"The interest rate on consumer loans can be as low as 2.7 percent, do you have any plans to apply for a loan recently? The interest rate is particularly suitable!" Recently, Ms. Wang, who works in Shenzhen, frequently received sales calls from the bank's account manager, and to her surprise, the current interest rate of the bank's consumer loan was even lower than the interest rate on her deposits in a city commercial bank.
The Financial Times reporter noted that since the beginning of the year, the enthusiasm of various banks to seize the consumer loan market has not diminished, and many banks have launched various marketing methods such as interest rate coupons and loan "grouping" to attract customers, and the interest rate of consumer loans has also fallen all the way down to a historical low.
Why are banks scrambling to launch personal consumption loans? Behind the ultra-low loan interest rates, is it a surprise or a "routine"?
Interest rate discounts, "group" loans
Consumer loans start "fancy marketing"
"I didn't expect the bank to be so involved in order to 'ask for a loan' now. Ms. Wang told reporters, "I remember that at the beginning of last year, the consumer loan interest rate dropped from '4 to 3%), and I already felt that the interest rate was very low, but I didn't expect that it has now entered the '2 era'." ”
The Financial Times reporter noticed that since the beginning of the year, a number of joint-stock banks, urban commercial banks, and rural commercial banks have started the "fancy marketing" of consumer loan products, and the minimum loan interest rate can generally be reduced to below 3% after superimposing various preferential activities.
Recently, Ping An Bank has launched a consumer loan product called "New Loan for White-Collar Workers", with an annual interest rate (simple interest) of 3.96% to 9.72% for ordinary customers, and some "preferential customers" can have an annual interest rate (simple interest) as low as 2.88% and a maximum amount of 1 million yuan after receiving the interest rate coupon.
China CITIC Bank has also launched the "Credit Second Loan" activity, where customers can "flash sale" 6% off interest coupons at 10:00 a.m. every Monday to Friday, and the annualized interest rate (simple interest) of the product can be reduced to as low as 2.98%.
In addition to issuing fixed-interest rate coupons and discount coupons, some banks have also launched the form of "group" loans, so that borrowers can enjoy the best loan interest rate as long as they find their own "loan partner".
"As long as 50 people are successfully invited, the carnival promoter can get a 2.7% coupon of 1.5 million yuan (quota). The reporter learned from the Bank of Ningbo that during the period from March 1 to April 30 this year, the bank's personal credit loan product "White Collar Pass" customers can serve as the initiator to invite existing customers or new customers to participate in the activity, and the number of invitees can enjoy preferential interest rates.
Beijing Rural Commercial Bank has also launched ultra-low interest rate consumer loan products in the form of "grouping". "If you want to apply for the biggest interest rate discount of our 'Phoenix e-Loan', you can participate in our weekly 'group' activity, and if you successfully join the group, you will receive a loan coupon with an annualized interest rate of 2.98%. The account manager of a branch of Beijing Rural Commercial Bank said.
Interest rates as low as 1.1%?
Banks: Special conditions apply!
After the interest rate of consumer loans fell below 3%, some banks launched consumer loan products with an interest rate of only 1.1% in order to attract customers.
At the end of last year, Bank of Ningbo launched "Ninglaihua" Thanksgiving benefits, and some specially invited customers have the opportunity to enjoy 1.1% (simple interest) annualized interest rate coupons.
However, after calling the bank's customer service staff, the reporter found that in order to enjoy the above-mentioned preferential interest rate, customers need to meet the special conditions set by the bank. "The ultra-low interest rate of 1.1% is possible through the use of coupons, but some coupons are not available to everyone. The staff of Bank of Ningbo said, "We will consider the customer's liabilities, credit information, etc., and will also have requirements for the withdrawal time, amount and repayment method." ”
The Financial Times reporter found that when banks launch consumer loan products with interest rates below 3%, they have set specific thresholds, and usually only some new customers or "high-quality customers" on the "white list" of the banking system have the opportunity to enjoy the lowest loan interest rate.
"Without applying to the last step, you never know how deep the 'routine' of bank consumer loans is. Many consumers have shared their experiences of failing to apply for consumer loans on online platforms, "If you want to apply for the best interest rate of China Merchants Bank's 'flash loan', you still need to reach a certain 'trick value'." ”
"The interest rate of consumer loans of China Guangfa Bank can be as low as 3%, and the maximum loan can be 5 years, but you must be an employee of a state-owned enterprise, a system or a Fortune 500 enterprise. The account manager of a branch of Guangfa Bank in Shenzhen also revealed to reporters.
At the same time, Bank of Jiangsu said that the loan amount of the bank's "card easy loan" product can reach up to 1 million yuan, and the minimum annualized interest rate is 3.18%. After understanding, it was found that the ultra-high loan amount is limited to the bank's mortgage customers, and the preferential interest rate is only available to customers during the "good start" period.
Loan costs continue to fall
Consumers should borrow responsibly
The launch of consumer loan promotional activities by various commercial banks is not only in response to the regulatory requirements of "reducing consumer financial costs", but also helps banks expand their market share and attract customers.
In September 2023, the State Administration of Financial Supervision issued the Notice on Financial Support for the Recovery and Expansion of Consumption, proposing to "meet residents' reasonable consumer credit needs" and "reduce consumer finance costs", and guide financial institutions to reduce consumer loan interest rates and encourage residents' consumption.
According to the latest data monitored by the Rong 360 Digital Technology Research Institute, in February 2024, the average minimum executable interest rate of online consumer loans of national banks was 3.19%, down 13 basis points month-on-month and 81 basis points year-on-year.
At the same time, many industry experts believe that the reason why consumer loan interest rates can fall again and again is directly related to the continuous downward movement of market interest rates.
"The decline in the cost of funds for banks is due to factors such as lower deposit rates. On the whole, there is a certain basis for reducing the interest rate of personal consumption loans. Dong Ximiao, chief researcher of Zhaolian, believes that 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.
Experts suggest that although consumer loan interest rates continue to fall, consumers should also borrow rationally. "For consumers, they must not blindly apply because the interest rate is low, and the application for consumer loans should be reasonable and moderate, so as to control the burden of personal debt within a reasonable level. Dong Ximiao said.
"The decline in consumer loan interest rates is obviously good for consumers who have consumer borrowing needs, and the cost of consumption has dropped significantly. However, for consumers, it is still necessary to consume rationally, fully consider their own financial situation, and avoid over-indebtedness. Zhou Maohua, a macro researcher at the financial market department of Everbright Bank, said in an interview.