Personal durable consumer goods loans refer to loans issued by consumer finance companies to borrowers through distributors for purchasing agreed durable consumer goods (excluding houses and automobiles) such as household appliances and electronic products. General personal consumption loans refer to loans directly issued by consumer finance companies to borrowers for personal and family travel, wedding, education, decoration and other consumption matters. Consumer finance companies are about to help expand domestic demand
In the case that export trade can't achieve economic growth and the investment market is unpredictable, in China's macroeconomic troika, perhaps only by expanding consumption can domestic demand be expanded, thus better stimulating economic recovery. In this context, the China Banking Regulatory Commission announced yesterday that it would solicit public opinions on the Administrative Measures for Pilot Consumer Finance Companies (hereinafter referred to as the "Pilot Measures") and plan to set up pilot consumer finance companies in Beijing, Tianjin, Shanghai and Chengdu.
It is understood that the main feature of the so-called consumer finance companies is to provide small unsecured loans to customers who cannot obtain financing from bank channels without absorbing public deposits. With CPI and PPI falling for three consecutive months, and residents' consumption willingness reflected by the data continuing to be sluggish, can unsecured and unsecured microfinance become the driving force to stimulate consumption? What are the advantages and disadvantages of consumer finance companies compared with previous consumer credit service companies? This newspaper will interpret this one by one. Investors are domestic and foreign financial institutions with a minimum capital adequacy ratio of 300 million yuan. The capital adequacy ratio of a registrable consumer company shall not be less than 10%.
A related person from the China Banking Regulatory Commission said yesterday that the so-called consumer finance company refers to a non-bank financial institution established in China with the approval of the China Banking Regulatory Commission, which does not absorb public deposits and provides loans for individual residents in China for consumption purposes on the principle of small amount and dispersion. Loans issued by consumer finance companies are mainly used for customers to buy personal durable consumer goods. Personal durable consumer goods loans refer to loans issued by consumer finance companies to borrowers through distributors for purchasing agreed durable consumer goods (excluding houses and automobiles) such as household appliances and electronic products.
The China Banking Regulatory Commission said that there are fewer types of financial institutions engaged in consumer credit services in China, only commercial banks and auto financing companies. Consumer loans account for less than 65,438+02% of the total loans, and there are few types of consumer credit services, mainly housing mortgage loans, auto loans and credit cards. At present, only a few commercial banks and guarantee companies jointly handle unsecured and unsecured micro-consumer credit for durable consumer goods, but this kind of credit is generally small in scale, cumbersome in procedures, low in specialization and low in efficiency. The main investors of such companies are domestic and foreign financial institutions and other investors recognized by the CBRC. The pilot scheme sets strict access conditions for major investors. For example, with more than 5 years of experience in the field of consumer finance, the total assets are not less than 80 billion yuan, and it has been profitable for two consecutive fiscal years, and its capital contribution may not be transferred within 3 years. For overseas financial institutions, it is necessary to set up a representative office in China for more than two years, and the financial regulatory authorities in the host country or region have established a good regulatory cooperation mechanism with the CBRC.
People familiar with the matter said that the "pilot measures" will solicit opinions from all walks of life for one month. Before the CBRC released this news, many financial institutions and enterprises at home and abroad were already striving for the qualification to set up such companies. However, since the first batch of pilot projects are only conducted in Beijing, Tianjin, Shanghai and Chengdu, and only one company is piloted in each city, who is qualified to become the shareholder of the first batch of consumer finance companies depends on the operation of the pilot companies. The minimum registered capital requirement of a consumer finance company is 300 million yuan or its equivalent in a freely convertible currency, which refers to the registered capital requirements of other non-bank financial institutions and considers the need for consumer finance companies to achieve balance of payments in their initial business operations. In addition, the proportion of net assets of non-financial institutions should not be less than 30%.
According to the previous requirements of CBRC for the registered capital of auto financing companies, the minimum registered capital of auto financing companies is 500 million yuan or its equivalent in freely convertible currencies. The registered capital is one-time paid-in monetary capital. Non-bank financial institutions, as investors of auto financing companies, should meet the requirements of registered capital of not less than 300 million yuan or equivalent in freely convertible currencies. Since such companies do not take deposits, the regulatory authorities will put forward higher requirements for the company's capital adequacy ratio. The Pilot Measures set the capital adequacy ratio at not less than 65,438+00%, the asset loss reserve adequacy ratio at not less than 65,438+000%, and the interbank borrowing fund ratio at not more than 65,438+000% of the total capital.
Although the capital adequacy ratio of commercial banks is still 8%, banks have actually achieved the established goal of 10%. According to the reporter, the capital adequacy ratio of many banks with a long history in the world is as high as 13%. According to relevant sources, the CBRC requires financial companies to control the NPL ratio below 5%, which is not much different from that of commercial banks. In order to prevent consumers from over-consuming, the Pilot Measures stipulate that the balance of consumer loans issued by consumer finance companies to individuals shall not exceed five times the borrower's monthly income. As for the interest rate of such loans, the CBRC said that although it is priced according to the borrower's risk level, the maximum interest rate should not exceed four times that of central bank loans in the same period.
