Big State-owned Banks Cut Rates for Consumer Loans in Response to Coronavirus

China’s big state-owned banks have been slashing rates for consumer loans since February in order to whet the appetite of customers still reeling from the coronavirus outbreak.

The Shanghai branch of China Construction Bank (CCB) has reduced rates for its “Kuai Dai” (快贷) consumer loans to 4.35%, for a decline of 125 basis points compared to the prior ongoing rate of 5.6%.

The Industrial and Commercial Bank of China (ICBC) is similarly providing a discounted annual rate of 4.35% to qualified customers for consumer loans of up to three years that are extended via its “Rong e Jie” (融e借) platform.

Agricultural Bank of China’s (ABC) “Wang Jie Dai” (网捷贷) consumer loan product is also providing discounted rates to customers, with the average rate currently standing at around 5%.

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