The market has been gradually improving recently, and we have launched limited-time promotional offers before the National Day holiday, with consumer loan interest rates as low as 2.88%. The number of people withdrawing money and consulting has increased. On September 28th, a staff member from China Merchants Bank in Suzhou, Xiao Wu, told the reporter. As the National Day approaches, many banks have intensified their consumer loan marketing efforts, offering limited-time benefits and reducing consumer loan interest rates to 3% or even below 2%.
A person from a certain bank said to the reporter that, with the consumption season and recent favorable policies, the number of consumer loan clients who actively inquire and withdraw money since September has significantly increased compared to last month.As the National Day holiday is often a peak consumption period, many banks have increased the consumer loan discount efforts, with some banks introducing limited-time interest subsidies, pushing consumer loan interest rates into the ‘1s’. In addition to reducing consumer loan interest rates, some banks also offer various gifts. There are also banks that have relaxed the application restrictions for preferential interest rates, allowing more customers to enjoy low-interest benefits.
A staff member from Liangshan Rural Commercial Bank said, ‘Our bank supports the consumer loan interest subsidy policy in Sichuan Province. Before September 30th, consumer loan withdrawals for offline purchases of vehicles, electronic products, home renovations, and durable goods such as home appliances and furniture can enjoy an annualized interest rate of 1.50%, with a single amount not exceeding 3000 yuan of fiscal subsidy. ‘ Dongguan Rural Commercial Bank stated that the exclusive interest rate for new customers of consumer loans is 2.98%, with a maximum amount of 1 million yuan and a maximum loan term of up to 5 years. From September 18th to October 17th, customers who have a single contract with a first loan amount between 50,000 and 100,000 yuan (excluding) have the opportunity to receive 5,000 comprehensive rights and interest points; those above 100,000 yuan have the opportunity to receive 10,000 comprehensive rights and interest points. Points can be redeemed for items such as speakers, rice cookers, fuel coupons, and ride coupons. A loan manager from a branch of Jiangsu Bank in Shanghai told the reporter that the current minimum consumer loan interest rate of the bank is 2.98%. ‘It was also possible to achieve 2.98% before, but the restrictions on customer qualifications were stricter.’ ‘The number of customers inquiring and withdrawing has increased’ ‘During the National Day period, people’s consumption needs for traveling and other activities increase. Furniture, electrical appliance, and car merchants will offer some discounts during the festival, and some customers want to apply for consumer loans to renovate their homes and buy cars. The discount strength we offer is also great, the minimum consumer loan interest rate was 3% before, now less than 2.9%. These days, the number of customers inquiring and withdrawing has increased.’ Xiao Wu said to the reporter. Currently, many banks are actively expanding consumer field scenarios, increasing the intensity of consumer credit investment, and enhancing the accessibility and convenience of personal credit consumption loans. Industry insiders say that financial institutions such as banks, focusing on the personal consumption field, develop more marketable financial products to keep up with the transformation and upgrading trend of consumer market demand, which helps to open up a broader market space and also helps to stimulate domestic consumer demand.Regarding risk control issues, Dong Ximiao, the Chief Researcher at China United, stated that financial institutions should pay attention to the direction and monitoring of credit funds. Financial institutions could establish systems such as gray and blacklists for fabricated loan purposes and misuse of credit funds in a timely manner. Additionally, it is recommended that financial regulatory authorities accelerate the application of financial technology, take the lead in establishing a monitoring platform for the use and flow of funds across the entire industry, and guide the legal and compliant use of credit funds.
