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) maximum).
• Application requirements
1. Applicants must be Chinese citizens (including Hong Kong, Macau and Taiwan residents) aged between 18 (inclusive) and 60 (inclusive) and with full capacity for civil conduct.
2. The family of the borrower (including the borrower, his/her spouse and minors) are required to have a permanent place of residence in the place where the IB outlet is located and a permanent household residence certificate or valid certificate of residency.
3. The borrower and his or her spouse should have a good credit rating and the capacity to make the repayments.
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 have a verified capacity of 7 seats (inclusive) or less and be registered and licensed in the place where the IB outlet concerned is located.
• Credit line, tenure and interest rate
1. Personal auto loans 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’s additional fees or insurance.
2. The tenure of a personal auto loan shall not exceed 5 years.
3. Loan interest rate: Follows the benchmark interest rate for the corresponding term and the corresponding bracket as announced by the PBC and the responsive floating ratio.
• Method of repayment
1. Where the tenure is no more than one year (inclusive), the principal and interest shall be repaid on a lump-sum basis when the term of the loan ends. Alternatively, interest may be calculated monthly (or quarterly), and the principal and interest will be settled when the term of the loan ends.
2. Where the tenure is longer than one year, the borrower may choose equal principal and interest repayment, equal principal repayment or other repayment methods accepted by IB.
• Application materials
1. Valid proof of identification, permanent household registration certificate or valid proof of residence, and marriage certificate of the borrower and his/her spouse.
2. Proof of income and other assets of the borrower and his/her spouse.
3. Automobile Purchase Contract.
4. Other materials required by IB.
(The above information is for reference only and specific handling requirements are subject to provisions of local IB branches. Please consult your local IB outlet for details before going through relevant application procedures.)
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