China's commercial banks are offering attractive interest rates on consumer loans to boost lending ahead of the Lunar New Year, YiCai Global reported Thursday.
China Minsheng Bank (HKG:1988, SHA:600016) and Bank of Beijing (SHA:601169) have dropped their preferential interest rates to 2.76% for loans of up to 300,000 yuan and 1 million yuan, respectively, for VIP clients and mortgage holders, according to the report.
Industry insiders said the pre-holiday period is a peak time for consumer loans as banks move to enhance customer loyalty and expand lending volumes early in the year, YiCai Global wrote.
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