Description

A revolving credit offered by the bank to the borrower based on the client's credit standing and ability to pay.

A IB card is opened as the facility for the settlement of the credit. If your self-owned money in the card is not enough to make payments or settle a transaction, the borrower can be financed automatically and repeatedly by this credit within the specified credit line and credit period.

Handling Guide

Requirements on Applicant

Eligible personal applicants are Chinese citizens with full civil capacity, who shall also meet the following requirements:

•  Be creditworthy with stable job and steady income, and have the ability to repay timely the principal and interest of the loan;

•  Own residence booklet or other legitimately valid certificates of residing in the city of the handling bank with age below 60;

•  Open IB card with the handling bank;

•  Meet other requirements prescribed by the bank.

In the case that a corporation applies for this credit for its employees , the corporation shall satisfy the following requirements:

•  With fine social image;

•  With credit rating no less than A;

•  With frequent settlement relationship with the bank or are users of bank's agency payoff service;

•  Meet other requirements prescribed by the bank.

Line and Period

•  Credit line : Up to 80% of the total amount of the borrower's salaries and bonuses of the last year with minimum of RMB 5,000 and maximum of RMB 50,000.

•  Credit period : 1 year in general that the maturity date of the outstanding loan shall not be beyond the credit period stipulated in the credit agreement.

Purpose and Rate

•  Loans under this credit are used to make payment via POS to settle travel expenses, business payout, shopping payments, hotels costs, etc.

•  Especially, it is applicable to the settlement of the tobacco funds for the cigarette sales agents who use the Tobacco Sales Invitation and Distribution System of the bank.

•  The loan rate is quoted from the PBOC and can be floated within prescribed range.

Business Handling

•  Application;

•  Examination and approval of the line of credit by the bank;

•  Disbursement: Automatic transfer to your demand account in IB card to settle your consumption via POS;

•  Repayment: Automatic collection from your demand account or manual repayment within the credit period.

Attentions

•  The credit line is the sum of the outstanding line and the usable line, where the outstanding line is the sum of the loan balance and the amount of money to settle the pre-authorized transactions.

•  It is a revolving credit, elapsing with the outstanding loan and the pre-authorized transactions, and recovering with the repayment or the cancellation of the pre-authorized transactions.

•  Adjustment: The credit line may be adjusted to suit your ability to pay that may be influenced by your income.

•  Termination: The credit line can be terminated at the borrower's application or in response to impairments of the borrower's credit. All the principal and interest of the outstanding loan shall be cleared and all the pre-authorized transactions shall be settled upon termination.