Business introduction
The seller, after selling its products, transfers the commercial bill (banker’s acceptance bill or commercial acceptance bill) given by the buyer to the Bank. It is a kind bill discount whereby both the buyer and seller will split the bill discount interests through negotiations.
Materials that customers shall submit
1. Application for the use of interest-paid credit limit of the buyer;
2. List of suppliers;
3. Other materials required by CMBC for the credit granting business.
Materials needed for the seller to apply for the business
1. Application for discount;
2. Copies of business license and certificate of enterprise code;
3. Written materials that can verify the authenticity of the trade background, such as copies of corresponding trade contract or agreement and VAT invoice;
4. Relevant financial statements;
5. Copies of the loan card and password;
6. Original of commercial bill;
7. Other materials that CMBC requires.
Business process
1. The buyer or seller puts forward an application for credit granting to CMBC;
2. CMBC will grant credit to the buyer or seller according to relevant provisions on the credit granting business; (in case that the credit is granted to the buyer, CMBC will accept or discount the buyer’s banker’s acceptance bill or commercial acceptance bill within the credit limit; in case that the credit is granted to the seller, CMBC will discount the commercial acceptance bill held by the seller within the credit limit);
3. Both the buyer and seller shall open an deposit account in CMBC;
4.CMBC will conclude an Agreement for the Interest-Paid Bill Discount from Agreement will the seller and buyer, wherein the buyer authorizes CMBC to directly debit his deposit account of the amount up to the bill discount interests that he commits to bear; while the seller commits that the discount interests born by him can be deducted directly from the discounted amount and credits his deposit account up to the amount of discounted amount received;
5. The seller holds the commercial bill given by the buyer to apply for the discount service to CMBC;
6.CMBC, after verifying and confirming the authenticity and validity of the commercial bill and trading background, will transact the bill discount;
7. When the bill is due, CMBC will collect from the buyer.
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