Citibank (China) has launched unsecured personal loans (UPL) in Beijing. This non-collateral personal loan offering was first launched in Shanghai in May 2008. Chinese mainland citizens between the ages of 18-55, who work or reside in Beijing, are eligible to apply for an UPL with Citi China. The loans may be used for a variety of consumer-related purchases, excluding real estate and equity investments.
The UPL offering is designed to support Citi China customers as they strive to achieve personal goals such as continuing their education, purchasing a car, enjoying trips overseas, or investing in home improvements.
Eligible customers can obtain a loan of up to RMB500,000. The repayment period can range from six months to four years, and repayment methods include funds transfers from other banks, over-the-counter repayment and automatic withdrawal from the customer’s Citi account. Citi said that regardless of market volatility, the interest rate will remain at a predetermined rate for the entire term of the loan.
Anand Selva, executive vice president of Citibank (China), said: “The unsecured personal loan is a frequently used and well-accepted financial tool in many markets around the world. The launch of Citi’s UPL offering in Shanghai has been warmly received by our customers, and we hope its launch in Beijing will find repeat success through providing our customers here with a new financial option by which they can achieve their goals in life.”
