Is China PICC loan legal?

Legal analysis: personal loans are legal. People's Insurance Company of China (PICC) is a loan insurance under PICC, which mainly solves the problem of capital turnover for users. People's Insurance Company of China can be used for daily consumption and turnover of production and operation. By taking out loan insurance, it can quickly obtain 200,000-300,000 credit loans from banks. Users can apply for insurance by clicking "PICC Loan Insurance" in "Services" through the mobile phone client of China PICC.

Legal basis: Interim Measures for the Administration of Personal Loans.

Article 1 In order to standardize the personal loan business of banking financial institutions, strengthen the prudent management of personal loan business and promote the healthy development of personal loan business, these Measures are formulated in accordance with the Banking Supervision Law of the People's Republic of China, the People's Republic of China (PRC) Commercial Bank Law and other laws and regulations.

Article 2 People's Republic of China (PRC) and banking financial institutions established in China with the approval of China Banking Regulatory Commission (hereinafter referred to as lenders) shall abide by these Measures when engaging in personal loan business.

Article 3 The term "personal loans" as mentioned in these Measures refers to loans in local and foreign currencies issued by lenders to qualified natural persons for personal consumption, production and operation.

Article 4 Personal loans shall follow the principles of compliance with laws and regulations, prudent operation, equality, voluntariness, fairness and good faith.