After rules are issued to limit house purchase in major cities like Ningbo, Wenzhou and Hangzhou within the province, quite a few banks have started to turn their attention from housing loans to personal credit loans. They reach out to individual clients, not only lowering the threshold, but also developing credit derivative functions of credit cards.
Ping An Bank Hangzhou Branch is among the first group of Chinese-funded banks to take actions. It is heavily promoting Xin Yi Dai a personal credit loan with an application threshold of a monthly income of over 4,000 yuan and a half-year stay in the current job. The Hong Kong-funded Standard Chartered Bank Hangzhou Branch is promoting the Personal Loan .
The applicants only need to have a pre-tax monthly income of over 5,000 yuan and a three-month stay in the current job. At the same time, banks are also competing in providing convenient services. Ping An Bank says it will issue the loan within three working days with complete documents available. They can even issue the loan on the same day of application.