Overview
Personal small-amount guaranteed insurance loan, or Bao Jie Loan, refers to loans made by ABC to qualified personal customers who have bought personal consumer credit guaranteed insurance from insurance companies for legal personal consumer purposes. The maximum policy term is three years with a minimum coverage amount of RMB10,000 up to a maximum coverage amount of RMB150,000.
Features
1. A large number of target customers. All personal customers with fixed residences or stable employment may apply for the loan insurance;
2. Diversified loan purposes. The loan may be used for a variety of personal consumer purposes except for purchasing houses;
3. Simplified and convenient formalities. No mortgage is needed. The loan may be extended on the day of application.
Qualifications of borrowers
1. With legal identity as a citizen of the People’s Republic of China and must provide legal and valid identity certificates.
2. Have a fixed residential place or stable job.
3. With stable monthly income of over RMB2,000 after taxes as well as the willingness and capability of repaying the loan principal and interest as scheduled.
4. Have no bad credit record..
5. Have previously bought insurance in his/her own name from insurance companies with the named beneficiary as ABC: “Personal Consumer Credit Guaranteed Insurance Policy, XX Insurance Company” of Agricultural Bank of China.
Procedures
1. The customer applies to a designated handling bank of ABC for the loan and submits relevant documents. ABC accepts the application and makes an investigation.
2. ABC reviews and approves the documents and credit standing of the borrower.
3. ABC signs the loan contract with the borrower.
4. ABC grants the loan.
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