Will you be tempted by bank consumer loans after breaking "4"?
The Spring Festival has become the best window for major banks to promote personal consumption loans
The upcoming Spring Festival will not only stimulate everyone's enthusiasm for consumption, but also become the best window for major banks to promote personal consumption loans.
A reporter from Beijing Youth Daily found that since December 2022, many banks have launched a wide variety of preferential activities for personal consumption loans. During the activity period, some lucky customers can obtain ultra-low interest rates that break through the lower limit of normal interest rates. The lowest preferential interest rate in the market is China Merchants Bank Lightning 3.2% of the loan given.
At the same time, the minimum interest rate of the state-owned major banks continued to be lowered after breaking "4".
Banks scramble to issue interest rate coupons to high-quality customers
Recently, China Merchants Bank launched a large-scale preferential activity for the 8th anniversary of Flash Loan.
According to the information displayed on the mobile banking, eligible customers will receive an interest rate coupon with a 6.6% discount, and use the coupon to apply for withdrawals from January 4 to 31, 2023, with an annualized interest rate as low as 3.7%.
In addition, China Merchants Bank will also give out 200,000 cash red envelopes during the event, providing hundreds of Huawei mobile phones as lucky draw gifts to attract more customers to use the flash loan.
It is understood that 3.7% is not the lowest interest rate given to customers by China Merchants Bank in this round of activities.
Mr. Liu, a reader, said that the China Merchants Bank App showed that the interest rate of his flash loan was originally 5.94%.
At the beginning of January 2023, the account manager called and said that he could apply for a coupon with an annual interest rate of 3.2% for the flash loan.
On January 5, 2023, Mr. Liu used a coupon loan of 200,000 yuan, with a term of 3 years, and the annual interest rate was indeed 3.2%, and he could also use the combination repayment method of interest first and principal later, with little pressure on early repayment.
It is understood that the 3.2% interest rate coupon of China Merchants Bank Flash Loan cannot be obtained directly through online channels, but must be applied through the account manager.
A reporter from Beijing Youth Daily asked the account manager of a branch in Dongcheng District of China Merchants Bank yesterday, and the other party informed that a few days ago, you could still apply for a 3.2% coupon, but now you can no longer apply for an individual, only for groups of more than 30 people.
At present, you can apply for a 3.6% interest rate coupon through the account manager, and you need to withdraw the money within 7 days after the application, and it cannot exceed the end of January 2023.
A reporter from the Beiqing Daily found that the Guangdong Branch of the Bank of Communications also launched Huimin Loan New Year’s exclusive benefits this month. Customers invited by high-quality units to successfully grant credit for the first time will receive an interest rate coupon with an annual interest rate of 3.6%, which has broken through Huimin. The lower limit of the interest rate range for loans of 3.85%.
In addition, Huimindai customers who submit an application for the first time can exchange for two 5-yuan payment coupons, and a 28-day interest-free coupon and an interest rate discount coupon for the first successful credit grant.
Zhou Maohua, a macro researcher at the Financial Market Department of China Everbright Bank, said that important festivals such as the Spring Festival are the traditional peak season for retail sales, which will help drive demand for consumer credit. Banks are actively developing consumer credit business at the beginning of the year, and there are also considerations of "early investment and early income".
From the perspective of trends, with the release of consumption activities, domestic employment and income have improved, and consumer confidence has picked up, which will help drive the expansion of consumer credit demand.
Prime Rate Not Available to Everyone
Although various banks try their best to promote personal consumption loans, the standards for loan approval have not been relaxed because of this. Currently, only a small number of customers can enjoy the attractive minimum interest rate.
A reporter from the Beiqing Daily noticed that in order to prevent consumers from misunderstanding, the consumer loan advertisements of various banks will add a reminder at the end: "The product interest rate is based on the actual interest rate. If you have any questions, please consult the local outlets for details." The loan interest rate and amount are subject to the approval results."
