Questions and answers

For what purpose the allowed overdraft can be used?

It is recommended for small firms and entrepreneurs to use the means permitted as allowed overdraft in shorter period of time, in case when the planned deposit based on the collecting of payment from the buyer is late and that first of all due to paying of obligations (for ex. VAT and other duties toward the state, obligations toward employed, for advance payment based on which they get certain discount etc.) By this he will solve the problem of temporary insolvency in dealings and pay his duties in due time or use the chance on the market and realize additional income. Advantage of the allowed minus is that money is used according to the necessities of the client up to the allowed sum, while interest is paid only for the used money during the month.

For what terms are credits for turnover funds approved?

Credits for working capital are allowed on term of 24 months, with possibility of using g period of six months. For permanent working capital maximum possible term is up to 36 months

What is the difference between the revolving credit and the credit for turnaround funds?

Amount of the credit for working capital will be paid after approval on the account of the client in one turn, while the paying off will be done in equal monthly annuities. Credit is allowed on term of 24 months. Revolving credit represents framework which enables the client to use money in dependence of his dealings and return it according to the dynamics foreseen by the contract. Term for return of single parts of revolving credit is 120 days. Maximal possible term on which revolving credit is allowed is up to 12 months.

How long is the period of legal entity functioning business in order to apply for a credit with your bank?

Legal entity should deal at least 12 months in order to get allowed minus under current account in our bank, while for submitting of the request for credit is necessary to deal at least 15 months.

Is it required for a company to have an account open at your bank in order to apply for a credit?

When submitting the request for credit it is not necessary that legal person has open current account in our bank, but for realization of the credit it is necessary to open it.

What conditions should be met by a legal entity in order to apply for a credit?

Basic criteria for legal entity to apply for a credit in our bank are:

  • They must deal at least 12 months in order to apply for the allowed minus under current account, while for submitting of the request for credit is necessary to deal at least 15 months
  • In case the legal entity is not obliged to make a financial report it is necessary that in the period of 12months before applying for a credit realizes certain level of income or total claiming, defined in the contract with the bank
  • Must regulate his obligations towards financial institutions regularly
  • level of borrowing must be acceptable
  • Account of legal entity should not be blocked longer than 5 working days in last 12 months or totally 10 working days in separate blockade in periods of 6 months before applying for a credit.

What are the expenses of approval and realization of credit at your bank?

Expenses of approving and realization of the credit depend on the type of the credit for which the client applying and basic ones are compensation for processing the request and interest rate per credit. With these expenses client also have expenses for legal person from credit bureau and eventually expenses about Establishing security for credits, if they are requested (estimation of the bank and pledges by the authorized estimators of the bank, expenses of entering pledge into APR insurance of real estates and pledge)

What is maximal sum of the credit which is possible to get and what is the longest possible term of repayment?

There are numerous factors which influence on the amount and the term on which the credit can be approved – credit worthiness of the client, type or scope of the credit offered means of security, activity etc. Regarding the sum and term of paying off of the credit, we try to help our clients as much as possible.

What amount of security (mortgage) is required for a long term investment credit?

This amount depends first of all of the credit worthiness of the client, possibility to sell the object under mortgage, participation of the client in investing, purpose, amount and term of paying off of the credit.

What is the time frame for credit approval at your bank?

It depends on the type of the credit for which the client applies and requested security instruments for placement. Of course it depends also how long client will prepare necessary documentation for the credit. Term for allowing credit is from 24 hours to 10 working days.

In what timeframe will the newly opened account be active?

Maximum in term of 24 hours from the moment of opening of the account.

What exchange rate is used for the credits with the currency clause attached?

During payment and paying off term will always be used middle exchange rate of NBS.