According to the regulations, a loan interest rate that rises more than four times than the central bank's benchmark interest rate is usury, and consumer finance companies just played the edge ball here. However, four times the interest rate is already a very high interest rate among similar products, so many experts believe that if a consumer finance company can successfully pilot in China and get a large number of passengers, its own shareholders will earn a lot from the high interest income.
"The key to expanding domestic demand is to expand consumption"
The CBRC's promulgation of the "Trial Measures" did not happen overnight. According to the reporter's understanding, as early as last year, the news that the CBRC will set up a consumer finance company was exposed by the media. In this regard, the China Banking Regulatory Commission said yesterday that in fact, since the end of 2007, the China Banking Regulatory Commission has conducted research on the development of domestic and foreign consumer finance industries.
In view of the promulgation of the Pilot Measures, the CBRC believes that this is to implement China's strategic policy of further expanding domestic demand and promoting economic growth, to promote the growth of consumer demand by providing more financial services, and to enhance the pulling effect of consumption on economic development.
It is of great significance to set up a consumer finance company at this time. Guo Tianyong, director of the Industry Research Center of China Bank (3.57%, 0.07% and 2.00%) of the Central University of Finance and Economics, said that the core of expanding domestic demand is to expand consumption. The most intuitive way to set up a consumer finance company is to expand consumption, provide personalized services for different customer groups and increase the variety and quantity of products for the financial market.
Financial institutions with shares or holdings can obtain higher profit points by consuming interest income from corporate loans.
"Banks can't meet all financing needs"
"Banks can't meet all the financing needs. At this time, a financial institution is needed to handle financing business for customers who cannot borrow money from banks. " Lu Suiqi, deputy director of Peking University China Financial Research Center, said so. He introduced that the so-called consumer finance company is an upgraded version of the previous financial company.
According to the reporter's understanding, the so-called financial company is a non-bank financial institution established by a large enterprise group to provide financial services for the group. The financial business operated by a finance company can be divided into three parts: financing, investment and intermediary. The "financing" mentioned here is mainly to issue corporate bonds and engage in interbank lending, and the customer group is the business owner. In this regard, the pilot method shows that compared with commercial banks, the target customers of consumer finance companies are low-end individual customers with stable income, including young people, young families, or families that need to upgrade consumer goods such as home appliances.
"The main task of consumer finance companies is to provide funds to customers who cannot borrow money from banks or other channels for consumption. Because some customers have problems with their credit records, financial companies have to charge higher interest to control their capital risks. " Lu Suiqi said.
Lu Suiqi does not agree with the statement that consumer finance companies are used to stimulate consumption and expand domestic demand. He believes that the establishment of consumer finance companies has nothing to do with stimulating consumption. "This is just a perfection of the financial system." In any case, the news that a consumer finance company will be established soon has given hope to many people who need loans in a short time. If all goes well, such companies will formally participate in people's lives in June. However, if the interest charged on the loans of such financial companies is four times that of the central bank loans in the same period, the profit distribution within financial companies will become a new concern.
On the issue of shareholder status of financial companies, although CBRC announced that investors are mainly domestic and foreign financial institutions, it also reserved space for other institutions to intervene in consumer finance companies-the pilot method stipulated that other investors recognized by CBRC can also become shareholders of consumer finance companies.
"This is a new thing after all. The regulatory authorities have insufficient experience in supervising such companies and will face great challenges. The most difficult thing to detect is whether there is a conflict between shareholder information disclosure and shareholder profits. " Lu Suiqi said that he believes that from the perspective of shareholder composition, if industrial capital and financial capital are shareholders together, the existing problems will become more and more complicated. In addition, how to effectively control the default risk and default rate and avoid the formation of bad debts is also a headache for the regulatory authorities.
Competing with products of the same level.
Consumer credit VS credit card According to the relevant personage of China Banking Regulatory Commission, although the loan service and credit card business provided by consumer finance companies are similar in theory, they are quite different in practice.
"Generally speaking, credit card consumption belongs to overdraft consumption, that is, customers use their own quota to spend first, and then return the money to the bank 50 days later. The loan principle of consumer finance companies can be divided into two stages. In the first stage, customers found insufficient funds in the consumption process and applied for loans from financial companies. After verifying the credit record of the lender, the financial company will directly allocate the loan to the merchant that the customer needs to pay; When a customer borrows again after this financial company has a good loan record, the financial company can directly lend the funds to the customer, and the customer will use the money for consumption according to their own needs. " When explaining the difference between consumer finance companies and credit card business, the CBRC said so. She said that in order to prevent the general personal consumption loan from being used for other purposes, the CBRC also required that the loan amount should not exceed the previous maximum amount of a single loan to the borrower.
