On January 5, ICBC officially launched its personal unsecured consumption loan brand “ICBC Loan” in Beijing. Eligible borrowers can get uncovered, unsecured and purely credit-based RMB consumption loans to meet the personalized and diversified consumption needs.

According to an official with ICBC, “ICBC Loan” can be handled through online channels via mobile phones, computers and mobile terminals in the whole process from loan application to loan granting. It allows for real-time online checking of the eligibility of loan application and available credit, which makes real-time granting possible. It realizes integration of “consumer + finance + Internet”, creating an internet business model characterized by self-served online operations, automatic business processing and accurate risk monitoring.

“ICBC Loan” has the following characteristics. First is lower charge. The daily interest of a RMB 10,000 loan is only around one Yuan, lower than the interest of similar loans in the market. Second is longer term. The loan term is up to 5 years and the grace period up to 12 months. Thirdly, customers can complete loan business online with a click through internet banking or mobile banking. Fourth is more flexible repayment schedule. Four ways of repayment, equal principal and interest, equal principal, lump-sum repayment of principal and installment payment of interest and lump-sum repayment of principal and interest are available for customers which can better meet diversified consumption financing needs.

In terms of risk control, thanks to long-term credit management experience and a professional team, “ICBC Loan” may check and control the risks of all customers and credit assets of the group, especially with the help of huge data covering 120 million credit cards and 2.48 million online and offline merchants accumulated along the payment chain in the past 30 years. The white list of ICBC personal unsecured consumption loan now has 47 million customers with loan-granting worth RMB 2.7 trillion, or RMB 58,000 per capita.