Survey of the consumer loan market before interest rate reduction: Final testing of the system starts in September with "automatic interest rate reduction"

Recently, reporters visited multiple banks and learned that the consumer loan interest subsidy service will be carried out through the borrower's active authorization, automatic retrieval of consumption information by the bank system, and automatic deduction of interest at regular intervals. In the consumer loan market, there are already products with credit limits in the millions, and some secured consumer loans can have credit limits of tens of millions. In terms of interest rates, the minimum interest rate for consumer loans at many banks is still 3%; after the subsidy, the actual interest rate borne by the borrower is expected to drop to the 2% range. Industry insiders believe that the implementation of the consumer loan interest subsidy policy will promote the expansion of credit activities, and may provide dual support for quantity and price for the bank's retail credit business, while boosting consumer loan demand and protecting the bank's interest margin. For consumers, when applying for consumer loans, they should go to legitimate financial institutions, borrow responsibly within their means, and not blindly apply for loans just because the credit limit is high, the interest rate is low, or there are subsidies.