OREANDA-NEWS. September 24, 2012. Earlier, ICBC Beijing Branch launched the Personal Home Improvement Loan, a new loan product for personal customers in response to the national policy of expanding household consumption and innovation on consumer loan products. The Branch has lent out nearly RMB 400 million to borrowers since the launch three months ago, reported the press-centre of ICBC.  

Personal home improvement loan is a RMB loan for home furnishings - repairs, renovations, or purchase of fittings & fixtures, consumer durables or other durable goods involving large amount. The loan is intended for borrowers with more specific and clear purposes, can be secured by different guarantee options, easy to apply, loan amount can be used revolvingly. Guarantee is flexible. Besides the conventional collateral, pledge and guarantee, new options are credit, combined guarantee, or partial guarantee. Loan tenor depends on the guarantee options, up to five years for loans secured by collateral, up to three years for loans under pledge or credit, no longer than one year for loans secured by guarantee.

In an effort to speed up the launch of personal home improvement loan to the market and customers, ICBC Beijing Branch cooperates with over 10 companies including Homelink Real Estate, SA Home Loan Services. This partnership offers greater access for consumers to get information and apply for the loan.

ICBC Beijing Branch also launches different combinations of personal home improvement loans with other loan products. Examples are "independent travel + personal home improvement loan", "second-hand house + independent travel + personal home improvement loan", "personal home improvement loan + revolving", a product offering to cater to different and individual needs of borrowers. Eligible applicants are welcomed to apply at any 37 sub-branches under ICBC Beijing Branch, just go to the nearest sub-branch.