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China news: ICBC offers Personal Loans for Overseas Study

Industrial and Commercial bank of China (ICBC), the largest lender on the planet in terms of Tier 1 capital, profits before taxa and assets ( The Largest 10000 banks globally)

ICBC Personal Loan Descriptions:
1. High amount: The upper limit of drawable personal loan for overseas study is RMB 2 million (USD 310,000); the upper limit of non-drawable personal loan for overseas study is RMB 1 million.
2. Long loan term: The loan term is up to ten years.
3. Many guarantee options: Mortgage, pledge and warrandice are all accepted.
4. Flexible granting: The loan can be all granted at the first request or granted in different batches based on the time of payment of the tuition, accommodation cost, living cost, etc.
5. Various comprehensive services: ICBC provides credit certification, personal foreign exchange purchase, foreign exchange settlement, account-opening witness, overseas account opening, application for international credit card and other supporting services combined with the loans for overseas study.
Notes: The drawable personal loan for overseas study refers to the RMB loan to pay the tuition and related fees and living cost of the borrowers or their direct relatives during their study abroad; the non-drawable personal loan for overseas study refers to the RMB loan to handle formalities of overseas study or dependence of the borrowers or their direct relatives and related credit certification recognized by the embassy.

Source: ICBC 2020 Annual report-ICBC Global Rankings & Awards 2020

Qualifications of ICBC Personal Loan Borrowers
1. The borrower is a natural person with full capacity for civil conduct at an age between 18 (inclusive) and 65 (inclusive).
2. The borrower has the legal and valid identity certificates, certificate of marital status, local household registration certificate of the lender (or valid certificate of residence).
3. The borrower’s rating in the internal retailing rating system meets relevant regulations.
4. The borrower has a good credit history and the intention of repayment.
5. The borrower has stable income and the ability to repay the loan principal and interest on time and in full amount (the non-drawable loan excluded).
6. The overseas study loan has clear and relevant uses. The loan purposes shall be in accordance with laws, regulations and rules of the state, as well as the regulations of consulates of relevant countries and regions.
7. The borrower is able to provide legal, valid and reliable guarantee recognized by the lender.
8. The borrower has opened a personal settlement account in ICBC.
9. Other conditions required by the lender.
☆ Documents Required
1. Application for Personal Loan for Overseas Study of ICBC.
2. Original and duplicates of valid identity certificates, household certificate (household register or other valid certificates of residence), certificate of marriage status (marriage certificate, divorce certificate, singlehood statement, etc.) of the borrower.
3. Original and duplicates of certificate for relationship between the borrower and dependent (household register, birth certificate, etc.)
4. Personal repayment ability certificate, such as the individual tax certificate, salary certificate, investment income certificate, rental income certificate, certificate of financial asset purchased in ICBC or other banks in the past six months.
5. Loan use certificate. It includes the enrollment (admission) letter issued by the school or other effective enrollment certification. As an alternative, those who haven’t got the enrollment (admission) letter or other effective enrollment certification yet can provide the Self-funded Overseas Study Agency Service Agreement signed between the student and overseas study agents recognized by ICBC, or other effective certification recognized by the lender.
6. The ownership certificate shall be provided for guarantee provided in the form of mortgage (pledge).
7. If the borrower is the student to study abroad or the dependent, he/she should designate at least one domestic co-borrowers, and a copy of notarized Power of Attorney (except for the non-drawable loan), designating his/her domestic agents who are granted full power to dispose the mortgage (pledge) on behalf of the borrower in accordance with the contract.
8. For the guarantee provided by financing guarantee agencies, relevant materials of the guarantor should be provided as required by the bank.
9. Other documents or materials required by the lender.

The above is for reference only. Details refer to the rules drawn up by local ICBC branch. To save your time, please call your local ICBC before applying for the service.

Tjan Sie Tek
A former licensed stock market analyst and investment advisor with 20+ years experience with M.Sc. in Finance from Leicester University; now a Chinese, US and Indonesian macroeconomic and financial analyst, CEO of Center for New Indonesia (CEFNI).


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