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China : ICBC RMB 8 Billion Easy Loan Helps Personal Consumption

August 26, 2014

Easy loan , ICBC s quick loan product designed for online shopping and card-swiping consumption has been well received by the market since last September when it was launched. By the end of June, more than 100,000 customers completed 170,000 transactions via Easy loan with the accumulative loan amount of about RMB 8 billion, which has played a direct role in promoting household consumption.

Relevant head of ICBC said that Easy loan is a brand new financial product launched by ICBC combining the Internet thinking and technology. The design of the product relies on big data, featuring fast, self-service, and electronic processing and automatical credit granting to customers with good ICBC credit standing. It saves the customers visit and waiting time as well as paper used in various application forms and loan contracts when customers apply for loans, which fits the current trend of "low carbon and environmental protection".

Eligible customers may use ICBC bank cards to conduct online shopping or card-swiping consumption at ICBC merchants and cooperative online shopping malls and they can apply for loans in real time through fast channels such as Internet banking, mobile banking, SMS banking and POS. Easy loan is unsecured, and the system will automatically review and approve the application before immediate loan release to the account. Customer with any single consumption amount no less than RMB 600 may apply for the business with the period options from six-month, 12-month, 24-month to 36-month, which will make it convenient for customer to flexibly arrange consumption and wealth management funds. Meanwhile, there is no need to make an appointment if customer want to repay the loans in advance. Customers can repay loans through channels such as e-banking and counter to reduce interest expense.

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Source: TendersInfo (India)

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