On February 2, the State Administration of Financial Supervision issued the "Measures for the Administration of Personal Loans" (hereinafter referred to as the "Individual Law"), and the new "Individual Law" will come into force on July 1.
Compared with the previous personal credit system, the new "Individual ** Law" is rightLoan term, loan investigation, loan purpose, interview and signing, core risk controland other links have been further optimized and improved, which involve the core links of personal credit business. The new "Individual Loan Law" is more in line with the current credit reality, reflects the trend of digital transformation of the industry, and also has guiding significance for the optimization of personal loan products.
1. Loan term
– Optimize loan tenure
Article 8 of the Law clearly states that the term of personal loans shall comply with relevant national regulations. The term of the loan for personal consumption may not exceed five years；The term of the loan for production and operation is generally not more than five years, and the loan term can be appropriately extended for the longest period of ten years if the operating cash flow cycle corresponding to the loan purpose is longer.
The loan term is one of the most important changes in the Law, filling the gap in the system regarding the loan term. The "New Personal Loan Regulations" clearly stipulate the repayment period of personal loans, and the current mainstream repayment methods in the market are three-year interest-first and principal later, and equal principal and interest for more than three years. It is possible that in the near future, five-year interest-after-principal products for consumption and 10-year interest-after-principal for business loans will appear on the market.
2. Loan investigation
-- Enriching the methods of loan investigation
Article 16 of the Law is clear. The loan investigation should be carried out in the form of a combination of on-site field investigation and off-site indirect investigation, and adopt on-site verification, ** inquiry, information consultation and other digital electronic investigation and other ways and methods.
For loans with an amount of no more than RMB 200,000, if the lender can effectively verify the authenticity of the relevant information through off-site indirect investigation and can make a risk assessment of the borrower based on this, the on-site investigation may be simplified or no longer conducted(Excludes loans for personal housing purposes).
The rich and flexible loan survey methods not only emphasize the application of technology and finance, but also recognize the role of financial technology. It is not only convenient for borrowers, but also adapts to the current level of fintech development in the banking industry.
3. Purpose of the loan
-- Emphasizing the purpose of borrowing
Article 7 of the ** LawThe purpose of personal loans shall comply with laws and regulations and relevant national policies, and lenders shall not issue personal loans without specific purposes
Article 15 Loan investigation includes but is not limited to the following:
1) The basic information of the borrower;
2) the borrower's income;
3) The purpose of the loan, if it is used for production and operation, the borrower's business situation shall also be investigated;
4) The borrower's repayment**, repayment ability and repayment method;
5) The guarantor's willingness to guarantee, the ability to guarantee or the ownership, value and liquidity of the collateral (pledge).
In terms of the purpose of borrowing for loan investigation, the "Individual Law" adds that "if it is used for production and operation, the borrower's business situation shall also be investigated", which is intended to ensure the actual use of loan funds.
4. Interview
-- Increase the number of interview channels
The Law of the People's Republic of China (IAL) has made the loan interview system more explicit from "taking effective measures to determine the true identity of the borrower".
Article 18: Lenders shall establish and implement a loan interview system. The lender can interview the borrower in the form of ** according to the business needs (excluding loans for personal housing purposes). *The interview should be conducted on the lender's own platform, and the video should be recorded and saved。The lender shall take effective measures to determine and verify the true identity of the borrower and the authenticity of the information involved.
5. Form of contract
-- Increasing the number of electronic forms of contracting
In terms of agreement issuance, the new Measures for the Administration of Personal Loans stipulate the requirement of "double recording" for face-to-face signing and the form of electronic signing, which is also aimed at optimizing the loan process.
Article 26,For loans with an amount not exceeding RMB 200,000, relevant contracts and documents can be signed through electronic banking channels(Excludes loans for personal housing purposes). If the contract is signed in person, the lender shall make an audio or video recording of the signing process and properly keep the relevant images.
6. Risk management and control
- Clarify non-core outsourcing
Article 17 The lender shall establish and improve the loan investigation mechanism, clarify the ways and means of investigation of various matters, and ensure the authenticity and effectiveness of the loan investigation.
If the lender entrusts a third party to handle some specific matters in the loan investigation, it shall not harm the lawful rights and interests of the borrower and ensure that the relevant risks are controllable. Lenders should clarify the qualifications of third parties, establish a list management system, and regularly review and update the list.
The lender shall not entrust a third party to complete the core matters of risk control in the loan investigation, such as the borrower's true intentions, income level, debt situation, own funds** and access to external assessment agencies.
This move refines the requirements for banks to cooperate with third parties, echoing the regulator's long-standing emphasis that core risk control cannot be outsourced.
On the whole, the main significance of the new "Individual Law" is:Fill the gap in the system, optimize the personal loan process, and improve the flexibility of loan fundsThis will help improve the management level and independent risk control ability of the banking industry's personal loan business, and the most important thing is to strictly prevent the misappropriation of personal loan funds.
The new "Individual Law" does not raise the threshold for individuals to obtain loans, and has little impact on individuals applying for loans.
Of course, when the banking industry implements the "Individual Law", it will certainly increase some operating costs, but in the long runA more standardized personal loan business is conducive to the protection of consumers' rights and the healthy development of personal loan business!
Article**: Cheng Yi Rong].
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