Personal Banking

Personal Auto Loan

Product Definition    Guide

 Product Definition

Personal auto loans are loans granted to borrowers by IB for the purpose of purchasing a new automobile for self use (family car used for non-profit purposes or commercial cars with 7 seats (inclusive) at most).


• Application requirements

1. Applicants must be Chinese citizens (including Hong Kong, Macau and Taiwan residents) aged between 18 (inclusive) to 60 (inclusive) years old that have full civil capacity;

2. The family of the borrower (including the borrower, his/her spouse and minor children) is required to have a permanent place of residence in the place where the IB outlet is located and permanent residence certificate or valid certification of residence;

3. The borrower and his or her spouse should have a good credit standing and the capacity of repayment;

4. Other requirements specified by IB.

• Automobiles purchased are required to meet the following criteria:

The net price of the automobile purchased shall be no less than RMB 100,000. The automobile must be limited to a verified capacity of 7 seats (inclusive) and be registered in the place where the IB outlet concerned is located.

• Loan line, tenure and interest rate

1. Personal auto loan shall not exceed 70% of the market price of the automobile in question (the purchase price applicable to end users in the retail market as announced by automobile manufactures), and the loan limit of imported automobiles shall not exceed 60% of the domestic market price.

Apart from the market price, loans do not cover any additional expenses such as vehicle license expenses, vehicle purchase additional fees and insurance.

2. The tenure of a personal auto loan shall not exceed 5 years.

3. Loan interest rate: It follows the benchmark interest rate for the corresponding term and bracket as announced by the PBOC and related floating ratio.

• Mode of repayment

Generally, the loan shall be repaid with principal and interest monthly, or other methods recognized by our bank.

• Application materials

1. Valid proof of identification, household register or valid proof of residence and marriage certification of the borrower and his/her spouse;

2. Proof of income and other assets of the borrower and his/her spouse;

3. Contract for Purchase of Automobile;

4. Other materials as required by IB.

(The above contents are only for reference and the specific handling requirements are subject to provisions of local IB branches. Please consult the local IB branches for details before going through relevant formalities.)