Industrial and Commercial Bank of China is one of the largest banks across the globe as per the market capitalization and the assets in total are considered. The bank was established in the year 1984. It is the first ever Chinese bank which has reached up to these standards. It also considered as one of the biggest four banks in China. The other three banks are China Construction Bank, Agricultural Bank of China and Bank of China. In Europe the bank’s headquarters are in Luxembourg. This branch was opened in the year 1999. Industrial and Commercial Bank of China is known for its products and services that are extremely customisable and innovative. These products are designed in a way to meet the requirements of the customers.
Financial crisis can come knocking on your door without giving you prior notice. You must understand that situations like these are absolutely unpredicted and unexpected. No matter how much you try to prepare yourself against situations like these, somehow or the other, you will be affected to a particular extent. A monetary support can definitely help you to swim against the difficult tides. Also, it is not always possible to get everything that you desire for solely with your income. A financial assistance in times like these can definitely prove to be a boon.
Industrial and Commercial Bank of China personal loan eligibility criteria
There are certain eligibility criteria that an applicant has to follows in order to avail ICBC personal loan. These criteria are as follows:
- The applicant for the personal loan offered by Industrial and Commercial bank of China must be at least 21 years of age
- The applicant should have a current account with Industrial and Commercial Bank of China’s Singapore division
- The applicant must declare the entire purpose of taking the loan amount from ICBC Bank
- The individual applying for the personal loan from the Industrial and Commercial Bank of China must produce valid identification and passport
Factors affecting the ICBC personal loan eligibility criteria
There can be several factors which affects the eligibility criteria for a personal loan offered by Industrial and Commercial Bank of China. These factors are as follows:
- Annual Income – The annual income is definitely one of the utmost important factors when determining eligibility for personal loan offered by Industrial and Commercial Bank of China is concerned. You must have a particular annual income. In case, your annual income is below that specific limit, you will not be able to avail a personal loan from ICBC Bank. Your income ensures the fact that you have a steady flow of cash and are completely able to make the repayments for your debt on time, without fail. ICBC Bank will not prefer defaulters. Hence, to avoid any and all situations that might cause problems in the future the bank has set a minimum income limit for the personal loan applicants
- Age – Until and unless the applicant reaches a particular age, he is not eligible for the loan offered by Industrial and Commercial Bank of China. The bank has a minimum age limit of 21 years set as its eligibility criteria. Basically, this is the time when someone starts planning a career and future of his own
- Credit Score – Maintaining a credit score that is good is absolutely the right thing to do when it comes to availing a good personal loan from Industrial and Commercial Bank of China. Any bank would offer lucrative rates of interest for a loan provided to a customer who maintains a good credit score. Keep clearing all your credit bills on time and avoid making late payments. You should understand this very well that a bad credit score under your name will never allow you to avail the personal loan that you desire for and deserve
- Employment – The organisation that you currently work for, the designation that you hold, past work records and the tenure or the time span for which you have been serving your current company – all matters when your eligibility for a loan is determined. Thus, this makes it a very important criteria. Your income that you generate by working in your present organisation not only proves your employment status, but also, emphasises on the fact that you have the required cash flow for repaying the debt. There are several documents that might be required by you to prove the fact that you are employed. These documents include letter from the employer stating the details of your employment, valid Visa and work permit, income tax assessment notice, etc.
- Employer – The goodwill and the reputation of your current employer definitely matters to a great extent when your eligibility for a personal loan is determined. The bank may ask for couple of documents which would be enough to prove the existence of your present employer. When asked, you should be able to produce all such documents including CPF history report, pay slips, etc.
How to increase the loan eligibility criteria?
When you realise that your current income is not good enough to get a loan approval from Industrial and Commercial Bank of China, then you have to find out other means which would give you a healthy boost to your earnings. Waiting for a hike or appraisal in your present organisation can definitely be one of the options. You could also try your luck and find another job which would give you a better pay. Both these situations can help you to meet the eligibility criteria for the loan. If you find out that the reputation of your current employer is hurting or affecting your eligibility for the loan, then you should rethink about your stay in the company.
If you maintain a good credit score it can be of great help as you will be able to avail the loan that you wish for. Any bank would like to see that you have maintained a good credit history. Keep a check on all your transactions and study your credit report whenever you find time. Use your credit cards in a careful manner and do not use the entire credit available on the card. Make repayments on time and avoid late payments. Work towards making your credit score look better.
Frequently asked questions
- What is the minimum age of an applicant looking for a loan from Industrial and Commercial Bank of China?
The minimum age for an applicant to avail a loan from Industrial and Commercial Bank of China is 21 years.
- I have maxed out my credit card. Will I be eligible for a loan?
If you have maxed out your credit card, you should first concentrate on repaying the debt and clearing the bills. Once you do that, you will have a good credit score. That credit score will help you to avail a loan from a bank.
- I don’t have an account with Industrial and Commercial Bank of China’s Singapore division. Will I be eligible for a loan from ICBC Bank?
No. You must have an account with Industrial and Commercial Bank of China in order to avail a loan from that bank.