China has announced a relaxation of loan ratios for vehicle purchases, a move aimed at boosting the automotive sector, particularly electric vehicles. The People's Bank of China (PBOC) and the National Financial Regulatory Authority (NFRA) stated that the maximum loan for commercial New Energy Vehicles (NEVs) is now up to 75% of the car price, while for used cars, it's up to 70%. This policy adjustment marks the first time since 2018 that China has eased its car loan policy, with the goal of stimulating demand. Additionally, the ratios for gasoline cars and NEVs could potentially be raised to 100% after the adjustment, as per the automobile industry's information.
China has released a plan to relax the loan ratios for personal vehicle purchases in a bid to boost consumption and trade-in of automobiles. The ratios for gasoline car and NEV could be raised to 100% after the adjustment, according to the automobile industry. https://t.co/dfaiVljvQh
China eases car loan policy for first time since 2018 to boost demand https://t.co/SASK475vlX https://t.co/m9lDtx826t
China relaxes the loan ratios for personal vehicle purchases as the country seeks to boost its automotive sector, particularly electric vehicles. https://t.co/XfG0ehlcpD
🇨🇳 #China Relaxes Loan Ratio for Vehicle Purchases - Statement - The maximum loan for commercial NEV is relaxed to up to 75% of the car price, the People’s Bank of China says. *Maximum loan for used cars is relaxed to up to 70% of the car price https://t.co/oNjNDu8tqq
JUST IN CHINA'S #PBOC and NFRA RELAXED LOAN RATIO FOR VEHICLE PURCHASES TO BOOST CONSUMPTION.