☆ 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!

☆ Target Client
Natural persons with full civil capacity of age between 18 (inclusive) and 60 (inclusive) years old, good credit history, willing to repay, able to produce guarantee in phases.

☆ 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. Amount of loan will be credited into car dealer's account by direct transfer.

☆ Application Conditions
Applicants must meet the following conditions: 
1. Natural persons with full civil capacity of age between 18 (inclusive) and 60 (inclusive) years old. Borrowers of foreign nationality or from Hong Kong, Macau and Taiwan must live in China for over a year, have permanent address and stable job, and a local contact person must be given;
2. Hold legal ID document, proof of permanent residency (or proof of residence) in the city where the loan is applied, certificate of marital status or proof of non-marriage;
3. Good credit history, willing to repay;
4. Stable source of income and ability to repay all principal and interest of loan when due;
5. Produce pledge or collateral with valid rights and recognized by ICBC, or guaranteed by the third party who can repay on behalf;
6. Afford to pay the down payment of the car, an amount not less than the stated ratio;
7. In the case of "indirect consumer" loan, submit the agreement signed with the dealer when buying the car or the car purchase contract;
8. Under 3 loans (except the settled) applied to ICBC for buying car by single account of the borrower (and spouse) ;
9. A personal settlement account opened in ICBC;
10. Other conditions stipulated by ICBC.

Prepare and submit the following if you are applying for a loan to buy a car:
1. Application form;
2. ID card of the borrower and his/her spouse, certificate of permanent residence in the city where the loan is applied, or proof of residence, certificate of marital status or proof of non-marriage;
3. Proof of personal income (personal tax payment, salary and wages, proof of financial assets in ICBC or in other bank within the last 6 months);
4. Proof of bank deposit for the down payment or documents from car dealer to certify the down payment;
5. Car purchase contract or agreement;
6. Car insurance contract, vehicle quality certificate (if the car bought is manufactured in China), inspection card attached to imported motor vehicle, certificate of imported goods (if the car bought is imported) and invoice of buying the car;
7. Material for guarantee of the loan;
Documentation required if guaranteed by collateral: registration of the collateral for the car.
Documentation required if guaranteed by collateral or pledge: written consent from the property co-owners (include statutory co-owners).
Documentation required if guaranteed by pledge: vouchers of the pledge.
Documentation required if guaranteed by warrandice: information on the guarantor.
Documentation required if guaranteed by performance bond issued by insurance company: insurance contract.
8. Proof of personal settlement account opened in ICBC;
9. Other documentation stipulated by ICBC.

☆ Credit Line
Maximum 80% of the car price

☆ Loan Term
Maximum 5 years (inclusive).

☆ Loan Rate
The PBOC's loan rate of the same tenure same class, change periodically with the market. If interest rates change during the loan period, loan of tenure under 1 year (inclusive) will have interest rate stated in the contract. Interest rate for loan of term over 1 year will be changed according to the contract's adjusted period if there is a change of rate announced by PBOC.

☆ Repayment Options
Four options: straight line repayment (monthly), reducing balance method (monthly), weekly balloon repayment (every 2 weeks or 3 weeks), and "Repay Anytime".
For loan of tenure under 1 year (inclusive), repayment of principal and interest can be in different periods (payment of interest every month, repayment of principal by quarter, six months or yearly), or by balloon payment.

☆ Service Channel and Hours
To apply, submit application to ICBC Personal Loan Center or Personal Credit Department of the local ICBC branches.

☆ 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; Within the repayment period stated in the loan contract, borrower can delay the repayment date for 10 natural days.
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.

Responsibility Statement: The contents on this page are for reference only. The ultimate power of interpretation is under the Industrial and Commercial Bank of China Limited. For part of the contents, notice and specific regulations of local branches shall prevail.