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Personal Deposits Pledge Loans


 

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Personal Deposits Pledge Loans

Introduction

Personal Deposits Pledge Loan is a kind of RMB loans with certain amounts acquired from Bank of China with the borrower's undue RMB and foreign currency term deposit receipt as the pledge. Borrowers are required to refund the principal and interest of the loans to Bank of China on schedule. The product is a kind of transaction combining deposits and loans.

 ? Loan Term

Generally speaking, the term of Personal Deposits Pledge Loan should not exceed the maturity date of the pledged deposit receipt, nor should it be longer than a year. If the pledge contains more than one personal deposit receipt, the loan term shall be set closest to the maturity date. The deposit receipts of automatic renewal shall be determined by the length of automatic renewal term.

? Interest Rate

Bank of China shall adopt the corresponding benchmark interest rates published by the People's Bank of China, and the interest rate can be floating within the range prescribed by the People's Bank of China. If the loan term is no longer than six months, it should be determined as per the interest rate of six-month loan. For premature repayment, the interest rate shall be calculated according to the set interest rate and the actual time of loan. In case the People's Bank of China adjusts the interest accrual, the interest rate set in the contract shall be executed within the loan term.

? Loan Purpose

Borrowers can purchase houses, cars, large amounts of durable goods, and carry out house decoration, have vacation and accept education, as well as normal business operations with the loans.

? Loan Quota

The minimum quota for Personal Deposits Pledge Loan is RMB 1,000. In principle, the loan is calculated based on the pledge rate of less than 90% of deposit receipt denomination. For USD deposit receipt, the pledge rate should be no higher than 90% of the deposit receipt denomination. For other foreign currency deposit receipt, the pledge rate should not exceed 85% of deposit receipt denomination. The foreign currency deposits shall be calculated after being converted into RMB based on foreign exchange rate on that day.

? Loan Guarantee

When applying to Bank of China for Personal Deposits Pledge Loan, customers must submit the personal term deposit receipt issued by Bank of China as the pledge guarantee.

? Loan Issuance

At the maturity of the loan, you can repay the principal and interest with cash or the deposit in Bank of China in lump-sum. With the approval of the lender, the borrower can repay the principal and interest in advance. For premature repayment, the interest rate shall be calculated by the actual loan time and the interest rate agreed in the pledge loan contract signed by the relevant parties.

?Loan Repayment

The borrower can repay the principal and interest with cash or the deposit in Bank of China in lump-sum at the maturity. With the approval of the lender, the borrower can repay the principal and interest in advance.

? Loan Rollover

Generally, Personal Deposits Pledge Loan may not be extended. In case of force majeure and accidents affecting the on-schedule repayment of the loan, certain extension can be allowed. Each loan can be extended only once, and the extension may not exceed the maturity date of deposit receipts.

? Loan Application

Customers are required to provide the following documents when applying for Personal Deposits pledge Loan:

1. Personal Deposits Pledged Loan Application Form;

2. Presenting original and copy of valid identity documents of the debtor and the pledgor( i.e., ID card, Hukou book or other identity documents);

3. Original of valid personal term deposit receipt (passbook) in Bank of China;

4. Certifications for borrower's loan purpose;

5. Other certifications or documents required by the lender.

Target Customers

Natural person with full civil capacity and undue RMB and foreign currency term deposit receipt.

Process

Customers are required to meet the following qualifications when applying for Personal Deposits Pledge Loan:

1. Natural persons with full civil capacity. For customers between 16 to 18 years old, they should present proofs for the main life resource from labor income;

2. Holding valid personal identity documents;

3. Holding personal RMB and foreign currency term deposit receipt or term all-in-one passbook issued by Bank of China;

4. For term deposit receipts under the persons other than applicants, they should present original of valid identity documents of the receipt holder and written documents for pledge signed by the receipt holder;

5. For loans under foreign currency term deposit, the borrower should hold the term deposit under his or her name;

6. Other qualifications specified by the lender.

Kind Reminder

Since there are a lot of documents required for loan application; if you have any other questions, please consult the local branches of Bank of China with the brand mark "Ideal Home", or just call 95566.

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