Source: Beijing Business Daily
Under the dual factors of policy call and self development demand, consumer loans and business loans have gradually become the focus of bank retail efforts, and the interest rate has dropped from "3" to "2". On May 23, a reporter from the Beijing Business Daily found that the "price war" of consumer loans and business loans was still going on. Many banks solicited customers by issuing coupons or teaming up, and the annual interest rate (simple interest) of some bank loans had reached as low as 2.98%. However, low interest rates also have certain "threshold" requirements, which are usually aimed at high-quality customer groups. Banks try to find a balance between profits and risks through tiered pricing.
From 2.98%
The interest rate of bank loans continued to move towards "2". On May 23, a reporter from Beijing Business Daily found that the annual interest rate (simple interest) of some banks' consumer loans and business loans had reached as low as 2.98%.
For example, on the occasion of the 11th anniversary of "Xinsecdai", CITIC Bank The preferential activity was launched. Before June 30, the minimum annual interest rate for the withdrawal of the interest coupons of the invited enterprise customers that meet the standard was 2.98%, and the maximum amount was 300000 yuan. The maximum amount of "Phoenix e Loan" of consumer loan of Beijing Rural Commercial Bank is also 300000 yuan, with the lowest annual interest rate of 2.98%. and China Merchants Bank For the exclusive business mortgage loan launched for small and micro enterprises and individual businesses, the maximum application limit is 10 million yuan, and the annual interest rate is also as low as 2.98%.
However, low interest rates are not available to everyone, and usually have certain "threshold" requirements. The reporter of Beijing Business Daily learned from the customer manager of CITIC Bank that "Xinsecdai" requires more than 5 wage paying enterprises to apply for a minimum interest rate of 2.98%, and one wage paying enterprise needs to apply for a minimum interest rate of 3.28%. At the same time, the wage paying customer needs to have the same unit's accumulation fund payment record for more than 12 months. The loan cannot be overdue, and the number of credit institutions cannot be more than 5, The total credit card usage limit cannot exceed 80%, and the total debt cannot exceed 1 million yuan.
The customer manager of China Merchants Bank said that the access conditions for exclusive business mortgage loans were industrial and commercial registration information and housing capital. The bank had a special evaluation system to give comprehensive scores to customers. Only four star and five-star customers could enjoy 2.98% of the interest rate based on the rating. Such customers usually have good credit reporting, and usually have no overdue loan records The interest rates of Samsung customers are 3.4% and 3.2% respectively. "Now the interest rate has been very low. The interest rate of exclusive mortgage loan was still above 4% in the previous two years, and then gradually decreased to 3.85%, 3.6%, 3.2%..." the person added.
As for the reason why the interest rate of bank loan products continues to decline, Su Xiaorui, a senior researcher of Suxi Zhiyan, said that the interest rate of consumer loans and business loans continues to decline, on the one hand, it is related to the policy strengthening guidance since this year, on the other hand, it is because in the current environment, some consumers and operators, based on the comprehensive evaluation of the macro environment and their own income ability, The mentality tends to be conservative, and the demand for loans will also be affected accordingly. At the same time, under the pressure of asset quality, traditional banks, Internet banks, consumer finance, small loans and other institutions have scrambled for high-quality customer markets that are more sensitive to interest rates, and fierce market competition will also drive down loan pricing.
Is there room for interest rate reduction
Since 2023, banks have started the "price war" of consumer loans and business loans in turn to fill the gap of housing loan growth. According to the statistics of Beijing Business Daily, as a high-quality asset of banks, the growth of housing loans in the past year was relatively weak. By the end of 2023, the amount of individual housing loans from 41 A-share listed banks that disclosed relevant data totaled 34.37 trillion yuan, a year-on-year decrease of 544.258 billion yuan, or 1.56%.
On the other hand, according to the previous statistics of Beijing Business Daily, by the end of 2023 bank for economic construction 、 Industrial and Commercial Bank of China 、 Bank of Communications 、 agricultural bank , CITIC Bank Everbright Bank 、 Industrial Bank 、 Zheshang Bank The total operating loan scale of 19 listed banks including the Bank was about 5.67 trillion yuan, an increase of about 1.33 trillion yuan over the previous year, up 30.7% year on year. Consumer loans have also become an important growth point in retail business of many banks. For example, in 2023, Bank of Communications' personal consumer loans will grow by 86.25% year on year, Agricultural Bank of China's personal consumer loans will increase by more than 75% compared with the end of last year, and ICBC and China Construction Bank's personal consumer loans will also grow by more than 40% compared with the end of last year.
"Since 2023, due to the downward impact of the real estate market, the overall personal housing loans of listed commercial banks have shown a negative growth. Some commercial banks have accelerated the expansion of personal consumer loans and business loans, and strive to fill the gap caused by the sluggish growth of housing loans through the development of consumer loans and business loans. In this case, personal consumption loans and business loans are becoming important growth points of bank retail credit. " Dong Ximiao, the chief researcher of China Merchants Association, pointed out that the reduction of interest rates on consumer loans and operational loans had little impact on the quality of bank assets. The interest rate reduction is only to lower the price, not to lower the risk control standard. The bank's ultra-low interest rate consumer loans and operational loans are usually targeted at high-quality customer groups, so the risk is generally controllable. Due to the great efforts to reduce fees and interest rates, the current and future bank interest margin may narrow without further improvement of costs.
It is worth noting that on May 23, the National Development and Reform Commission (NDRC) released the Notice on Key Work of Cost Reduction in 2024 on its official website, which mentioned that it would promote the steady decline of loan interest rates. We will continue to give full play to the effectiveness of the reform of the loan market quoted rate (LPR) and the important role of the market-oriented adjustment mechanism of the deposit interest rate, and on the basis of maintaining the basic stability of the net interest margin of commercial banks, we will promote the steady decline of social comprehensive financing costs. In this context, is there room for subsequent consumer loans and business loans to be reduced?
Xue Hongyan, vice president of Xingtu Financial Research Institute, believes that at present, the loan interest rate granted by banks to the best customers has been at a very low position in history. Banks should focus on improving risk control level, and promote the downward trend of the loan interest rate of the second best customers with stronger financing needs. This can not only improve the efficiency of fund use, but also further reduce the financing cost of the real economy.
Under low interest rates, how should banks control the profits and risks of loans? Su Xiaorui said that with the steady decline of the loan interest rate, the bank deposit interest rate is likely to further decline. Under the low interest rate, the bank needs to take targeted customer acquisition methods, do a good job in customer segmentation, interest rate pricing and other basic work, and do not relax in the work related to approval and risk control, We should strive to achieve a good balance between the scale of new business and business risk management.
Beijing Business Daily reporter Li Haiyan
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