BILL DISCOUNTING
This short term funding facility enables your company overcome cash management discrepancies and shortages by handing over the company’s bills to the bank who in turn credits the value of these bills into your account before they are due.
Which companies are concerned?
Whether you are a Sole Proprietorship Company, Common Interest Group or Economic Interest Group, you can be granted this facility.
Principle
It is a process whereby the company’s bills are paid for by the bank before their maturity date. It is worth noting that the beneficiary negotiates directly with MCB Credit & Securities Limited.
Amount
- Loan amount: 100% of the receivables.
- Authorization Limit: maximum of 3 months of the annual business turnover.
Interest rate/duration
- The Interest rate applied is same as the overdraft interest rate -1 (TD-1).
- Duration: The maximum duration is the due date stated on the bill.
The maximum term for a bill discounting scheme is generally one year.
How to obtain this facility
Visit the nearest MCB Credit & Securities Limited to you. Our Customer Relationship Officers are here to assist in the preparation of your loan application file.
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