In the specific details of repayment, the two are also very different. The first is the loan amount. At present, many banks issue high credit cards to eligible customers, and some credit cards even have a gold card limit of up to one million yuan. The balance of consumer loans issued by consumer finance companies to individuals shall not exceed 5 times the borrower's monthly income. In other words, if the customer's monthly income is 5,000 yuan, the one-time loan granted by the financial company will not exceed 25,000 yuan at most.
Secondly, in the repayment time of loan business, the repayment time of credit card is about 30 days, and the longest installment payment in shopping malls is 36 months. According to relevant sources, if a finance company is established, the repayment period may be 1 year. There is a new difference: credit cards do not need to pay loan interest within the prescribed repayment period, while financial companies stipulate that the loan interest rate should be set according to the borrower's risk, but it should not exceed four times the bank loan interest rate in the same period.
Consumer Credit VS Bank Unsecured Products In fact, before the pilot of consumer finance companies, some domestic banks have launched the so-called "unsecured, unsecured" microfinance business. For example, the "loan-to-payment" loan product previously launched by Standard Chartered Bank requires a monthly pre-tax income of 3,000 yuan. As long as this condition is met, customers can get a loan of up to 300,000 yuan with a maximum service life of 4 years. In contrast, the advantage of consumer finance companies is that there is no hard and fast regulation on the monthly income of consumers, and the monthly income is skillfully linked to the loan amount.
Like the customer loans of consumer finance companies, "cash loans" products are also used for small consumption of individuals or families, such as marriage, decoration, travel, further study and purchase of household appliances. In addition to Standard Chartered Bank, Citibank also has a similar micro-loan business "Happiness Loan", which is basically aimed at young people's consumption needs such as bulk purchase, further study abroad and honeymoon trip. However, according to the reporter's understanding, these seemingly small loans with no more additional conditions require customers to pay higher interest. The annual interest rate is generally between 7% and 9%. Although it is lower than the consumer finance loan, the service rate does not lose its value: both "Xiandai Xuetang" and "Happiness Loan" adopt fixed interest rates and charge an account management fee of 0.49% of the loan principal every month.
In contrast, the biggest advantage of consumer credit is that customers can get loans in a short time as long as their credit records are good, and the fastest business only takes half an hour. Although the unsecured products of the bank "look beautiful", the actual application requires customers to wait for a long time, and the procedures for handling business are also very complicated.
Although consumer credit VS pawnshop microfinance are all small loans, there is a big difference between consumer credit and the services provided by pawnshops to customers. From the perspective of cost performance, the average one-year loan period of consumer credit exceeds the "bottom line" of the pawnshop's three-month best loan period.
The reason for this is that relevant experts have calculated an account: for example, if a consumer makes a one-year real estate loan at the bank, the interest of the bank loan plus the assessment fee is about 9% of the loan amount, which is a one-time fee, while the monthly interest for repaying the mortgage at the pawnshop is about 9.6%. "Therefore, with a term of three months, pawn financing is obviously more cost-effective than banks in terms of cost and efficiency. But after more than three months, the cost of pawn will exceed the cost of bank loans. "
At the same time, consumer credit can achieve unsecured loans, but pawn shops "don't scatter money without seeing rabbits"-they must get bills or vehicles that customers can use as collateral.
Consumer credit VS microfinance companies Consumer finance companies are mainly low-and middle-income residents working in cities, and have not opened the financing door to small and medium-sized enterprises and agriculture-related enterprises.
In contrast, many small loan companies that have been established in provinces and cities seem to have a wider range of loans. It is understood that the loan targets of microfinance companies are concentrated in producers and operators engaged in planting (such as vegetable greenhouses), aquaculture, forestry and fruit industry, agricultural and sideline products processing (such as deep processing of corn and preserved fruits) and rural circulation (such as logistics and transportation).
Microfinance companies are limited liability companies or joint stock limited companies established by natural persons, corporate legal persons and other social organizations that do not absorb public deposits and operate microfinance business. The operating mechanism of microfinance companies is different from that of commercial banks and rural credit cooperatives.
The registered capital of a small loan company is all paid-in monetary capital, which shall be fully paid by the investor or promoter at one time. Do not raise funds internally and externally, and do not absorb public deposits in any form. The registered capital of a limited liability company is not less than 5 million yuan, and the registered capital of a joint stock limited company is not less than 6.5438+million yuan. The shares held by individual natural persons, corporate legal persons, other social organizations and their related parties shall not exceed 65,438+00% of the total registered capital of microfinance companies, which are lower than those of consumer finance companies. In addition, compared with the common forms of usury in folk credit, consumer credit not only has advantages in interest rate, but also has advantages in status. Although relevant people have been advocating the sunshine of private credit, there is still a long way to go to realize the sunshine. Consumer finance companies are directly supervised by the China Banking Regulatory Commission, and once established, they are "regular troops". In addition, usury has always been accused of rudeness in the way of dunning, but in the pilot measures of the CBRC, it is clearly mentioned that "loans shall not be collected by threats or intimidation".