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Bill Discounting with Interest Paid by the Buyer

The Bill Discounting with Interest Paid by the Buyer is a type of service where the seller (the applicant) transfers the rights under the commercial draft to ABC with the interest paid by the buyer prior to the maturity of the draft.

It makes fast realization of commercial drafts, held by customers, with easy procedures and low costs.

The procedure is the same as those for bank acceptance draft discounting, including reception of application, verification of bills and documents (inquiry and examination), credit review and approval, account treatment and collection of reimbursement upon maturity.
The applicant should submit the following documents:
1. Fully completed Application for Discounting of Commercial Drafts and Checklist for Discounting of Commercial Drafts affixed with the corporate seal and the personal seal of the legal representative or the authorized representative.
2. The original and copies of the annually reviewed business license or the legal person certificate, the organization code certificate and the loan card.
3. The original and copies of both faces of the completed bank acceptance draft which is yet to mature.
4. The originals of the authentic and lawful contracts for trade in goods and services or any other written evidences for the authenticity of such trade.
5. The original version of the VAT invoice issued to the draft issuer (or the immediate previous bearer). In the case of a goods transaction exempted from VAT or prohibited from issuing VAT invoice in accordance with the Interim Regulations of the People's Republic of China on Value Added Tax, and the Provisions on the Use of Special Invoice for VAT, the VAT invoice is not available due to particular reasons, and then the applicant may provide other written evidences for the authenticity of the trade under the draft.
6. The recent balance sheets and income statements.
7. The following documents should be submitted for the customers applying for draft discounting for the first time:
• The balance sheet and income statement of the previous year. If the financial statements of the previous year can be accessed by loan card in the enterprises credit database, those statements are deemed to conform to relevant regulations and only recent statements should be submitted by the applicant.
• The original and copy (to be retained) of the ID card of the authorized representative. These will not be required for the subsequent businesses if the authorized representative does not change.
• The copy of the ID card of the legal representative and the Power of Attorney.
8. Other materials required by ABC.

Note: Please contact your local branch for detailed information about the service.

Customer Service Center : 95599


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