Overview
The Entrusted Loan is a form of agency service in which ABC acts as the trustee to lend out money on behalf of the trustor such as government agencies, enterprises and individuals. The trustor provides instruction which specifies target borrowers, use of funds, loan term, interest rate, project organizer and beneficiary. ABC will not assume liability for the repayment of the loan on behalf of the borrower if the loan is not repaid upon maturity of the loan.
Features
ABC acts as an intermediary to provide financing services to customers.
Procedures
1. The trustor signs an entrusted loan contract with ABC.
2. The trustor opens a basic account with ABC for the Entrusted Loan and transfers funds into this account.
3. ABC designates a specific person to handle the entrusted loan in accordance with the entrusted loan contract.
4. Based on the availability of funds and the Notice on Entrusted Loan issued by the trustor, ABC signs the agreement on the Entrusted Loan with the borrower, specifying the rights and obligations of the parties, and grants the loan in timely order.
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