“The time limit for examination and approval is three workdays, and a loan of up to RMB 10 million may be granted”. Recently, Industrial Bank (IB) innovatively released the product of “Easy & Fast Loan” with a view to meeting the “short-term, frequent and urgent” financing needs of small-sized enterprises. Any small-sized enterprise can apply for such loan only by providing its corresponding assets such as personal residential house, industrial workshops and/or commercial premises.
It is reported that the greatest feature of “Easy & Fast Loan” lies in its easy and fast availability. If the data required for applying a loan to a small-sized enterprise are complete, IB will complete the examination and approval procedure within 3 workdays. With this product, which breaks through the conventional model for the examination and approval of banking loan, the Bank innovatively evaluates and gives marks to the actual operation performance and risk situation of small-sized corporate customers with the standardized method of “score card”, decides the credit line reasonably, and simplifies the loan procedure. It significantly improves the financing efficiency of small-sized enterprises with the Bank adopting a standardized and plant-based operating model.
Based on the characteristics of small-sized enterprises, the “Easy & Fast Loan” does “custom tailoring” in the following four aspects: First, high mortgage rate, with that of the fixed assets reaching up to 100%; second, flexible loan term; third, diversified repayment methods, including repayment of principal and interest in a lump sum, monthly payment of interest or equal repayment of principal (interest) on a monthly basis; fourth, broad applicability, with the credit line being applicable to a variety of businesses such as loan, trade financing, acceptance note, discount, and letter of guarantee.
“Easy & Fast Loan” is another innovative product offered by IB for financial services for small-sized enterprises. In recent years, IB has, centering on the strategic objective of “serving small- and mini-sized enterprises and supporting the real economy”, released a number innovative products including “IB Open Sesame” SME IPO Program, Point-based Loan, Enhancement Loan, Quick Loan, self-constructed factory building mortgage loan, and equipment mortgage loan, committing itself to providing a diversified and integrated financial services, which are professional, efficient and convenient, to small-sized corporate customers. By June 2013, the bank's small-sized corporate customers exceeded 200,000, with the balance of loans to small-sized enterprises approaching RMB 70 billion.