Reporter Peng Yan
The Spring Festival is approaching, and many banks have set off a new round of preferential consumer loan interest rate activities in combination with the Spring Festival consumption season, and the interest rate as low as 3% has become the "standard" of many banks, and even the consumer loan interest rate of some banks has dropped to "2".
Xue Hongyan, vice president of Xingtu Financial Research Institute, said in an interview with the "Securities Daily" reporter that commercial banks reduce consumer loan interest rates by issuing coupons and discount coupons, which is not only a means of attracting customers, but also a way for commercial banks to practice social responsibility, effectively promote consumption, and give back to entities.
However, the interviewed experts reminded that the "price war" of consumer loans is not conducive to the risk management of banking business, and the room for further reduction of the average interest rate of consumer loans in the future may be limited.
The "Securities Daily" reporter combed and found that recently, joint-stock banks such as China Merchants Bank and Industrial Bank, as well as small and medium-sized banks in many places, have launched consumer loan promotion activities and lowered interest rates by issuing coupons and grouping.
"The Year of the Dragon welcomes Spring Festival consumption, and the annualized interest rate of flash loans starts at 3%!" The reporter learned that China Merchants Bank recently launched a preferential activity for consumer loans, and the lowest interest rate of flash loans after coupons can be enjoyed at 3%. Specifically, from November 2023, 11 to February 1, 2024, if you apply for a flash loan and successfully obtain the quota, you can enjoy a surprise preferential interest rate with an annualized interest rate as low as 2% according to the different "recruitment value".
IB has also launched a promotional campaign for Chinese New Year gifts and online consumer loans with an annualized interest rate of 3%, which will be held from January 1 to March 1. During the promotion period, if users successfully apply for "Flash Loan", they can check the interest rate discount coupon on the loan disbursement page to use it, and the annualized interest rate (simple interest) after the discount is as low as 3%.
At the same time, IB has launched the activity of enjoying a lower interest rate for group participation, in which each customer participating in the group can get one coupon with a 1% discount interest rate, and if three or more customers are invited to successfully apply and pass the application, each customer participating in the group can receive one coupon with a 3% discount interest rate, and each time the group successfully completes a group, the system will automatically issue a coupon with a higher intensity to the customer according to the situation of the group.
In addition, the interest rate of some banks' consumer loan products has dropped to below 3%. For example, Shanghai Pudong Development Bank launched the "Pudong Flash Loan, Welcome the New Year" activity, and customers who meet the requirements have the opportunity to receive a one-year "Pudong Flash Loan" 1.2% annualized interest rate (simple interest) coupon, and can grab a 9% interest coupon every Tuesday, and at the same time, customers of the bank can also receive a 3% discount interest rate coupon from January 1 to February 1.
In addition to national commercial banks, some small and medium-sized banks have also joined the army of preferential interest rates for consumer loans. The personal loan manager of a branch of the Bank of Beijing told reporters: "If more than 10 people apply for a loan together, they can enjoy the group purchase price, and the annual interest rate of 'Beijing e-loan' can be applied for as low as 2.98%. ”
Zhou Yiqin, founder of Guanyuan Consulting, told the "Securities Daily" reporter that "consumer loans" are an important starting point for commercial banks to get off to a good start this year, and before and after the Spring Festival is an important time for some families and individuals to consume large amounts. Commercial banks have launched preferential interest rate activities for consumer loans, which can have some positive interactions with customers and continue to maintain and expand customer relationships.
Since the beginning of this year, many banks have continued to regard financial promotion of consumption as an important task. Xue Hongyan said that considering that the current consumer confidence index and consumption willingness index are still at a low level, financial institutions will increase the preferential interest rate of consumer loans before and after the Spring Festival, which is of positive significance for promoting consumption.
However, the hot consumer loan preferential campaign has raised concerns about banks' risk control and consumers' excessive debt. Zhou Yiqin said that there are three main problems. The first is the issue of price competition. Excessively low consumer loan interest rates will have a negative impact on the long-term performance of commercial banks. The second is the issue of improper marketing. Some commercial banks work with third-party loan intermediaries. Intermediaries advertise so-called unsecured, low-interest loans, and there are many hidden risks or pitfalls behind them. The third is the problem of excessive consumption. Commercial banks should conduct a comprehensive assessment of the borrower's credit status and repayment ability, and grant credit reasonably to avoid the risk of repayment caused by excessive consumption.
Xue Hongyan suggested that from the perspective of banks, only by continuously expanding the potential customer base of consumer loans can they get out of the interest rate price war and promote the better development of consumer loan business. From the perspective of potential mining, the excavation of traditional high-quality customers has been relatively sufficient, and the competition is fierce. In contrast, the consumption elasticity of the new citizen group is greater, the financial constraints are also stronger, and the potential can be tapped, and banking institutions can focus on strengthening the innovation of consumer loan products for new citizens. (Securities Daily)