"I was told that the minimum interest rate would not be higher than 4%. I just wanted to renovate, so I applied for 200,000 yuan. In the end, the approved interest rate exceeded 5%. The result of applying for credit consumer loans through mobile banking.
It is understood that Mr. Zhang's situation is not an exception.
Those who can enjoy the lowest interest rate of credit loans are the employees of the white list customers of major banks, and they usually work in some high-quality units.
In addition, the bank's mortgage customers and payroll customers will also have advantages when applying for consumer loans.
A customer manager at a branch in Chaoyang, a large state-owned bank, said that in this branch, only employees of high-quality units can apply for the lowest interest rate, and ordinary individual customers cannot enjoy it.
Now it is all approved by the system. Except for high-quality customers on the white list, the actual interest rates and quotas applied by other customers will vary greatly, which may be much higher than the minimum interest rate.
For many consumers, the worst-case scenario is not not getting the lowest rates, but not even being eligible.
Some readers reported that they saw bank consumer loan advertisements and excitedly went to apply online, only to find that they were not even eligible for the loan.
A reporter from Beiqing Daily chose a large state-owned mobile bank with little business dealings to try to apply for the bank's consumer loan. The page displayed "Unfortunately, you failed to obtain the application quota of our bank".
How can there be a quota?
The bank pointed out three ways: one is to become a housing loan customer of the bank; the other is to provide real estate mortgages or other effective guarantees, and contact the personal loan center to handle other loans; the third is to handle more deposits and wealth management business at the bank.
Big state-owned banks cut interest rates on consumer loans
A reporter from Beiqing Daily noticed that since the second half of 2022, a number of major state-owned banks have lowered the interest rate level of consumer loan products.
At the beginning of August 2022, the lower limit of personal consumption loan interest rates of the six major state-owned banks will all fall below 4%.
At that time, for qualified high-quality customers, the annualized interest rate of Agricultural Bank of China Express Loan was as low as 3.7%, the annualized interest rate of ICBC Ronge Loan was as low as 3.75%, the minimum annualized interest rate of Bank of Communications Huimin Loan was 3.85%, and the annualized interest rate of Bank of China E-Loan was The lowest annualized interest rate is 3.9%, and the lowest annualized interest rate of CCB Quick Loan is 3.95%.
One month later, the annualized interest rate of Agricultural Bank of China Express Loan dropped to 3.65%, and the one-year annualized interest rate (simple interest) of ICBC Ronge Loan was as low as 3.7%.
In July 2022, the annualized interest rate range of Postal Savings Bank's postal loan will be 3.7%-17.8% (simple interest).
In late August, the interest rate range was reduced to 3.65%-17.2% (simple interest).
It is not difficult to see that the lower limit of personal consumption loan interest rates of ICBC, ABC and Postal Savings Bank will all be lowered by 5 basis points after August 2022.
The annualized interest rate of CCB Quick Loan has also been lowered recently.
The official WeChat account of CCB Beijing Branch recently released a promotional article for three consecutive days, "Choose CCB Quick Loan if you need money."
The article shows that the annualized interest rate of CCB Quick Loan is currently as low as 3.85%, which is 0.1 percentage points lower than the previous 3.95%.
The Ningbo Branch of China Construction Bank issued a comprehensive introduction to the basic situation of the four personal consumption loan products of China Construction Bank.
Generally speaking, loan products accepted offline have lower interest rates and higher amounts than those accepted online.
Among them, the annualized interest rate is as low as 3.6% and the loan amount can be as high as 1 million yuan for offline applications with ID cards, income certificates, employment certificates, etc.; The annualized interest rate is also the lowest at 3.6%, and the maximum loanable amount is 1 million yuan.
Quick Loan is fully online, mobile phone application, automatic approval, the minimum annualized interest rate is 3.85%, and the maximum loanable amount is 200,000 yuan; Xpress Loan is for offline verification of identity, online contract payment and repayment, the minimum annualized interest rate is 3.99%, and the maximum loanable rate 1 million yuan.
