Bank Loans Available with Credit Records in Shanghai

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Last updated at: (Beijing Time) Sunday, August 10, 2003

Bank Loans Available with Credit Records in Shanghai

Individual people in Shanghai, China's economic and financial center, can now apply with the Bank of China for loans solely based on their credit records.

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Individual people in Shanghai, China's economic and financial center, can now apply with the Bank of China for loans solely based on their credit records.

Information from the Shanghai branch of the Bank of China showsthe loans available range from 10,000 Yuan (1,205 US dollars) to 100,000 Yuan (12,048 US dollars).

Starting from this month, Chinese residents, including Chinese passport holders, people from Hong Kong, Macao and Taiwan, and foreigners with legitimate residency in Shanghai are entitled to apply.

Loans will be approved once the credit records of the applicantshave been acknowledged by the bank, and the loan limit will dependon the specific record grades and the applicants' ability to repay.

If the applicant is capable of repayment, but fails to pass thecredit check for the amount applied for, a third party can act as guarantor.

More than 3.25 million Shanghai people now have credit records.

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