So, you might be interested in the interest rate of the bank’s loan, right? As one of China’s largest commercial banks, it offers a variety of loan services, and its interest rate levels can attract many customers。

What's the interest rate on the bank's loan

Let us be clear at the outset that in China ' s financial markets, there is intense competition among banks, and fixed-price rights have been the result of intense competition. Thus, the interest rate on loans of business banks, like other banks, is set on the basis of their own business strategies and risk control capabilities。

THE INTEREST RATE ON LOANS FROM BUSINESS BANKS IS DETERMINED MAINLY BY THE TYPE OF LOAN PRODUCT. THE BASE RATE CONSISTS OF 4.351 TP3T PER YEAR, 4.751 TP3T FOR ONE TO FIVE YEARS AND 4.901 TP3T FOR MORE THAN FIVE YEARS. THE INTEREST RATE ON CONSUMER LOANS IS INCLUSIVE OF 5.351 TP3T IN ONE YEAR, 5.751 TP3T IN ONE YEAR TO FIVE YEARS AND 5.901 TP3T IN MORE THAN FIVE YEARS. THE INTEREST RATE FOR HOUSING LOANS IS 3.751 TP3T FOR ONE TO FIVE YEARS, 4.051 TP3T FOR TWO SETS, 4.51 TP3T FOR FIVE YEARS OR MORE AND 4.81 TP3T FOR TWO SETS. IF A CAR LOAN IS CONSIDERED, THE INTEREST RATE WITHIN ONE YEAR INCLUSIVE IS APPROXIMATELY 5%, THE ANNUAL PERIOD IS 8% AND THE ANNUAL PERIOD IS ABOUT 12%。

In addition to the above-mentioned standard loan rates, in order to attract more clients, business banks sometimes introduce attractive interest rate policies and promotional activities, such as lower borrowing costs, deferred debt service payments, reduced handling fees, etc., which help clients to save money costs and increase satisfaction with business bank products。

You may also be curious about the timing of the loan approval. In general, it takes about one month for the Bank of Commerce and Industry to approve its mortgage, a period that may vary depending on the creditworthiness of the users and the lending policies of the time. Once approved, you can wait for a loan from the business bank, which usually takes about 15 working days。