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  Home Page > Personal Banking >Personal Loan >Personal Entrusted Loan
Personal Entrusted Loan

☆ Introduction
Personal entrusted loan is a loan whereby ICBC acts on behalf of the Principal to release, monitor and collect the principal and interest of loan. The entrusted funds, supplied by the principal, are administered by ICBC according to target borrowers, purpose, amount, term and rate.

☆ Service Features
Personal entrusted loans bring value for both the debtor and creditor in the transaction. Bank acts as an independent "third party" to work on the contract and mortgage (guarantee) and assist in collecting the principal and interest of loans, or further collection if the borrower defaults. Risk is lower, more protection to the principal on the creditor right. To a borrower, clear record on the interest calculation and repayment yields enhancement to own creditability.

☆ Application Conditions
Principals can be government departments, enterprises/public institutions or individuals with legal source of funds.
Borrowers must be natural persons with full civil capacity and hold valid identity documents.
Currently personal entrusted loans are only available in RMB.

☆ Credit Line, Loan Term, Loan Rate
Amount and term determined between the principal and borrower.
Loan rate is determined between the principal and borrower within the range specified by the PBOC. Minimum rate can be 0%, highest rate cannot go beyond 400% of PBOC's benchmark rate.

☆ Guarantee Options
Options can be mortgage, pledge, guarantee, or combinations. Which option to be used is a decision agreed between the principal and borrower. ICBC offers services to register the mortgage or freeze the pledge.

☆ Repayment Options
Options can be repayment of interest with principal, reducing balance method, straight line repayment, installment repayment on interest and one-time repayment on principal, step-up repayment (increase/decrease by year). Which option to be used is a decision mutually agreed between the principal and borrower.

☆ Purpose
Borrower can use the loan for buying house, car, durable consumer goods, or home renovation, vocation or travel, education subsidy, or working capital for the legal business. At present, personal entrusted loans are not released to individual for investment in securities, futures or equity interests.

☆ Documents required
The Principal must supply the following:
(I) Valid identity document;
(II) Authorization letter;
(III) Proof of the funding source and declaration/statement;
(IV) Settlement account;
(V) Other documents stipulated by the administering branch.
The Borrower must supply the following:
(I) Valid identity document;
(II) Proof of the loan purpose or declaration/statement;
(III) Settlement account;
(IV) Other document stipulated by the administering branch and principal.

☆ Operation Guide
(I) Application: the principal submits the application in written, complete Authorization Letter on Entrusted Loan and related documents;
(II) Bank approval: ICBC checks if the application materials are complete and true, goes through internal process to check and approve the loan application;
(III) Sign agreement: Once the principal's application is approved by ICBC internally, ICBC informs the principal to sign Fiduciary Agreement with ICBC;
(IV) Process the loan: Borrower submits application. After necessary checking, ICBC passes the borrower's application and documents to the principal for approval. Borrower's application can be submitted at the same time with the entrusted loan application in the case of few applications;
(V) Principal approval: Principal approves the borrower's application passed from ICBC;
(VI) Sign contract: Once the application is approved by the principal, ICBC will inform the borrower to sign Entrusted Loan Contract with ICBC. ICBC will act upon principal's instructions to assist borrower in the guarantee and mortgage for the loan;
(VII) Notification: Principal informs ICBC to release the loan by signing the Advice of Releasing Entrusted Loan;
(VIII) Loan release: ICBC releases the loan to the borrower once the Advice received from the principal;
(IX) Principal pays the banking charges;
(X) Collect loan: ICBC assists the principal in collecting the principal and interest of loan. Further collection if the borrower defaults on the interest payment.

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.