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Personal Loan for Consumptive Car


 

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Personal Loan for Consumptive Car

Introduction

Personal Loan for Consumptive Car is one of the RMB loans issued by Bank of China for personal consumptive cars purchasing (second-hand cars are excluded). When the borrower has paid a proportion of the down payment, and used the purchased car as mortgage, Bank of China shall pay the remaining amount directly to the car dealer with the loan for auto purchasing.

I. Loan Qualifications

1. Natural Person with full civil capacity;

2. Valid personal identity documents;

3. Full capacity for legal repayment of loan principal and interest;

4. Good credit standing;

5. Car purchasing contract agreement or letter of intention that is identified by the correspondent bank;

6. Provide mortgage/pledge items that are identified by the correspondent bank, irrevocable joint liability guarantee provided by an individual or company with full repayment capacity as the third party or relevant documents for customers' admission conditions of the Interim Provisions for Loan Limit of Personal Credit Revolving Loans of Bank of China;

7. Provide certification of car down payment as regulated by Bank of China;

8. Other qualifications regulated by Bank of China.

II. Loan Application

Documents required in applying for Personal Loan for Consumptive Car are as follows:

A. Loan Application Form;

B. Original and copy of ID card, Hukou book, or other valid residence certificates;

C. Employment and income proofs, including but not limited to the income proofs issued by the applicant's company, bank deposit receipt, credit card statement, tax payment proof;

D. Car purchase agreement, contract, or letter of intention signed with the distributor;

E. Certifications or documents needed for guarantee, including mortgage (pledge) item list, mortgage (pledge) agreement from the person with disposal rights (including property co-owner), the ownership or usufruct certificate of the mortgage (pledge) items, evaluation certificate in written form (evaluation in written form with the combination of car invoice price and car market price), and insurance agreement, which are provided by authorized departments; pledged items or certification of pledge ownership, Guarantee Contract signed by the guarantor who promises to undertake the guarantee of joint liabilities, as well as relevant credibility certifications, or credibility certifications in compliance with the terms of fiduciary loan;

F. Relevant certifications of the applicant's down payment for the car;

G. Other documents required by Bank of China's branches.

III. Loan Quota

In principle, the loan should be no higher than 60% of the car price for common customers and no higher than 70% with guarantee of the VIP customers. The loan should be no higher than 70% of the car price for VIP customers.

IV. Loan Term

Generally, the term of Personal Car Loans should be no longer than three years (three years included) for common customers and no longer than five years (five years included) for VIP customers.

V. Interest Rate

Based on the length of loan term, interest rate shall adopt the corresponding interest rate published by the People's Bank of China. The interest rate for loans of common customers shall be executed by the benchmark interest rate and should not be lower than the benchmark interest rate in principle. The interest rate for VIP customers can float based on the benchmark interest rate, which shall not be over 10% after the approval of provincial branches.

VI. Currency Type

Currently RMB only.

VII. Loan Guarantee

A. The borrower should provide adequate and valid guarantee as a second reliable source of repayment. Specifically, common customers will be asked to provide two of the following guarantees, while VIP customers provide one of them:

1. Mortgage of the purchased car

2. Irrevocable joint liability guarantee of the third party (natural person or legal person)

3. Property mortgage/pledge apart from the purchased car

4. Other ways of guarantee identified by Bank of China

B. For VIP customers with the admittance qualifications in the Interim Management Measures for the Quota of Bank of China Personal Credit Revolving Loan, fiduciary loan is allowed

VIII. Loan Insurance

Insurance for the mortgage items should be purchased as required by Bank of China. The insurance term may not be shorter than the loan term, and the insurance amount may not be lower than the sum of loan principal and interest. Bank of China has the priority of insurance compensation. The insurance policy may not set any restriction which is injurious to Bank of China's rights. If you provide the purchased car as guarantee, Bank of China shall require you to make insurances of motor vehicle damage and burglary, theft and robbery for the pledged item.

Within the valid term of insurance, you may not suspend or cancel the insurance for any reason. Bank of China has the right to cover the insurance on behalf of the borrower if the insurance is suspended. In case of damages beyond the insurance coverage, you need to notify Bank of China timely and fulfill other guarantees.

IX. Loan Repayment

Customers can repay the loan principal and interest monthly (quarterly), specifically by means of matching the principal and interest repayment and matching the principal repayment. VIP customers with loan term of one year (one year included) can choose one-off repayment of loan principal and interest, and the loan quota should not be higher than 60% of the car price.

Target Customers

Citizens with full civil capacity in the People's Republic of China, or residents from Hong Kong, Macau and Taiwan, as well as foreigners who have continuously resided within the territory of the People's Republic of China for over one year (one year included).

Process

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

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