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Personal Private Car Loan

☆ Introduction
A RMB loan released by ICBC for borrower to buy car for private use.

☆ Features
1. Two choices: "Direct Customer", "Indirect Customer".
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.
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.
2. Loan amount and tenure:
Loan can be up to 80% of the car price in amount and expired in 5 years longest.

☆ Application 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.

Application documentation
1. 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;
2. 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);
3. Proof of bank deposit for the down payment or documents from car dealer to certify the down payment;
4. Car purchase contract or agreement;
5 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;
6. Material for guarantee of the loan;
7. Proof of personal settlement account opened in ICBC;
8. Other documentation stipulated by ICBC.

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.
Personal Finance