Zhou Maohua pointed out that from the perspective of the overall environment, in order to cope with the downward pressure on the domestic economy, domestic macroeconomic policies have been adjusted counter-cyclically, fiscal and financial policies have been strengthened, market liquidity has remained reasonable and sufficient, and the center of market interest rates has moved downward, which will naturally drive consumer loans and other small loans. The cost of credit loans fell.
Regulatory emphasis on supporting recovery and expanding consumption
According to data from the People's Bank of China, household loans will increase by 3.83 trillion yuan in 2022, which is about 4 trillion yuan less than the increase in 2021.
Among them, new short-term loans for residents represented by personal consumption loans decreased by 0.76 trillion yuan year-on-year; new medium- and long-term loans for residents represented by mortgage loans increased by 3.33 trillion yuan year-on-year.
However, this year, financial institutions will definitely increase their personal consumption loans.
The 2023 People's Bank of China Work Conference held on January 4, 2023 proposed to increase financial support for domestic demand and supply systems.
Support recovery and expansion of consumption.
On January 13, the China Banking and Insurance Regulatory Commission held the 2023 work conference.
The meeting deployed nine key tasks for this year. The top priority is to fully support the overall improvement of economic operation, and give priority to supporting recovery and expanding consumption.
The CBIRC’s previous (expanded) meeting of the party committee has put forward specific measures, including: optimizing consumer financial products and services, encouraging the consumption of bulk commodities such as new energy vehicles and green home appliances, promoting residential consumption, and providing credit support for new consumption and service consumption and insurance coverage.
Continue to improve financial services for new citizens to better meet the needs of rural migrants, newly graduated college students and other groups to live and work in peace and contentment.
Enrich the supply of financial products, increase residents' safe and stable property income through multiple channels, improve residents' household balance sheets, and enhance consumption capacity.
Wang Yifeng, chief analyst of the financial industry at Everbright Securities Research Institute, believes that with the recovery of production and business activities, especially the recovery of offline consumption, the credit expansion of consumer loans will accelerate.
If there is further policy stimulus, such as supporting industries with long industrial chains such as automobiles and home appliances, or issuing consumer vouchers and consumer subsidies, consumer loans will recover faster.
"In 2023, the expansion of consumer finance loans will be the 'highlight'." The relevant person in charge of the credit management department of CCB said at the investor exchange meeting that in 2023, we will increase efforts to expand personal loans. It is expected that in 2023, whether it is housing finance or Consumer finance will pick up.
consumption tips
Consumers borrow rationally according to their own circumstances
Lower and lower loan interest rates have made many tempted consumers eager to try.
People in the industry remind everyone that you must apply on demand, do what you can, and don't borrow money blindly.
The Beijing Banking and Insurance Regulatory Bureau once issued a risk warning, reminding consumers to establish a correct concept of lending, raise awareness of risk prevention, develop rational consumption habits, promote the virtues of diligence and thrift, scientifically arrange living expenses, and do a good job of increasing revenue and reducing expenditure, and living within our means.
Establish a sense of responsible borrowing and don't rely too much on borrowing for consumption.
To clarify your own loan needs, determine whether you need a loan and what kind of loan you need according to your needs.
Do not borrow blindly or over-borrow regardless of the consequences, otherwise it may put individuals and even families in trouble; let alone choose "to support loans with loans" or "multiple loans" to avoid high debts due to inability to repay.
What needs to be paid attention to by consumers is that consumer credit funds cannot be used for non-consumption areas such as purchasing real estate, stock trading, managing money, and repaying other loans.
It is understood that if the bank finds that the consumer loan has been misappropriated in violation of regulations during the post-loan management, it will withdraw the loan in advance.
Articles in this group/Reporter Cheng Jie Coordinator/Yu Meiying