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Product Name
Bills Purchase under Clean Collection
Product Description
BOC London discounts Bills under Clean Collection and finances customers. It can well meet customers’ short period finance needs.
Product Functions
The product is used to meet the short-term financing requirement for exporter under clean collection.
Product Features
1. Improvement of liquidity. The product can convert forward receivables into cash on demand so as to accelerate capital turnover and relieve the pressure of finance.
2. Simplification of financing process.
Eligible Applicants
1. Customers lack liquidity who want to develop business relying on fast capital turnover.
2. Customers who come across temporary difficulties in capital turnover before proceeds collected under clean collection.
3. Customers get a new investment opportunity by financing under clean collection, and the anticipated yield is higher than discount rate.
Application Requirements
I. Basic qualifications
The business license of enterprises legally approved, registered and annually checked and other valid certifications sufficient to prove the legitimacy and scope of its operation;
II. Others
1. Customers have demand draft for payment issued by other bank;
2. Occupation of paying bank's credit line.
Application Procedures
1. Customers submit to Bank of China the bills and applications for relevant business;
2. Bank of China shall check the documents, then process payment to customer and retain rights of recourse;
3. Bank of China claims for payment by sending out the bills to the overseas paying bank;
4. The overseas bank makes payment to Bank of China when due, with which Bank of China repays the discount loan.
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