Help companies bail out and boost consumer confidence
The central bank waived 370 million yuan in credit inquiry fees
Benefiting 1.507 million enterprises and 150 million individuals
Our newspaper, Beijing, July 21, reporter Chen Guojing learned from the People’s Bank of China: From March 1 to June 30, the People’s Bank of China Credit Information Center has waived 370 million yuan in credit inquiry fees and will extend the implementation period of the reduction and exemption policy Until December 31 this year.
Starting from March this year, the Central Bank’s Credit Information Center has provided support to rural commercial banks, rural cooperative banks, rural credit cooperatives, rural banks, small loan companies, consumer finance companies, financial leasing companies, financing guarantee companies, private banks, and independent legal person direct selling banks. 10 types of financial institutions are exempt from credit inquiry fees.
Statistics show that from March 1 to June 30, 934 financial institutions that meet the exemption policy inquired 360 million personal credit reports, 2.292 million corporate credit reports, and credit inquiry fees were reduced by about 370 million yuan. Among them, consumer finance companies reduced about 130 million yuan, private banks reduced about 110 million yuan, small loan companies reduced about 70 million yuan, and rural commercial banks, rural credit cooperatives, and rural cooperative banks reduced about 40 million yuan.
During this period, the amount of inquiries by financial institutions has increased significantly, and the effect of fee reduction policies has appeared. From March 1 to June 30, 2020, the volume of pre-loan approval inquiries for 10 types of financial institutions has increased significantly, the frequency of post-loan risk monitoring has increased significantly, the volume of credit inquiries has increased significantly, and the volume of personal and corporate credit report inquiries The year-on-year increase was 82.3% and 41.3% respectively, and the proportion of inquiries from all financial institutions in the personal and corporate credit reporting systems reached 34.7% and 12.4% respectively.
In terms of personal credit report inquiries, consumer finance companies have 130 million inquiries, accounting for 35.5%; private banks have inquired 97.885 million times, accounting for 27.2%; microfinance companies have inquiries 71.628 million times, accounting for 19.9%; other 7 types of institution inquiries 62.517 million times, accounting for 17.4%. According to the classification statistics of the query reasons, 42.6% of the queries are used for pre-loan approval, 52.6% are used for post-loan management, and 4.8% are used for other purposes such as guarantee qualification review.
In terms of corporate credit report inquiries, private banks have inquired 1.071 million times, accounting for 46.7%; rural credit cooperatives have inquired 621,000 times, accounting for 27.1%; rural commercial banks have inquired 395,000 times, accounting for 17.2%; other 7 types of institutions have inquired 20.6 Ten thousand times, accounting for 9%. According to the classification statistics of the query reasons, 50% are used for pre-loan approval, 36.8% are used for post-loan management, and 13.2% are used for other purposes such as guarantee qualification review.
The query fee reduction and exemption benefited 1.507 million enterprises and 150 million individuals, helping enterprises to bail out and restart consumption. From March 1 to June 30, a total of 1.507 million companies’ credit reports were queried. The number of households increased by 22.3% year-on-year. The number of loans granted to 375,000 companies was 1.983 million, with a loan amount of approximately RMB 2.5837 billion. The amount increased by 16.8% and 4.6% respectively. A total of 150 million individuals’ credit reports were queried, and 120 million loans were issued to 57.855 million consumers, with a loan amount of about 379.8 billion yuan, a year-on-year increase of 3.4%.