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Irrevocable Loan Commitment


 

Introduction

Irrevocable loan commitment, also called virtual loan commitment, refers to the loan commitment which is legally binding and our bank cannot revoke optionally without customers' consent. During the its effective period, our bank is all ready to issue loans in accordance with the term, amount and interest rate agreed by both sides to meet the customers' needs.

Functions

The purpose of such commitment is to officially promise customers that our bank will issue loans and comply with specific loans terms.

Target Customers

The credit target of irrevocable loan commitment should accord with the relevant requirements of national industrial policies.

Application Qualifications

The target industry should accord with the relevant requirements of national industrial policies, the policies of Bank of China on credit, industry and customers. Loan commitment should not be granted to projects prohibited by our bank's credit policies.

Charges

Bargaining

Process

1. Sales account manager inquires customers' needs and gains related information;

2. The credit application should be examined in accordance with our bank's interior vetting process (Note: the vetting process for irrevocable loan commitment is much stricter than that for revocable loan commitment.);

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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