News Column

China : ICBC Supports Consumption Upgrading with Credit Card Installments for Auto Purchases

July 4, 2014

In 2014, ICBC continues to actively develop credit card installments for auto purchases, cutting customers costs in multiple ways such as favorable fee rate and interest subsidy by auto manufacturers to support reasonable auto consumption demands. According to statistics, over the first five months of 2014, ICBC provided funding support of RMB38 billion through credit card installments to ICBC credit card holders purchasing cars, representing a sharp increase of 56% compared with the same period of last year.

A relevant head with ICBC said that since the credit card installment service for auto purchase was launched in the second half of 2010, the Bank has entered into partnership with more than 30 mainstream domestic and foreign auto manufacturers, and become the commercial bank having the biggest number of auto manufacturing partners, the most diversified auto models and the most favorable fee rates. Meanwhile, authorized auto dealers under the service of ICBC installments for auto purchases have amounted to over 14,000 nationwide. This service provides an extensive network and auto model options for ICBC credit card holders and facilitates customers selection and purchase.

While developing auto purchase installments, ICBC has actively introduced special offers to help customers cut down costs. With a minimum down payment of 30% of auto price, ICBC credit card installment for auto purchases features simple and standard business process, offering alternatives such as 12, 24 and 36 installments in place and preferential installment fees. Besides, ICBC cooperates with over ten renowned auto manufacturers including Shanghai Volkswagen, Chrysler, Beijing Hyundai, Honda, Cherry, Brilliance Auto and FAW Car in interest subsidy, i.e., auto manufacturers paying partial installment fees for credit card holders as a benefit. The subsidy has granted credit card holders purchasing specified cars with zero interest and installment fee.

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Source: TendersInfo (India)

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