The Agricultural Bank of China (ABC) is offering a total of 10 billion yuan (US$1.2 billion) in loans to individual Chinese car buyers from now to the end of the year.
The bank is offering 10 special conditions to make its car buying loans more attractive to consumers, Zheng Xin, deputy head of the ABC Shanghai Branch, said Sunday.
People can have their applications for a loan processed at the bank's outlets nationwide. Consumers can opt for insurance services relating to personal car loans, preferential interest and prolonged loan terms.
The ABC Shanghai Branch and Yafun Automobiles (Group) Company, the largest car dealer in China, signed a cooperation deal in Shanghai Sunday to promote the loan offer. More than 400 ABC outlets in Shanghai will provide consultations and loan services for local people.
The offered car buying loans to 140,000 of the more than Chinese 400,000 consumers who bought cars on credit last year.
(Xinhua News Agency September 16, 2002)