The interest rate for credit union loans is generally 4.35% for loans within one year; 4.75% for loans within one to five years; and 4.90% for loans over five years. Please contact the credit union for details.

Loan Conditions

To apply for a loan, borrowers must meet basic conditions such as having a market for their products, producing and operating efficiently, not misappropriating credit funds, and abiding by credit, and must meet the following requirements:

Have the ability to repay principal and interest on schedule. The original loan interest payable and due loans have been basically repaid; if they have not been repaid, a repayment plan approved by the lender has been made.

Except for natural persons and institutional legal persons that do not need to be approved and registered by the industrial and commercial department, annual inspection procedures should be completed by the industrial and commercial department.

Rural areas have opened a basic account or general deposit account with a loan cooperative, and retain a certain amount of payment deposit in the account; voluntarily accept the credit and settlement supervision and inspection of the loan cooperative, and can ensure regular payment to The loan cooperative shall submit business plans and related business and financial statements.

If you apply for a guarantee or mortgage loan, you must have a loan guarantor, loan collateral or pledge that meets the regulations. The loan guarantor must be an enterprise or economic entity that has a deposit account in a rural credit cooperative and has good economic benefits and credit standing. Loan collateral must comply with the provisions of the Civil Code (effective from January 1, 2021) and relevant laws and regulations. In principle, it should be mainly real estate (such as houses, land), must be commercial, and be easily liquidated.

The asset-liability ratio of rural borrowers shall not be higher than 70%.

Rural borrowers must apply for a loan card in accordance with the regulations of the People's Bank of China and undergo annual inspection procedures as required.

Rural Credit Cooperative Loan Process

Fill out the loan application form at the local Rural Credit Cooperative Loan Business Office and clarify the basic information of yourself and your family, such as name, age, family members, and contact information. etc., clarify the purpose of the loan, such as building a house, expanding production, purchasing agricultural machinery, etc.

The credit union conducts surveys on personal credit, family wealth, and daily production and operation, determines the loan amount, loan term, and applicable interest rate based on the survey results, and determines the loan amount, term, and repayment based on the actual situation of the individual. payment method.

After passing the preliminary review, the rural credit cooperative will sign a loan contract and handle the mortgage procedures in accordance with regulations. After all procedures are completed, the rural credit cooperative will issue the loan within three days. It is worth mentioning that rural credit cooperative lenders must handle loan cards in accordance with the regulations of the People's Bank of China and handle annual inspection procedures in accordance with regulations.

Loans require good credit. It is generally difficult to get a loan if you have failed to repay your credit card before or if you have not repaid the loan on time. Therefore, friends who have already brought in money must have credit and take the initiative to repay the money during the repayment time. If you fail to repay the loan for a long time, you will be prosecuted by the bank as a fraudster, and then the bank will be blacklisted, and the People's Court will be listed as a defaulter.