as required by OJK regulations
7. Appendix C - Consumer Rights Statement: Mandatory statement of consumer rights under Indonesian law
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