About the product
Under the import letter of credit or import collection, the Bank advances the short-term financing of import money on behalf of the importer with valid vouchers and commercial documents.
Product features
1. Reduce the occupation of funds. Using bank funds to import commodities and sell them domestically helps complete trade and make profits without occupying funds.
2. Seize market opportunities. It helps the importer to obtain property documents, pick up goods and resell them in time when they cannot make payment immediately, thus seizing market opportunities.
3. Improve bargaining power. Changing the payment term from forward to spot, or shortening the term of time payment accordingly helps improve their power of bargaining with the exporter.
4. Save financial expenses. Customers can choose the financing currency according to the interest rates of different currencies, for the foreign currency interest rate is far lower than the RMB interest rate, which can save financial expenses.
Application
Importers who encounter temporary difficulties in cash flow, fail to pay redemption orders on time or fail to pay on the due date promised.
Rate
No handling fee is charged. The financing interest rate is subject to the domestic and foreign currency trade financing interest rate of the Bank.
Handling process
1. Upon the application of the importer, the Bank shall verify the credit line for the importer.
2. The importer submits an application form on import bill advance to the Bank.
3. The Bank advances the bill payment on behalf of the importer and delivers the documents to the importer.
4. The importer pays the Bank on the date due to repay the bill payment.
