Are PICC loans legal?

PCB Loan is a legal loan product.

The PICC loan-assisted insurance is launched by the People's Insurance Company of China Co., Ltd. It is mainly aimed at private owners, individual industrial and commercial households, working-class people and other groups. It can be divided into employer loans, employee loans, and real estate owner loans. etc. many types. As long as the insurance is successfully applied for, the policy holder can obtain a small credit loan issued by PICC partner banks.

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The consequences of an overdue PICC loan are still very serious and may have the following effects:

Penalty interest will be generated. Usually, when a loan is not paid off on the interest payment date, the bank will temporarily list it as a collection payment and call the borrower within 7 days to remind the borrower to pay. If the loan is made up within 7 days, the bank will not charge any late payment fees. However, if the payment is not made for more than 7 days, the bank will classify the loan as "collection" and "delayed payment", and then you must pay late payment fees or penalty interest.

Be added to the blacklist, and bad behavior will be recorded in the personal credit report. The day after the loan is overdue, the lender's name will appear in the bank's internal system, and a bad record will inevitably be left on the credit report. If you have not paid for more than 3 months, it is very serious. The borrower will have a bad credit record on the Joint Credit Information Center, commonly known as "blacklisted", and may be retained for 5 years.

It will affect future loans or credit card applications. As long as you are on the blacklist, your mortgage and car loans will be affected. Penalty interest is only a monetary loss, while a bad credit record is a loss of intangible assets, the impact of which cannot be compensated by money.

How about the PICC Credit Loan?

Take the PICC Consumer Loan of Industrial Bank Yinchuan Branch as an example. It can help provide inclusive financial services and meet customer consumption needs.

"People's Insurance Cooperative Credit Consumer Loan" refers to a loan issued to borrowers who meet the conditions of PICC's credit consumer loan guarantee insurance for their own and family's daily consumption purposes. When a borrower's loan becomes overdue and reaches the compensation standard, the People's Insurance Company of China will pay full compensation for the principal and interest of the corresponding loan.

In 2018, the head office of Industrial Bank launched the PICC cooperative credit consumer loan business. Industrial Bank Yinchuan Branch actively connected with PICC P&C Ningxia Branch, and signed a comprehensive agreement with PICC P&C Ningxia Branch in August 2018. Strategic cooperation agreement. Through preliminary system docking and testing, the bank successfully launched the PICC credit consumer loan business in August 2018 and issued the first "PCC consumer loan".

In order to further improve customer experience and avoid customers having to go back and forth between banks and insurance companies to handle business, the business process has been continuously sorted out and optimized, and the processing time for each business has been shortened from the initial nearly 1 hour to 20 minutes, effectively Improved customer satisfaction. Starting from the beginning of 2019, Industrial Bank Yinchuan Branch’s “People’s Insurance Consumer Loan” launched the “volume-increasing” mode.

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In addition, Industrial Bank Yinchuan Branch provides comprehensive services to benefit the people by improving online and offline financial products, and has established online banking, telephone banking, mobile banking, and WeChat banking. and direct banks and other online financial service channels, and cooperated with Yinchuan City Provident Fund Center to launch a new online business product "Provide Fund Flash Loan".

Cooperate with Ningxia Zhongyi Logistics to develop a smart green logistics platform to promote the development of smart green logistics. Industrial Bank Yinchuan Branch will also further expand loan varieties and pilot businesses such as "People's Insurance Auto Loan" to continue to meet customers' differentiated funding needs.