Life happens and when it does, there aren’t always savings held in reserve to match it. When this happens, personal finance is the next best thing. These loans are designed to help consumers out of their financial dilemmas and still provide them with favorable terms of repayment. Banks tend to offer various options that range from once-off lump sums to revolving credit. This review takes a look at what the ICBC Personal Finance range has to offer and whether it competes well on a global scale.
See how this range compares to that of Standard Bank.
With its roots only going back as far as the eighties, it’s hard to believe that the Industrial and Commercial Bank of China is one of the largest banks in the world. It achieves this feat by having an impressive asset holding and providing customers with much-needed services, which increases their market share. With such tremendous growth in such a short time, it’s exciting to see what the future holds for this remarkable bank.
ICBC Personal Finance Product Offerings
This is a loan type for those who hold ICBC customers. It requires them to use their debit card, credit card, or savings passbook to access the funds.
- Consumers are not required to pledge collateral on this loan.
- Furthermore, customers are not required to apply in a branch.
- The acceptance of the loan approval can be done through the click of a button or response via SMS and fund transfer happens immediately.
- Customers have instant access to available credit, should they need it.
- Finally, the loan amounts are up to RMB 200,000 and is repayable over a period of 3 years.
Personal Brand New Housing Loan
Customers who require the ideal loan for purchasing a property will find this suitable. Furthermore, the loan type is available to those between the ages of 18 and 65.
- The loan type requires customers to have a good credit rating and proven track record of willingness to pay.
- Finance for this loan is provided for newly built properties or properties that are in the process of being built.
- Customers enjoy a long loan period of up to 30 years.
- The bank will finance up to 70% of the value of the property.
- There are no banking charges on these loans.
- Furthermore, customers enjoy flexible repayment options and fast drawdowns.
- There is also a great after-lending service.
Personal Second-Hand Housing Loan
This loan type is suitable for those who wish to purchase an existing property from the seller. Furthermore, it requires the seller to have ownership and right of disposal of the property.
- The loan type suitable for those between the ages of 18 to 65.
- Customers need to prove a willingness and the ability to repay the loan. Thus, have a good credit history.
- There is no limit on the age of the house and a high-quality escrow service is offered.
- Finally, customers also enjoy a fast drawdown.
Direct Personal Housing Loan
Customers who wish to apply for a loan without the help of an estate agent, will find this loan type ideal. Furthermore, this loan type is suitable for those between the ages of 18 and 65.
- This loan provides all the benefits of first-hand and second-hand housing loans.
- Customers have a flexible choice of developers.
- There is the option to do a one-off payment.
- Finally, customers also enjoy flexible guarantee options.
Personal Housing Provident Fund (Portfolio) Loan
This loan type provides the funds for the building process of a new home or the renovation of an existing property. Furthermore, it also includes affordable housing, price-and-area restricted houses, commodity housing, and public housing bought for private use.
- Customers enjoy a favorable rate with this loan type.
- These loans remove the limit on the pure provident loan so customers have enough funds available to them to buy a property.
- Finally, the credit line is based on the applicant’s personal situation and is determined by the fund management center.
Personal Self-Constructed Housing Loan
Customers who wish to construct their own houses will find this loan suitable. It is also suitable for those who are between the ages of 18 and 65.
ICBC also has an investment range and we recently did a review.
Fixed-Interest Personal Housing Loan
This is the ideal loan for those who want to be able to calculate their budget more effectively. Furthermore, this rate is available for a specific period.
- This loan is suitable for those between the ages of 18 and 65.
- There is a fixed monthly repayment which means no nasty interest rate surprises.
- Customers can choose between 3, 5, and 10-year fixed interest terms.
- There is also the option to do a combination of fixed and flexible rates.
- Finally, the bank offers a maximum loan of 70% of the value of the property.
Fund Supervision Business of Second-Hand Housing Transaction
This loan type is suitable for those who require fund safety when purchasing an existing property. Also, additional services include capital supervising, freezing, transferring, and more.
