ICBC has recently launched ICBC e-Loan for College Students, a personal credit consumption loan, to satisfy college students’ need for small-amount loans and foster healthy perception of consumption and credit. The business has currently been provided in 10 cities. College students at or above 18 and with good credit record can apply for the loan through ICBC mobile banking, internet banking and ICBC e-Life after signing at the outlet.

According to an official of ICBC Peony Card Center, ICBC e-Loan for College Students is designed based on consumption characteristics, habits and affordability of college students, and offers favorable interest rate. The business is firstly provided to 15 colleges in 10 cities including Beijing, Harbin, Shanghai, Nanjing, Weihai, Wuhan, Guangzhou, Chengdu, Xi’an and Hangzhou. It will be extended to more colleges afterwards. The loan granted to an undergraduate is up to RMB 20,000 with no requirement for collateral. At present, borrowers can also apply for 13% discount of interest rate. For example, for a loan of RMB 10,000 repaid in 12 installments (1 year), the total interest ICBC e-Loan for College Students is RMB 308.95 and the average daily interest is less than RMB 0.9.

In addition, ICBC provides a wide range of campus financial products for college students. Students in pilot colleges may apply for ICBC Constellation Credit Card (Campus). The credit line will be shared with the ICBC e-Loan for College Students. Also, a series of benefits are available such as annual fee exemption, 3-day tolerance of delay in repayment time and RMB 10 tolerance of shortage in minimum repayment.