What is Agricultural Bank of China’s Leyi Installment?

Lefenyi launched by Agricultural Bank of China is a consumer credit product, mainly used for consumer installment loans. There are some restrictions on the use of Lefenyi, including the inability to withdraw cash, transfer funds, invest and manage funds, and withhold and remit payments. Once successfully processed, regardless of whether the principal is used or not, the principal and installment fees need to be repaid according to the amount shown on the credit card statement in each installment.

The maximum credit line granted by Agricultural Bank of China to Lefenyi is 300,000 yuan, and the maximum number of installments is 60. Except for the installment rate of 0.69 when divided into 6 installments, the interest rate of each installment for other installments is 0.6. Therefore, the installment interest for each installment can be calculated by multiplying the installment principal by the interest rate for each installment.

Why was the application for ABC Lefenyi rejected?

1. Non-prime customers: Lefenyi is a consumer credit product specially opened by Agricultural Bank of China to its high-quality customers. Only those customers who have had business dealings with Agricultural Bank of China can apply successfully. For non-premium customers, applications for Lefenyi may be rejected.

2. There are problems with credit reporting: As a personal credit loan product under the Agricultural Bank of China, Lefenyi has strict requirements for personal credit reporting records. If the applicant has a bad credit record in the past two years, the possibility of applying for Lefenyi will be affected.

3. High personal debt: Agricultural Bank of China attaches great importance to the applicant's repayment ability and willingness to repay. If personal debt is too high, it may cause the borrower to be short of funds. Therefore, for the sake of risk control, banks may reject applicants with excessive personal debt.