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  Home Page > Personal Banking >Personal Loan >Personal Student Loan
Personal Student Loan
 

I. State-subsidized Student Loan
☆ Introduction
A RMB loan released to High shcool students with economic difficulty in Peoples' Republic of China (not in Hong Kong Special Administration Region, Macau Special Administration Region and Taiwan) with cooperation agreement signed with ICBC State-subsidized Student Loan can be used for paying student's tuition fee (school fee and other fees) and living expenses (daily expenses), according to its usage.

☆ Features
The loan is applicable for full-time university students studying for degrees and diplomas (including Technical College and high-school students), research graduates and second-degree students. This is a loan for poor students to finish study.

☆ Application Condition
Conditions to apply:
1. Sincere, trustful, obey rules and laws, good character, no act of violating the law or rules.
2. Study hard, be able to finish study.
3. Family that cannot afford to pay the necessary fees to finish study, including tuition fee and basic living expenses.
4. Commit to supply information to bank on information change during school and after getting a job.
5. Personal settlement account opened in ICBC.
6. Other conditions stipulated by ICBC.

☆ Credit Line
Line of credit for each student per year is RMB 6000 maximum.

☆ Loan Term
Borrower must repay within 6 years after graduation, with one or two years of grace period. Term of loan cannot be longer than 10 years.

Loan Rate
Follows PBC rules of benchmark rate of same class and same term. All interests while borrower is in school are subsidized by State, repaid all by borrower after graduation.
Before drawdown of subsidy loan, borrower can negotiate the date of first repayment with ICBC. Alternatively, borrower is not required to repay the principal and interest during the period between loan drawdown and the first repayment. Two payment options for interest during the loan term: amortization or one-time during the first instalment. Formula-based principal and interest shall be applied in equal repayment of principal and interest or equal repayment of principal.

☆ Repayment
Two kinds: repay principal in equal amount or repay principal and interest in equal amount.

☆ Documents Needed
Fill in written application form and submit the following:
1. Student ID Card and ID Card.
2. Written consent from direct relatives (parents) on application, how to contact and residential address.
3. Descriptions on the family difficulty to afford tuition payment.
4. Document certifying the family's difficulty from civil administrative department of village, town or street.
5. School offer if the student is a freshman.
6 Other details stipulated by ICBC.

☆ Operation Guide
1. Application. Student applying for loan gets application form school. After collecting all application forms and confirming all details supplied, school will deliver the forms and opinions to lending bank.
2. Bank approval. ICBC makes investigation and approval on the credibility of applicant students.
3. Sign Contract. ICBC signs Loan Contract with applicant for approved loans.
4. Release Loan. ICBC follows rules and procedures to release the loan. Loan for tuition fee is directly drawn into the account specified by the applicant's school in each academic year. Loan for living expense is drawn into the personal settlement account specified by the applicant.
5. Repayment Confirmation. Submit Repayment Confirmation Form to School and ICBC after graduation, and commit to repay principal and interest of loan to ICBC on the terms agreed in the Contract.
6. Clear the Loan. The same as those in other personal loan.
(The above is only for reference. Details refer to local ICBC branches. To save your time, please consult local ICBC before).

II. General Commercial Student Loan
☆ Introduction
A commercial loan released to students receiving non-compulsory education or direct relatives or legal guardians. It is a loan applicable for students to study overseas or for continuing education.

☆ Application Condition
Eligible applicants are China citizen with full civil capacity, stay permanently in China, who registered Permanent Residence (or valid proof) of local city/town and met with the following conditions:
1. Good employment and stable income source, ability to repay principal and interest of loan when due.
2. Admission Notice (or Student ID and enrollment proof) from the applicant's School. Document from School certifying the tuition fee, living expenses and other fees related to study.
3. Submit ICBC-recognized property mortgage or valid pledged rights, or guarantee from third-party who is capable to repay-on-behalf, or conditions approved by ICBC.
4. Obey rules and laws, no act of violating the law and no bad credit record.
5. Open personal settlement account in ICBC and agree to have principal and interest of loan deducted from the account.
6. Other conditions stipulated by ICBC.

☆ Credit Line
Line of credit is determined by borrower's credibility and the guarantee provided, maximum RMB 500,000.

☆ Loan Term
Shortest: 6 months, maximum 8 years (inclusive).

Loan Rate
At the rate of the same term, according to PBC rules . If adjustment on interest rate encountered during the term of the loan, term less than a year (inclusive) takes interest rate of the Contract. Term over a year will have interest calculated in segments and new similar rate applied starting from beginning of subsequent year.
Before drawdown of subsidy loan, borrower can negotiate the date of first repayment with ICBC. Alternatively, borrower is not required to repay the principal and interest during the period between loan drawdown and the first repayment. Two payment options for interest during the loan term: amortization or one-time during the first instalment. Formula-based principal and interest shall be applied in equal repayment of principal and interest or equal repayment of principal.

☆ Operation Guide
(I) Borrowers submit the following to ICBC:
1. Loan Application Form.
2. Own valid ID document and copy.
3. Original and copy of valid ID document of spouse and written consent on mortgage.
4. Evidence of residential address (Resident Registration Booklet or receipts of rent, water electricity or gas in most recent 3 months).
5. Proof of job and income (original and copy of working ID, bank passbook for payroll payment).
6. Effective way to contact and number.
7. Documentation on loan guarantee.

The loan can be guaranteed by pledged rights, mortgage or third-party.
Pledge used for supporting a loan includes the following issued by ICBC in the name of borrower or third party: certificate of deposit (passbook) for savings, certificate treasury bond, registered bond. Or certificate of deposit (passbook) for savings issued by local commercial bank that has signed Inter-bank Guarantee Agreement of Stop-Payment of Pledge.

Housing property used as mortgage to guarantee the loan should be free, not-yet-pledged property under the name of borrower or borrower's direct relatives, and insured in full amount.

Loan guaranteed by third party should surrender written consent from guarantor, original and copy of guarantor's ID and related documentation on credibility.
8. Voucher of Personal Settlement Account opened in ICBC.
9. Other details stipulated by ICBC.

(II) After ICBC approval on borrower's application, both parties sign Loan Contract and Guarantee Contract, and complete formalities for necessary notary and mortgage registration.

(III) ICBC releases the loan to borrower through transfer.

The above is for reference only. Details refer to the rules drawn up by local ICBC branch. To save your time, please call your local ICBC before applying for the service.

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