ABC easing loan requirements for qualified car buyers
17/4/2003 15:28
The Agricultural Bank of China (ABC)'s Shanghai branch is cooperating with
the Shanghai Yongda Group, a leading car dealer in the city, to offer car loans
with no guarantee or collateral requirements to qualified buyers, the Youth Post
reported today.
The ABC credit service, the first of its kind in China,
targets qualified car buyers with good credit records and stable
income.
The offer started yesterday, and will continue for a month and a
half, according to ABC's local branch.
The local branch will also raise
the proportion of the purchase price that can be loaned and offer longer loan
periods, the bank indicated.
More local banks are teaming up with car
dealers to offer credit in order to claim more of the fast-growing market, said
an industry analyst.
Individual car loan balances amounted to more than
94.5 billion yuan (US$11.4 billion) in China at the end of last year, rising by
20 billion yuan in the first quarter of the year, up 11.3 billion yuan from a
year before.
Wendy Zhang/ Shanghai Daily news
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