I. Introduction ICBC Import Factoring is a service to increase your company credibility in front of your exporter when your company settles the import by credit sale or documents against acceptance. As requested, ICBC accepts the account receivables transferred from your exporter to offer payment guarantee and other account management service for your company.
II. Features and Advantages ICBC import factoring has the following benefits: 1. Simple account management. ICBC offers a range of services such as reconciliation, reminding when due, easy for you to manage your accounts properly; 2. Stable relationship with your trading partner. Backed by ICBC credit guarantee, you can establish a long-term, mutual-beneficial relationship with your trading partner.
III. Target Clients Apply when you have to manage your account payable after taking into considerations of the business risks, financial cost management or financial report consolidation.
IV. Operation Guide Apply and submit the ICBC Liquidity Loan Agreement to ICBC. ICBC will remit the amount to your exporter after all documents are checked without errors. You repay to ICBC before the loan expired.
V. Application Conditions 1. Your company must obtain rating by ICBC with an approved credit line. 2. Your company must provide guarantee as required by ICBC.
VI. FAQ 1. Loan tenor is generally not longer than 30 days; 2. Loan currency is the same as invoice currency; 3. Loan is usually under 80% of the invoice amount.
VII. Statement Information herein is for reference only. Industrial and Commercial Bank of China Limited reserves the final rights of interpretation. Refer to the announcements and regulations of local branches for further details.