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What is a small credit loan?

Microcredit loans are an extension of microcredit in terms of technology and practical use. Its characteristic is that the debtor does not need to provide collateral or third-party guarantees, and can obtain a loan based only on its own credit, and the borrower's creditworthiness is used as a guarantee for repayment.

What are the requirements for applying for a small credit loan?

1. Chinese citizens with full capacity for civil conduct in China;

2. Have a legitimate occupation, stable economic income and the ability to repay the principal and interest of the loan on time;

In fact, it is not enough to simply meet the above conditions. Bank small loans attach great importance to the applicant's creditworthiness, and he must also have a credit card or savings account opened by a bank. On the other hand, bids must comply with other bank regulations.

Common preparation materials include:

1. Bank small loan application form;

2. ID card. If you have a spouse, you need to provide a marriage certificate (copy);

3. Proof of the borrower’s income or bank statement;

4. Proof of the borrower’s address (with official seal) ;

5. Relevant information required by other banks.

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What are the procedures for microfinance?

1. The borrower submits a loan application

2. Acceptance of microfinance business

The bank accepts the borrower's loan application and requires some of the borrower's information Conduct a preliminary review and then require the borrower to submit relevant information.

3. After receiving the customer’s application materials, conduct an investigation into the small loan business.

After receiving the customer’s loan application materials, a certain level of review will be carried out. Generally, the authenticity of the materials will be reviewed to a certain extent and the borrower's personal loan qualifications will be evaluated.

4. Loan grant

After reviewing the information, if there is no doubt, the borrower can be granted a loan.

5. The borrower repays the loan as agreed.

After the loan is issued, the bank or lending institution will bear the main responsibility for post-loan inspection and supervision, and post-loan follow-up inspections should be strengthened. If risks that may affect the loan are discovered, measures should be taken promptly to urge the borrower to perform the contract and repay the loan on time.

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