Comparison of the four major Chinese banks’ overseas student loan business!

In the United States, loan for studying abroad is a very common situation. In recent years, there have been more and more loans for studying abroad in China. When we choose loan products for studying abroad, we need more than one comparison. Here’s Xiaomei’s horizontal comparison of loan business for studying abroad in four major banks in China in the future.

As we all know, China CITIC Bank is a leader in overseas business. Embassies in the United States, Australia and other countries directly connect their business ports with China CITIC Bank. What are the advantages of China CITIC Bank in overseas loan?

First of all, when applying for visas, embassies usually require customers to provide certificates of deposit issued by banks, with a general deposit period of more than half a year. In order to help prospective overseas students to obtain embassy visas more smoothly, China CITIC Bank can provide customers with credit certificates such as Chinese and English deposit certificates and overseas loan certificates. The certificate of deposit issued by China CITIC Bank is one of the most recognized certificate of deposit issued by embassies and consulates in various countries, which is conducive to improving the success rate of the study abroad visa. For families with high liquidity requirements or bank deposits that do not meet the specified time limit, China CITIC Bank can provide a variety of forms of guarantee for overseas study loans, and issue overseas study loan certificates.

For example, for students who choose to study in New Zealand, if the deposit period is less than six months, they can handle the special account business of New Zealand study abroad remittance in China CITIC Bank. As a Chinese funded bank exclusively designated by Immigration New Zealand, China CITIC Bank can accept the opening of “special account for overseas remittance in New Zealand”. This account transforms personal credit into bank credit, simplifies the procedures of fund guarantee, and does not need to deposit in advance, which effectively improves the probability of students’ signing.

Study abroad loan business of China CITIC Bank

RMB loan used to pay tuition and living expenses during study abroad, or deposit required during application for study abroad visa.

The maximum amount of loans handled by the way of real estate mortgage can reach 90% of the value of the collateral, the maximum amount of loans handled by the way of pledge can reach 95% of the value of the collateral, and the maximum amount of loans handled by the way of credit and guarantee guarantee can reach 1.5 million yuan; the maximum term can reach 30 years; one-time or multi-time use can be selected.

The Bank of China provides “deposit one loan nine” margin loans. For example, if you deposit 100000 yuan in the Bank of China, you can loan 900000 yuan, and then get a deposit certificate of 1 million yuan.

Tuition and miscellaneous fees, transportation fees and living expenses can be used for up to 10 years (including). The maximum purpose of study abroad deposit shall not exceed the borrower’s study period.

RMB, US dollar, Japanese yen, euro, pound, Hong Kong dollar, Australian dollar, Canadian dollar.

Maximum amount of loan

The purpose of the loan is to pay tuition and miscellaneous fees, transportation fees, and living expenses. The maximum amount of the loan is no more than 80% of the total expenses required by the educated to study abroad. The tuition and miscellaneous fees shall be subject to the valid certificate issued by the school. The amount of living expenses and transportation expenses shall be determined according to the country and region of study, and the maximum amount can be 120000-200000 yuan / year in RMB or equivalent foreign currency. The maximum amount of deposit for studying abroad can be RMB 1.5 million or equivalent foreign currency.

The loan interest rate adopts the method of “benchmark + floating / plus point”. RMB loans are based on the interest rate announced by the people’s Bank of China. Foreign currency loans are based on international financial market interest rates or official interest rates issued by relevant countries, which are determined according to the loan currency.

The lender may grant the borrower a certain grace period. The maximum grace period of the individual study abroad loan is 2 years, and it shall not exceed the period of schooling for the educated. During the grace period, only the interest is paid but not the principal. The borrower shall repay the principal and interest of the loan in accordance with the contract within the next month after the expiration of the grace period.

Purpose of loan: it is used for tuition and living expenses of high-end vocational education such as studying abroad or studying MBA and MPA on the job.

Loan amount: the maximum amount of a single loan shall not exceed 1 million yuan.

Loan term: “study time + 1 year”.

Loan interest rate: in accordance with the provisions of the loan interest rate of China Construction Bank.

Guarantee method: “Xueyi loan” can be a combination of mortgage, pledge, credit and “mortgage + pledge”.

Repayment method: including equal principal and interest method, equal principal method, one-off principal and interest payment method upon maturity, and any repayment method on schedule. If the term of the loan is more than one year, the method of monthly equal principal and interest repayment or the method of monthly equal principal repayment must be adopted.

The highlight of ICBC’s loan for studying abroad is its high loan amount, up to 2 million yuan, and long term

High loan amount: the maximum loan amount of individual study abroad loan is 2 million yuan; the maximum loan amount of non withdrawable individual study abroad loan is 1 million yuan.

Long term: up to 10 years.

Various forms of guarantee: mortgage, pledge, guarantee, etc.

Flexible loan granting method: the loan can be granted at the time of initial application, or according to the borrower’s tuition, accommodation and living expenses payment period.

Comprehensive service improvement: in combination with overseas study loan, provide supporting services such as credit certificate, individual foreign exchange purchase, foreign exchange settlement, witness account opening, overseas account opening, international credit card processing, etc.

This is the introduction of the overseas loan business of the four major banks in China. I hope that students and parents with such needs can carefully compare and analyze, and choose the most appropriate overseas loan products according to their actual situation.

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