CITIBAND (China) Co Ltd launched a non-collateral personal loan product yesterday for Chinese mainland citizens who work or reside in Shanghai and are aged between 18 and 55.
The unsecured personal loans grant up to 200,000 yuan (US$28,571) for purposes other than real estate and equity investment. The rate of the loan is set at 8.8 percent, with a 15-percent range based on the credit record of the client.
"The unsecured personal loan is a frequently used and well-accepted financial tool in many mature markets. We hope to provide it to Chinese customers here and deliver investor education on how to manage your assets effectively to quickly fulfill your dreams," said Anand Selva, executive vice president of Citi China.