THE BANK OF CHINA HAS LAUNCHED A LOAN PRODUCT AIMED AT PROVIDING QUICK ONLINE LOAN SERVICES TO INDIVIDUALS AND MICRO-ENTERPRISES. HOWEVER, MANY QUESTIONS REMAIN AS TO THE CONSISTENCY OF ON-LINE AND OFF-LINE SERVICES WITH SINO-CHINA E LOANS. THIS PAPER WILL ANALYSE THIS ISSUE FROM DIFFERENT PERSPECTIVES。

IS THAT ONE UNDER THE CHINESE SILVER E LOAN LINE AND ON THE LINE

1. Approval process

THE ON-LINE AND OFF-LINE APPROVAL PROCESS FOR THE CHINA-CHINA E LOAN IS GENERALLY CONSISTENT. BOTH ONLINE AND OFFLINE ARE REQUIRED TO COMPLETE THE RELEVANT LOAN APPLICATION FORMS AND SUBMIT THE APPLICATION INFORMATION. ONCE SUBMITTED, THE BANK CONDUCTS A COMPREHENSIVE ASSESSMENT BASED ON THE CUSTOMER ' S CREDIT RECORDS AND APPLICATION MATERIALS AND CONDUCTS LOAN APPROVALS. AS A RESULT, THE PROCESS OF APPROVAL IS THE SAME, BOTH FOR THE SELECTION OF ONLINE APPLICATIONS AND FOR THE SELECTION OF OFFLINE APPLICATIONS。

2. Approval cycle

AS IS THE CASE WITH THE APPROVAL PROCESS, THE ONLINE AND SUB-LINE APPROVAL CYCLE OF THE CHINA-CHINA LOAN E IS SIMILAR. UNDERLINE APPLICATIONS REQUIRE THE CUSTOMER TO GO TO THE BANK IN PERSON, FILL OUT FORMS AND INFORMATION, AND TRAVEL TO AND FROM THE BANK TAKES A LOT OF TIME. ON-LINE APPLICATIONS CAN BE DONE AT HOME OR IN THE OFFICE TO AVOID THE CUMBERSOMENESS OF RUNNING LEGS. HOWEVER, AS BANKS NEED TO APPROVE LOANS, THERE IS NO SIGNIFICANT DIFFERENCE BETWEEN ONLINE AND OFFLINE APPROVAL CYCLES. IT GENERALLY TAKES ABOUT 5-7 WORKING DAYS。

3. Loan line

ON-LINE AND OFF-LINE LOANS ARE ESSENTIALLY THE SAME. ACCORDING TO BANK REGULATIONS, INDIVIDUAL CONSUMER LOANS CAN BE LOANED UP TO $300,000 AND MICRO-ENTERPRISE LOANS UP TO $2 MILLION. THERE ARE LIMITS TO THE AMOUNT OF LOANS THAT CAN BE GRANTED ON AND OFFLINE, WHICH CAN BE ASSESSED ON THE BASIS OF THE CREDIT POSITION OF THE CLIENT, THE ABILITY TO REPAY, ETC., AND THE ESTABLISHMENT OF DIFFERENT LOAN LINES FOR DIFFERENT CLIENTS。

4. Application materials

BOTH ON-LINE AND OFF-LINE APPLICATIONS FOR THE CHINA-CHINA LOAN E REQUIRE CORRESPONDING APPLICATIONS. THE APPLICATION INCLUDES, INTER ALIA, PERSONAL IDENTITY CARDS, LETTERS FROM BORROWERS, WORK CERTIFICATES AND PERSONAL FLOW DOCUMENTS. THE APPLICATION MATERIALS REQUIRED FOR DIFFERENT LOAN PRODUCTS VARY. HOWEVER, WHETHER ON-LINE OR OFF-LINE, BANKS HAVE A HIGH LEVEL OF STANDARDIZATION AND STANDARDIZATION IN REVIEWING APPLICATIONS. THIS IS SOMETHING THAT BANKS MUST STRICTLY CONTROL IN ORDER TO SECURE THE FUNDS OF THEIR CLIENTS。