"Borrow and repay at any time, with a minimum of 2.80%, and you have the opportunity to enjoy interest-free throughout the year. "For a limited time, high-quality customers can enjoy a minimum annualized interest rate of 2.98%. "In the Year of the Dragon, the annualized interest rate of loans is as low as 3%...... Approaching the New Year's Day and Spring Festival holidays, bank credit consumer loans are "rolling" up again, and various limited-time promotional activities are dizzying. The preferential interest rate of large state-owned banks has also generally fallen below 3.5%, and the minimum interest rate of some city commercial banks has been reduced to below 3% during the preferential period.
The minimum interest rate on personal consumption loans of major state-owned banks has been reduced to below 3.5%.
Approaching the end of the year, and the peak of Chinese holiday consumption, banks seized the opportunity to launch a variety of consumer loan promotions.
"Last week I received a text message from ICBC promoting a personal line of credit, saying that the minimum interest rate was 3.45%. I remember that in August, I also received a similar text message, and the lowest interest rate at that time was 3.6%, which is really getting lower and lower. Ms. Wang, a customer of ICBC, said that recently, there has been more information about banks promoting credit loans, and interest rates have dropped significantly.
A reporter from Beijing Youth Daily learned that at present, the minimum interest rates on personal consumption loans of major state-owned banks have dropped to the level of 3.4%-3.45%. For example, according to the information recently released by the Tianjin branch of the China Construction Bank, the annualized interest rate of the CCB credit quick loan is as low as 3.45%, with a limit of 1,000 yuan to 200,000 yuan and a maximum term of 3 years, and the current minimum interest rate of the Agricultural Bank of China's online quick loan is also 3.45%. According to the advertisement of the Henan branch of the Bank of China, the annual interest rate of the Bank of China E loan is as low as 3.4% during the activity period from November 10 to December 31, and the maximum amount is 200,000 yuan.
Joint-stock banks and city commercial banks have lower promotional interest rates
Some banks have dropped to less than 3%.
In contrast, banks such as joint-stock banks and city commercial banks have more promotional activities for personal consumption loans and more attractive interest rates.
From December 27th to December 31st, new customers participating in the lucky draw have the opportunity to enjoy a minimum annualized interest rate of 2.8%, and even have the opportunity to enjoy interest-free throughout the year. The prizes of the lottery also include 20% off, 5% off interest coupons, 10-30 days interest coupons, etc.
According to the information of the Xi'an branch of the Bank of Beijing, the bank is carrying out the "limited-time special delivery of personal consumption Beijing e-loan!", from December 7, 2023 to January 31, 2024, to apply for the personal online consumption of Beijing e-loan of Bank of Beijing, "high-quality customers can enjoy a minimum annualized interest rate of 2.98%, with a maximum amount of 1 million, and flexible repayment methods (limited places, first-come-first-served)." ”
China Merchants Bank's flash loan Spring Festival event in the Year of the Dragon has also kicked off recently. From November 1, 2023 to February 2024, new customers can enjoy preferential interest rates starting from 3.0% per annum, and the system will automatically issue interest rate coupons to eligible existing flash loan users. In addition, customers who apply for a flash loan before December 31, 2023 and successfully obtain the quota can also participate in a lucky draw with prizes including an 86-inch large-screen Huawei TV.
The lowest interest rate is only for specific customers
Not for everyone
Is the advertised minimum interest rate available to all customers? The answer is no.
The reporter of Beiqing Daily noticed that in order to prevent consumers from misunderstanding, the consumer loan promotion materials of various banks will add a reminder at the end: "The product interest rate is subject to the actual processing interest rate, if you have any questions, please consult the local outlets." "The specific interest rate is subject to the actual display on the page", "The specific loan amount and interest rate are subject to the approval result". In fact, only a handful of customers end up with the lowest interest rates that are tempting.
