Recently, the People's Bank of China and the State Administration of Financial Supervision and Administration jointly issued the Notice on Adjusting Relevant Policies for Auto Loans, adjusting the maximum disbursement ratio of auto loans. The main points are as follows↓↓↓
- The maximum proportion of loans for self-use of traditional power vehicles and self-use new energy vehicles shall be determined by financial institutions.
- The maximum disbursement ratio is 70% for commercial conventional power vehicles, 75% for commercial new energy vehicles, and 70% for used cars.
- For the scope of models implementing the new energy vehicle loan policy, financial institutions can implement it on the basis of the provisions of the "Measures for the Administration of Automobile Loans", according to the principles of voluntariness, prudence and risk control, and with reference to the "Catalogue of Recommended Models for the Promotion and Application of New Energy Vehicles" issued by the Ministry of Industry and Information Technology.
- Financial institutions are encouraged to strengthen the innovation of financial products and services in combination with new cars, used cars, car trade-ins and other sub-scenarios, and appropriately reduce or exempt the liquidated damages arising from the early settlement of loans in the process of car trade-in.
- Under the premise of compliance with laws and regulations and controllable risks, each financial institution shall reasonably determine the specific issuance ratio, term and interest rate of auto loans based on the borrower's credit status and repayment ability in combination with its own auto loan delivery policies, risk prevention and control and other factors.
- All financial institutions should earnestly strengthen the management of the whole process of auto loans, strengthen pre-loan review and post-loan management, continue to improve the credit risk assessment system of borrowers and the value assessment system of collateral, ensure the safety of loan assets, and strictly prevent the misappropriation of loan funds for other purposes.
Article source: Reprinted Jilin Daily, CCTV News
Editor: Wang Haoyi
Review: Huai Nan
Producer: Zhao Min, Zhong Xiao
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