OREANDA-NEWS. February 18, 2013. Mr. Zhang is an employee of a company. Recently Mr. Zhang wished to renovate his house, but the plan has been delayed due to insufficient cash on hand, moreover, no asset can be used as pledge or collateral. Mr. Zhang recently learnt that the personal petty credit loan launched by ICBC exactly matched own situation of urgently in need of a small amount of money, so he immediately submitted the application to ICBC Beijing Branch. Within only three days Mr. Zhang received a small loan of RMB 200,000 to address the desperate situation, reported the press-centre of ICBC.

An executive with ICBC Beijing Branch said, consistent efforts has been spent on innovative loan products in order to address the needs of consumers. The Branch has extended over RMB 10 million "personal petty credit loans" which have been overwhelmingly received since its launch a month ago.

A personal petty credit loan is a consumer loan for those working in enterprises and public institutions with stable income, and can produce proof of provident fund contribution or tax return. Compared with other loan products, the personal petty loan is easy to apply, simple steps, highly efficient. One customer can borrow up to RMB 300,000 once successfully applied, the longest loan tenor is three years. The service is now available at 36 ICBC sub-branches in Beijing. For borrowers to apply, just bring the second generation identity card, marriage certificate, proof of provident fund contribution or tax return, documentation for loan purpose and the plan of how to use the loan.

Besides the personal petty loan, ICBC Beijing Branch also provides "Best Loan Link" and "Best Credit Link" products for existing customers who are applying for personal housing mortgage loan, top-end customers with deposit in ICBC. The aim is to provide different types of loans to customers with the "Best-in-Class Financial Service Solution".