It is understood that new customers who have never used these consumer loan products are the focus of bank marketing. In addition, high-quality customers will be more favored by banks. For example, a large state-owned bank has stated that the preferential interest rate is mainly applicable to civil servants, public institutions, doctors, classrooms, formal employees of the financial industry, central and state-owned enterprises, middle and senior managers of listed companies, and private banking customers of the bank.
It should be reminded that there is not only a limit on the number of coupons issued by banks, but also a time limit, and customers need to apply for and use them within the specified time.
Consumer loan rates fell by nearly 80 basis points in a year
Experts believe that there is limited room for further decline
According to data monitored by the Rong 360 Digital Technology Research Institute, the minimum executable average interest rate of online consumer loans of national banks in November was 3.41%, a decrease of nearly 80BP from November last year.
Zhou Maohua, a macro researcher at the financial market department of Everbright Bank, said that since the beginning of this year, domestic consumption has steadily improved, and banks have taken the opportunity to focus on consumer loan business, increase personal loan investment to expand business growth points, and the competition in the industry is relatively fierce. In addition, with the active efforts of macro policies, the center of market interest rates has continued to move downward, opening up space for banks to reduce consumer loan interest rates.
Dong Ximiao, chief researcher of Zhaolian, pointed out that due to factors such as the reduction of deposit interest rates, the cost of funds of banks has also decreased, and there is a certain basis for reducing the interest rate of personal consumption loans. At the same time, in order to expand market share, some banks hope to attract more customers through lower interest rates, which is a kind of "small profits but quick turnover" promotional behavior.
There is no doubt that the banking industry has played a positive role in promoting consumption and expanding domestic demand by strengthening consumer loans. However, under the pressure of shrinking net interest margins in the banking sector, is there room for consumer loan interest rates to continue to fall?
Regarding the recent promotional activities carried out by banks, Liu Yinping, an analyst at Rong 360 Digital Technology Research Institute, said that compared with previous years, this year's "good start" marketing activities have been further advanced. The marketing strategies of various banks are similar, including direct interest rate reduction, issuance of interest coupons, group purchases, lucky draws, etc., with the ultimate goal of reducing the interest rate of loan products. However, at present, the interest rate of consumer loans has dropped to the "cabbage price", and the profit margin of banks is limited.
Consumers should not over-borrow and misappropriate loan funds in violation of regulations
Lower and lower loan interest rates have made many consumers eager to try. Industry insiders remind everyone that they must apply on demand, do what they can, and don't borrow blindly.
In March 2022, the Consumer Protection Bureau of the former China Banking and Insurance Regulatory Commission (CBIRC) issued the "Risk Reminder on Vigilance against Excessive Lending and Marketing", reminding consumers to understand the relevant policies and risks of consumer credit, prevent the risk of excessive credit overdraft, improve legal awareness, and protect legitimate rights and interests.
The Beijing Supervision Bureau of the State Administration of Financial Supervision has also issued risk reminders, reminding consumers to establish a correct concept of borrowing, improve their awareness of risk prevention, develop rational consumption Xi, promote the virtue of diligence and thrift, scientifically arrange living expenses, do a good job of opening up sources and reducing expenditure, and live within their means. Establish a sense of responsible borrowing and don't rely too much on borrowing and spending. It is necessary to clarify your own loan needs, and determine whether and what kind of loan you need based on your needs. Do not recklessly borrow blindly or excessively, otherwise it may put individuals or even families in a difficult situation; let alone choose "borrowing to support loans" and "borrowing long" to avoid high debts due to insolvency.
The low interest rate of consumer loans has made some people think of capital arbitrage, and they want to use the consumer loan funds to speculate in stocks and buy houses. As everyone knows, this is an expressly prohibited violation. Consumer credit funds cannot be used for non-consumption areas such as buying real estate, speculating in stocks, managing money, and repaying other loans.
It is understood that some banks require that the borrower must upload the consumption voucher one month after the loan is issued. If the use of loan funds is found to be abnormal, the bank will withdraw the loan or reduce the credit line according to the situation.
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Text/Beijing Youth Daily reporter Cheng Jie
Editor/Fan Hongwei