Lower Down Payments for Electric Vehicles

By Editorial Team 24/09/2019
Summary

Bank Indonesia lowered the loan to value (LTV) ratio for property and motor vehicle loans, as the Board of Governors' Meeting in September 2019 decided to reduce the minimum down payment for property loans to five percent and motor vehicles to 5-10 percent.

Moreover, the central bank also reduced further the LTV ratio for property loans and environmentally-friendly vehicles by respectively five percent. Thus, starting December 2, 2019, down payments for electric cars, hybrids cars, or other cars meeting the environmentally-friendly criteria would go down to zero. The incentive criteria are tailored to the standards in Presidential Regulation No. 55/2019 on the Acceleration of the Battery Electric Vehicle Program for Road Transportation.

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