Indonesia's OJK Cuts SLIK Data Update to 3 Days, Speeding Up Loan Access

Indonesia's Financial Services Authority (OJK) has significantly shortened the processing time for updating debtor data in the Financial Services Information System (SLIK). Effective immediately, information regarding fully repaid loans will be updated within a maximum of three working days, a substantial reduction from previous waiting periods that could extend to a month or more.

This move is expected to accelerate public access to crucial financial services, including housing loans (KPR) and financing for Micro, Small, and Medium Enterprises (MSMEs). Friderica Widyasari Dewi, Chairwoman of the OJK Board of Commissioners, stated that optimizing SLIK is part of a broader effort to enhance the accuracy, timeliness, and relevance of credit information systems. She acknowledged that the previous delays had been a source of frustration for many consumers.

In addition to speeding up updates for paid-off loans, the OJK has refined the debtor information displayed in SLIK. The system will now prioritize data for debtors with an initial credit ceiling and outstanding balance exceeding Rp1 million cumulatively. This adjustment is estimated to affect around 18 million debtors whose total cumulative credit falls below this new reporting threshold.

Dewi emphasized that SLIK serves as a reference, not the sole determinant, for credit approval. Financial institutions will continue to base their decisions on comprehensive feasibility analyses, risk management, and prudent principles. The optimized SLIK is anticipated to support the government's housing program, aiming to facilitate three million homes, and broaden financing access for MSMEs, ultimately leading to faster and more targeted credit assessments.