新增贷款综合融资成本不得超20%！消费金融“降息令”来袭

Core Viewpoint - The recent regulatory guidance requires consumer finance companies to cap interest rates at an annualized rate of 24% and limit the comprehensive financing cost of new loans to no more than 20% [1][2][3] Regulatory Changes - The "New Lending Regulations" effective from October 1 mandates that the comprehensive interest and fees for consumer finance institutions must not exceed 24% [1][2] - By December 20, 2025, new loan products must have a comprehensive financing cost not exceeding 20%, and by March 2026, all existing business average rates must also comply with this limit [2][3] - Local regulators have set additional requirements, such as limiting guarantee-backed loans to no more than 25% of total loans [2] Industry Impact - The trend of lowering loan rates is seen as inevitable, with the average pricing range for licensed consumer finance companies being between 4% and 24% [3][4] - The net interest margin for several consumer finance companies is currently between 5% and 10%, with a trend of narrowing margins observed in recent years [3][4] - The new regulations are expected to pressure net interest margins across the industry, particularly affecting mid-tier and smaller institutions lacking self-operated risk control capabilities [4][6] Competitive Landscape - Smaller consumer finance and lending institutions may face significant business challenges due to the new regulations, as they are heavily involved in internet lending partnerships [4][6] - Companies are advised to plan ahead by reducing high-priced assets and seeking alternative financing channels to maintain net interest margins [4][6] - The focus of competition in the consumer finance sector is shifting from scale and interest rates to risk pricing capabilities, refined operations, and customer experience [6][7] Strategic Recommendations - Consumer finance companies should focus on lowering funding costs and optimizing operational efficiency while enhancing self-risk control capabilities through technology [7] - The future of lending institutions lies in developing strong data analysis and joint risk control capabilities, moving from simple lead generation to deeper partnerships with funding sources [7]