The Industrial and Commercial Bank of China (ICBC) is the largest bank in China. The bank’s foreign network includes 419 organizations in 45 countries.
The bank offers the opportunity to get a credit on the Smart Card with free servicing and up to 10% cashback. The card is issued instantly. The loan can be repaid early in the mobile application or at the nearest office on any day, regardless of the date of regular payment. The purpose of the loan is irrelevant. The client can also take out a borrower insurance programme and provide financial protection for the duration of the loan repayment.
The loan period is from 13 months to 7 years. Interest rate – from 5.9%. The amount of monthly payment does not change throughout the loan term.
If the client has personal insurance, a preferential rate will be provided. This service can be arranged directly at the ICBC Bank office, and in the event of an insured event, the insurance company will pay the entire amount of the debt to the client, which will allow you to repay your obligations to the bank and maintain your usual standard of living in a difficult situation.
Insurance is voluntary, covers the entire term of the loan and does not affect the decision on its approval. There are no restrictions on partial or full early repayment.
In addition, the bank offers the refinancing consumer loans. The customer can choose a more convenient time and pay less at a favorable rate. Loan term – from 13 months to 7 years Interest rate – from 5.5%.
ICBC provides its clients with several types of mortgages:
– Preferential mortgages with terms from 1 to 20 years and an interest rate of 5.9% (down payment from 15%).
– Family mortgage with the term from 1 to 30 years and the interest rate from 4.7% (down payment from 20%). This is a mortgage for families where a second or subsequent child was born.
The Bank also provides a mortgage refinancing service. If necessary, the client can receive additional funds in the amount of up to 30% of the refinanced debt for any purpose. It is possible to adjust the loan term both up and down, as well as to choose the type of payment: annuity or differential. The loan term is from 1 to 30 years. Interest rate – from 8.3%.
Mortgage holidays can be obtained with a mortgage for the amount of the loan if the following conditions are met. The loan agreement has not been amended before at the request of the client, the subject of the mortgage is the only housing suitable for permanent residence and owned by the client, and the client is in a difficult life situation.
INVESTMENT LIFE INSURANCE
ICBC offers its customers the opportunity to earn investment income and at the same time life insurance. Its difference from conventional life insurance is that it provides a full refund of the amount invested at the end of the contract period and an opportunity to earn investment income.
The insurance company invests the client’s money in securities and thus has the opportunity to earn additional income.
During this contract period, the life and health of the customer is insured: upon occurrence of an insured event, the company will pay out up to 300% of the contribution.
When the term of the contract expires, the client will return the full amount of his investment and may receive additional income from the investment.
The insurance contract is not property – therefore, the money is not shared during divorce and cannot be confiscated or seized. In the event of an insured event, the money will be paid to the recipient specified in the contract without waiting for the inheritance. The money invested will be refunded regardless of the situation on the stock market at the end of the contract term. In addition, the customer may receive a tax refund of 13% of the amount invested when concluding an agreement for 5 years or more.