Description

A loan granted to the borrower for the purpose of buying automobile.

Handling Guide

Requirements on Applicant

•  Be a citizen of the PRC, or a resident of Hong Kong SAR, Macao SAR, Taiwan province or foreign countries that have stayed in China for a consecutive period of more than one year.

•  Have a valid ID card, permanent residence address and full civil capacity.

•  The sum of credit term and borrower's age shall not exceed 60 for males and 55 for females.

•  Receive stable legitimate income or possess legal assets enough to repay the principal and interest of loans.

•  Have the ability to effect the down payment prescribed by the bank.

•  Can offer guarantee accepted by the bank.

•  Open a personal settlement account with the bank as the repayment and settlement facility of the loan.

•  Other requirements put forward by the bank.

Documents Prepared

•  Personal Auto Loan Application form.

•  Original and photocopy of valid ID documents and certificates of marital status.

•  Income certificates from the borrower's present employer or certificates of the latest tax claim for self-employed borrowers.

•  Other certificates of the borrower's legitimate assets.

•  Sales contract or agreement signed between the borrower and the auto dealer.

•  Down payment certificate or down payment receipt issued by the dealer.

•  Guarantee documents.

•  Other documents required by the bank.

Requirements on Auto

•  Complied with national industry policies and relevant quality (including pollution discharge) standards for automobiles made domestically.

•  All relevant formalities shall be fulfilled for automobiles imported abroad.

Line, Period and Rate

•  Credit Line : Up to 80% of the purchase price for self-owned auto purchase, up to 70% of the purchase price for the business-purposed auto purchase, and up to 50% of the purchase price for the second-hand auto purchase.

•  Credit Period: Up to 5 years (extension period included), while 3 years for second-hand autos.

•  Credit Rate: Quoted from PBC and floats within prescribed range.

Repayment

Two repayment modes are available for loans within 1 year:

(1) One-off repayment of the lump-sum principal and interest, and

(2) Several payments of interest only by month/quarter and principal and interest of the last term upon due.

For the loan with period beyond 1 year, the repayment mode is negotiable in accordance with relevant regulations of the bank.