On the road to inclusive finance, the loan business of the Postal Savings Bank can be said to be a reassurance for the people, especially in terms of providing poverty alleviation services and small loans, which have brought a lot of benefits to the people. However, how to apply for the Postal Savings Bank’s small loan business? What are the conditions for applying for a postal savings small loan?

Conditions for application for postal savings micro-loan

Postal savings micro-loan business is a loan product launched by the Postal Savings Bank of China for farmers and merchants (small business owners). Different loan products have different requirements for borrowers.

Business conditions for small loans (farmers\merchants)

1. Small loans for farmers require the borrower to be married, while small loans for merchants require the borrower to have a business license. And have been operating normally for more than half a year;

2. Have full capacity for civil conduct, be in good health, and have the ability to work, produce and operate;

3. Have two family members working in the labor force, aged 18 Between 60 and 60 years old;

4. Have a local household registration or have lived there for more than one year;

5. 1 to 2 natural persons need to be provided as guarantee, and the guarantor must be a national civil servant , teachers, doctors and other people with stable income, or form a joint insurance group of 3 to 5 households;

6. Have a stable business place.

Postal Savings Bank mortgage loan conditions

1. The borrower can provide collateral recognized by Postal Bank as collateral;

2. Aged between 18 and 60 years old The borrower has full capacity for civil conduct between the ages of 1 and 2;

3. Have a local resident registration or valid residence certificate;

4. Have a legal and stable source of income and good credit;

5. The sum of the loan term and the age of the borrower shall not exceed 65 years;

6. Other conditions required by the Postal Savings Bank.

What is the interest rate for Postal Savings Bank small-amount mortgage loans?

The interest rate for Postal Savings small-amount pledged loans is determined based on the benchmark interest rate for loans of the same grade. If the term is within 6 months, it will be determined based on the 6-month loan benchmark interest rate; if the term is 6 months to 1 year, it will be determined based on the 1-year loan benchmark interest rate; in the event of an interest rate adjustment, it will still be based on the contract interest rate. The current annual interest rate for loan terms within 6 months is 5.58%, and the annual interest rate for loan terms between 6 months and one year is 6.12%.

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