1. China citizens with full civil capacity who have a fixed residence in China, a fixed residence in a local town (or a valid residence certificate) or a fixed business place.
2. Have a proper occupation and stable economic income, and have the ability to repay the loan principal and interest on schedule.
3. No bad credit record.
4. Loans cannot be used for stock trading, house purchase, gambling and other activities.
5. Other bank microfinance conditions stipulated by the lender.
Second, the repayment method
1, one-time principal and interest repayment method
One-time repayment of loan principal and interest at maturity is only applicable to small loans for merchants within 3 months (inclusive) and small loans for farmers within 4 months (inclusive).
2. Equal principal and interest repayment method
Repay the loan principal and interest in equal amount every month within the loan term.
3. Repayment of principal and interest by equal installments
Only the loan interest will be repaid during the grace period. After the grace period, the loan shall be repaid in the form of equal principal and interest repayment. Small loans for merchants, with a maximum grace period of 4 months.
For farmers' small loans, the longest grace period of loans is 10 month. Provincial branches should reasonably determine the longest grace period of local loans according to the agricultural production cycle or capital turnover.
Extended data
Matters needing attention in loan are as follows:
1. The information provided to the bank shall be true, the address and contact information provided shall be accurate, and the bank shall be informed of any change in time;
2. The loan purpose should be legal and compliant, and the transaction background should be true;
3. According to your repayment ability and future income expectations, choose the repayment method that suits you;
4. Apply for a loan amount according to your own ability. Usually, the monthly repayment amount does not exceed 50% of the total family income;
5. Read the terms of the contract carefully and understand your rights and obligations;
6. Repay on time to avoid bad credit records;
7. Don't lose the loan contract and IOUs. For mortgage loans, don't forget to cancel the mortgage registration after paying off the loan;
8. prepayment must be handled by communicating with the bank one month in advance.
9. When a foreigner applies for a commercial loan, the bank generally requires the borrower to have a stable income in the local area, and to open a household registration certificate at the place where the household registration is located (some banks also require a certificate of employment); Moreover, the housing guarantee company requires foreigners to apply for temporary residence permits in addition to local income.
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