Personal Private Car Loan
Customers who wish to purchase their own vehicle, will find this loan type suitable. Furthermore, the loan is suitable for the purchase of a vehicle for private use.
- This loan allows customers to submit their applications straight from the car dealerships or personally in the branches.
- Customers can apply for loan amounts of up to 80% of the value of the car.
- Finally, the loan type is suitable for those between the ages of 18 and 60.
Personal Pledge Loan
This type of loan is a personal pledge issued by the bank to its customers. Furthermore, the pledge can accept a diversified range of collateral such as bank deposits, bonds, wealth management products, and more.
- The loan amounts range from RMB 500 to RMB 300,000 for single loans, and total of RMB 10 million across all loans.
- Customers can choose loan periods from 8 days to 1 year.
- Finally, the application process is simple and easy to navigate through.
Personal Credit Consumer Loan
Customers who need funds for personal financial reasons should consider this loan type. Also, there is no collateral required for it.
- The loan process is fast and convenient.
- Customers also enjoy a low interest rate.
- Furthermore, the loan also has a grace period of 6 months.
- Finally, loan amounts range from RMB 600 to RMB 300,000.
Personal Credit Loan
This is a credit line facility that starts at around RMB 10,000. The repayment period can be up to 3 years. It is also a revolving facility which is both fast and convenient.
Personal Student Loan
This is a state-subsidized student loan for those who experience economic difficulty. Furthermore, the loan can be used to pay for the tuition fees and living expenses.
Personal Business Loan
This loan is suitable for those who require working capital for their businesses. It also affords customers with a high credit line of up to RMB 3 million.
- The loan can be repaid over a period of 3 years.
- Customers also have many guarantee options, such as mortgages, sureties, and more.
- Finally, this is a revolving type of facility which provides greater flexibility.
Personal Business Loan – Small Amounts
This loan is ideal for those who require working capital on a short-term basis. These loans usually require a surety bond.
Personal Commercial Housing Loan
Customers will have the opportunity to purchase commercial property with this loan. Furthermore, the loan can be used for various purposes.
Personal Commercial Vehicle Loan
This loan assists customers with the purchase of vehicles for business purchases. Furthermore, it offers a high credit line with many guarantee options. The repayments are also flexible.
Personal Card-Loan Link
Customers have access to a revolving loan facility that they can draw on when needed. Furthermore, customers only pay interest on the portions they use.
Personal Online Loan Link
An online application is all customers need to worry about when they apply for this loan. It’s a simple process and no collateral is required.
Personal Entrusted Loan
This loan is a different kind of offer, as it places the bank in a position of acting on behalf of the principal applicant to release funds to the borrower.
Personal Home Improvement Loan
These loans are ideal for those who need to improve their properties or take on some renovations. It allows them to purchase materials, pay for labor, and more.
- Loan amounts are up to RMB 1 million.
- Customers have up to 5 years to repay the loan.
- Furthermore, there are a number of security options such as mortgages, pledges, surety bonds, and more.
- Finally, the nature of the loan is that of revolving facility.
Personal Loan for Cultural Spending
This loan is suitable for those events that tend to creep up, such as weddings and unplanned vacations. These loans provide high loan amounts of up to RMB 1 million and a loan tenure of up to 10 years.
Overseas Study Loan
Students who decide to take their studies abroad will find this loan type useful. Furthermore, it offers them the opportunity to have a long tenure of up to 10 years.
We recently did a full review on the personal loans offered by Societe Generale.
Critical Reviews Rating ICBC Personal Finance – 9 of 10
There is absolutely no need for ICBC customers to find suitable loans anywhere else. This is an extensive range of products that should suit almost every conceivable loan need. What we would like to see, however, is a bit more information on the pricing of these loans. Other than that, a near-perfect offering.
Find out how this range compares to that of HSBC.