Detailed information on Minsheng Bank’s “Buy Auto” credit card loan for car purchases

The official name of Minsheng Bank’s credit card car purchase is “Buy Auto”, which is a car installment payment service. It means that Minsheng Credit Card customers purchase designated automobile products at the designated dealer stores of China Minsheng Bank Credit Card Center, pay part of the amount through Minsheng Credit Card and repay it in monthly installments. This loan car purchase activity has just been launched, and there are not many brands and models. The specific information is shown in the table below:

The down payment can be the price of the car

There are relatively few cooperative models. The impact is not big.

Since it has just started to provide credit card loans for car purchases, Minsheng Bank’s down payment for car purchases can be as low as 20% of the car price, and the handling fees vary slightly according to different models. Since we are not aware of the relevant Minsheng Bank’s car loan fee collection rates, we will not list them here.

Minsheng Bank's "Car Purchase Pass" car purchase activity was carried out for a short time and the publicity was not strong, so many consumers are not aware of this business.

Minsheng Bank Credit Card Loan Car Purchase Process

Just four simple steps

When applying, you must submit the following materials:

(1 ) Valid identity document of the borrower

(2) Proof of property and income of the borrower and his spouse

(3) Proof of purpose of borrowing: Legal and valid car purchase contract and agreement must be provided Or letter of intent, etc.

(4) Proof of down payment

(5) Personal credit report inquired through the People’s Bank of China’s credit reporting system

Other documents specified by Minsheng Bank and information.

The Minsheng Credit Card Loan car purchase fee is calculated as follows:

12th period: 5.99%,

24th period: 9.99%,

36 issues: 13.99%.

How to apply for the Minsheng Bank Credit Card Love Loan

The Love Loan is a loan method launched by Minsheng Bank for customers who meet relevant conditions during the epidemic. It is the largest installment payment compared to the usual Minsheng Bank installments. The difference is that the love loan has the function of deferring the first installment. When the customer has applied for the love loan, the system will automatically execute the extension function, while ordinary installments do not have this function.

Minsheng Bank’s Credit Card Love Loan is a bill installment service with automatic deferral of repayment function

for eligible customers during the epidemic. For example, after the Minsheng Bank credit card has issued a bill and applied for installment, the system will automatically execute the first installment deferment

; the daily Minsheng Bank credit card installment does not have the first installment deferral function.

Minsheng Bank credit cards must be repaid on time after daily use. Overdue repayment is not allowed, because penalty interest will accrue after overdue payment, and the longer the time, the greater the penalty interest. Moreover, the bank will collect the money after it is overdue. If it is overdue for a long time, the bank will charge the cardholder, and the cardholder must return it after a subsequent judgment.

If the credit card cannot be returned on time after use, you can use installment repayment or the minimum repayment amount, but you need to apply between the billing date and the repayment date. When applying for installment repayment, the user can choose different The number of periods is generally determined based on the individual’s monthly income.

It is worth noting that overdue credit card repayments will be uploaded to the credit reporting center. When personal credit becomes bad, it will affect the processing of various loans, such as car loans or housing loans, and the overdue balances will not be paid back. Afterwards, overdue records will continue to be saved on the credit report for 5 years, and will automatically disappear after 5 years.

Minsheng Bank’s “Love Loan” business is actually a bill installment service with automatic deferred repayment function launched for cardholders who meet certain conditions during the epidemic. Customers can choose to apply for installment for the portion of their bill that has been issued between the day after the billing date and the last repayment date (including the first and last days). After the customer successfully applies for installment, the system will automatically extend the first installment payment. In addition to the above, it is also important to note that:

1. Its business operation period is from February 27, 2020 to the end of the epidemic;

2 , Supported accounts: If you want to apply for a traditional personal card account supported by some bill installment services, you can apply in local currency.

Do I have to do it myself when borrowing money from Minsheng Bank Credit Card?

Yes

Loan conditions: Over 18 years old, have a fixed residence in China, and have a local town Chinese citizens with permanent residence and full capacity for civil conduct;

Good credit, law-abiding, no illegal behavior or bad credit record;

Good and legitimate and stable economic income Occupation, the ability to repay the principal and interest of the loan on time, and the ability to provide credit certificates;

You must provide your valid identity document, proof of residential address (household register, etc.), and personal employment certificate;

Loan Processing process: Find a guarantor --- Apply at an outlet --- Submit information --- Fill in the application form --- Accept the investigation --- Wait for approval --- Sign the loan contract --- Disburse the loan.

Loan funds are intended to be used for legitimate experiences, such as gambling.

Loan amount The starting point of the loan amount is 10,000 yuan, and the maximum is not more than 500,000 yuan.

That’s it for the introduction of how to get a loan with Minsheng Credit Card.