Introduction
Revocable loan commitment, also called marketing loan commitment, refers to the kind of unilateral written commitment with additional condition issued by our bank. During the effective period, our bank is all ready to issue loans in accordance with the terms agreed by both parties to meet customers' needs. During such period, if the additional conditions are not fulfilled, our bank is entitled to revoke the corresponding commitment.
Functions
The purpose of revocable loan commitment is to display our determination for credit projects to meet customers' needs. Our bank doesn't undertake any substantial liabilities for credit.
Target Customers
The credit target of revocable loan commitment should accord with the relevant requirements of national industrial policies.
Application Qualifications
1. The targeted industry belongs to our bank's encouraging industries, such as electric power, telecom, petroleum, petrochemical, transportation(aviation included), tobacco, automobile manufacture and urban infrastructural construction;
2. The targeted customers should rank A-level above (A-level included) in our bank's credit rating;
3. The credit target should accord with the relevant requirements of national industrial policies; and the credit granting, industry and customer policies of Bank of China.
Charges
Bargaining
Process
1. Sales account manager enquires customers' needs and gains related information;
2. The credit application should be examined in accordance with our bank's interior vetting process;
3. Upon our approval, the loan commitment will be issued;
4. After the issuance, the corporate business sector of our bank will follow up the customer and its project continually;
5. On receiving the customer's formal application, our bank will examine the credit application in accordance with the loan business process.
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