☆ Introduction
"Happy Car" - Auto Loan is a RMB secured loan that ICBC release to borrower to buy car, simply and easy to apply, many ways to guarantee, high line of credit. It is a loan to let you live in flying colors with a car!

☆ Features
Two choices: "Direct Customer", "Indirect Customer".
1. Indirect Customer: Borrowers choose car at ICBC appointed car dealers and submit loan application details. Car dealer forward the application to ICBC. After ICBC investigation and approval, customer signs Loan Contract, Guarantee Contract and completes formalities for notary and insurance.
2. Direct Customer: Borrowers directly submit auto loan application details to ICBC. After investigation and approval from ICBC, sign Loan Contract, Guarantee Contract. Borrowers then choose the car at ICBC appointed car dealers. Auto loan is directly drawn into car dealer's account through transfer.

☆ Application Conditions
1. China citizen that has full civil capacity, stays permanently in China, and has registered permanent residence or valid residence proof.
2. Good employment and stable income source, ability to repay principal and interest of loan when due.
3. Obey rules and laws, no illegal act and bad credit record.
4. Ability to surrender ICBC-recognized legal and valid pledge or collateral or third-party guarantees which can repay-on-behalf.
5. Car Purchase Agreement/Contract signed with car dealer in the case of "Indirect Customer" loan.
6. Open personal settlement account in ICBC and agree to have principal and interest of loan deducted from the account.
7. Other conditions stipulated by ICBC.

☆ Credit Line
1. Maximum is 80% of car price if guaranteed by pledge, or guaranteed by joint-liabilities from ICBC and insurance company.
2. Maximum is 70% of car price if secured by using car bought or other property as mortgage.
3. Maximum is 60% of car price if guaranteed by third-party (except ICBC and insurance company).

☆ Loan Term
3 years in general, maximum 5 years (inclusive).

☆ Loan Rate
At the rate of loan of same term, according to PBC rules (Loan Rate). 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.

☆ Documents Needed
Borrowers submit the following when applying for auto loan:
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. Receipt of down payment which is not less than the ratio specified.
8. Details to prove guarantee of loan.

Loan can be guaranteed by pledged rights, mortgage or third-party.

Pledge 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 on Stop-Payment of Pledge.

Housing property used as mortgage to guarantee 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 document and related documentation on credibility.

9. Voucher of Personal Settlement Account opened in ICBC.
10. Other details stipulated by ICBC.

☆ Operation Guide
1. Application. Submit application to ICBC, fill in written application form and submit details.
2. Sign Contract. After receiving ICBC approval, applicant sign Loan Contract and Guarantee Contract with ICBC, and complete formalities for notary, insurance and mortgage registration if necessary.
3. Release loan. According to contract, ICBC releases the approved loan directly into car dealer's account through transfer after all formalities are completed.
4. Repay when due. Borrower repays principal and interest of loan according to the repayment plan agreed in Loan Contract.
5. Clear the Loan. Two types: normal settlement and settlement in advance. Normal settlement: clear the loan at maturity (single repayment of principal and interest) or in last installment (repay by installment). Settlement in advance: Before loan matured, borrower submits application to repay all or part of the loan agreed in Loan Contract. Repay at the specified accounting Counter when ICBC approved.

After loan is cleared, borrower gets back the legal instrument and documentation retained by ICBC with own valid ID document and loan settlement voucher issued by ICBC, and cancel the record of mortgage at the original mortgage registry as well.

(The above is only for reference. Details refer to local ICBC branches. To save your time, please consult local ICBC before application).