“By applying by means of O2O, a loan up to RMB 1 million can be granted with the approval given in as short as 5 workdays.” On September 24, Industrial Bank (IB) and www.focus.cn, a famous online real estate service supplier, held a press conference in Beijing. Both parties officially entered into strategic cooperation and announced that they would jointly launch "e-purchase loan", a personal consumption loan product, in 37 cities across China.
As learnt by the reporter, “e-purchase loan” is mainly devoted to meeting the needs of capital turnover of people for house decoration, purchase of household appliances and furniture, purchase of car, and taxes of house purchase after purchasing houses. At most it will take 5 workdays to finish the procedure from the loan application to approval. Now, the loan limit can reach up to RMB 1 million with the lowest annual interest rate of 8%-9%, and the repayment term may extend as long as 8 years.
After buying a house, Zhang Yun, who now serves as a medium-level director of a famous company in Beijing and earns RMB 20,000 a month, found that he has no enough money for decoration and household appliances, encountering the “sweet vexation” that many house purchasers have ever faced. He didn’t feel relaxed until the appearance of “e-purchase loan” launched by IB. “All users of www.focus.cn with stable jobs or real estate can make an application by way of credit, without mortgage and guarantee, and the loan can be used to meet the needs of large household consumptions. The 'e-purchase loan’ is just simply customized for me!” He told the reporter with great excitement that the O2O applying method, online application and offline examination and extension, made it very convenient to apply.
“Based on the banking credit qualification of Zhang Yun, plus the love family card that he applied with www.focus.cn, we granted him a credit line about RMB 500,000, and he could sign the credit contract at the outlet of IB nearest to his home”, an officer of IB Beijing Branch told the reporter.
According to the introduction of the person-in-charge of the Retail Credit Department of IB, users applying for “e-purchase loan” may directly submit their loan applications to the bank via the online platform of www.focus.cn (), and after obtaining the application qualification, the applicants may submit their loan limits according to their own situations, which can be both drawn transaction by transaction as required and used for applying single loans. After receiving the online application, IB will conduct examination according to the credit situation and repayment capacity of applicants, and can grant personal consumption loans ranging from RMB 50,000 to RMB 1 million, which are enough to support various needs of people after they purchase houses. In addition, the flexible and convenient methods for repayment are also available, including monthly equal principal and interest repayment, monthly equal principal repayment, or monthly repayment of interests and principal repayment in installments. Advance repayment applied 6 months after the loan extension will not be charged for any penalty.
As one of the banks making internet finance layout at an early time in China, IB has released a number of internet finance products winning great popularity among customers, including Money Manager, Manager’s Wallet and Direct Bank, in succession before launching “e-purchase loan”, the internet loan product for personal consumption. As introduced by the relevant person-in-charge of the bank’s Retail Banking Headquarters, the cooperation between IB and www.focus.cn combines the conventional retail credit business of the bank with internet by restructuring the advantageous “genes” of both parties. By way of sharing data resource and information processing, the bank provides users of www.focus.cn with consumption loans which are convenient to apply and can be used in a broad range. In the future, the product may also be extended to other consumption areas.
Zeng Fuhu, Vice President of Sohu.com and General Manager of www.focus.cn, indicated at the press conference, "As a leading online real estate service supplier in the industry, www.focus.cn spares no effort to build a well-structured and all-round ecological chain for online real estate services, so as to meet the needs of users in an all-side manner round-the-clock. It will be a core strategy to try our best to provide users with O2O services in our power. What’s worth to note is that “e-purchase loan” is also the fourth online financial service product for real estate released by www.focus.cn after House Reserve Treasure (Fang Jin Bao), Love Family Loan (Ai Jia Dai) and First Installment Loan (Shou Fu Dai).