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Shanghai Banks Issue Unsecured Student Loans
Freshmen of two Shanghai universities have become the first group to benefit from the education loans without security newly launched by the Shanghai-based banks.
A freshman of the Tongji University from a poverty-hit area said he had thought it rather complicated to get a loan, but it was actually a simple procedure. With the loan, he did not have to worry about the tuition.
Another Tongji student said though he was from a well-off family, he wanted to apply for the loan as well, just to propel himself to study hard and to learn to shoulder responsibility.
The People's Bank of China has recently issued a new student loans regulation, which allows loans without security.
Postgraduate students of the Shanghai No.2 Medical Sciences University only presented their entrance notices, ID cards and certificates from the university to apply for the loan.
The Industrial and Commercial Bank of China Shanghai Branch has granted over 800 freshmen with more than eight million yuan (960,000 U.S. dollars) in loans, said Liu Xiangdong, deputy president of the branch. Education loans are expected to help those from poor families to finish their college education and further studies.
Other local banks have also in recent days launched on-campus consultation on how to open new accounts and to apply for credit cards in the city's universities.
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