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CN Personal Consumer Loan Self-Payment Limit Raised to RMB500K w/ Term 7 Yrs Max.
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China's National Financial Regulatory Administration (NFRA) has recently issued the "Notice on Developing Consumer Finance to Boost Consumption". The notice includes seven aspects and 20 points including ramping up consumer finance supply, optimizing consumer finance management, providing relief for personal consumer loans, strengthening consumer finance risk management, optimizing the consumer finance environment, forming policy synergy, and enhancing organizational implementation. The notice also specifies that commercial banks can implement differentiated credit based on customers' repayment ability and risk conditions. For customers with good credit and significant consumption needs, the self-payment limit for personal consumer loans can be raised from RMB300,000 to RMB500,000 RMB stage by stage, while the limit for personal internet consumer loans can also be raised from RMB200,000 to RMB300,000 stage by stage. In terms of duration, for customers with long-term consumption needs, the loan term for personal consumption by commercial banks can be extended from a maximum of five years to a maximum of seven years stage by stage. AAStocks Financial News |
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