AsiaTrust Domestic Letter of Credit / Trust Receipt
Program Title: Domestic Letter of Credit / Trust Receipt
Program Objective: To provide a credit facility to a client, whereby the payment of which is to be made to the beneficiary (seller) against presentation of commercial documents. The payment to the beneficiary is guaranteed by the bank, provided all documents conform with the terms and conditions of the credit.
Eligible Borrowers:
- Single Proprietorship
- Partnership
- Corporation
- Businessmen/Entrepreneurs
Loan Purpose: For domestic purchase of raw materials. Terms/Requirements:
Amount: Depends on the actual requirement.
Interest Rate: Prevailing market rates upon Trust Receipt date.
Availment: Via Trust Receipts for 90 days, renewable for another 90 days, subject to 25% partial payment on principal and subject to inspection if goods under TR are still present.
Charges: Opening Commission of 1/4 of 1% for the first 60 days and 1/8 of 1%
every month, thereafter, and Negotiation fee of 1/8 of 1%.
Maturity / Repayment: One year from date of approval.
Security:
- Trust Receipts on goods purchased via LC;
- Marginal Deposit of 20%;
- Postdated Checks (PDCs) of the borrower; and
- Continuing Suretyship of the Principals.
Contact Details:
Ms. Cindy C. Viola, Branch Credit Group
AsiaTrust Development Bank
1424 Quezon Avenue, Quezon City
Phone: (02) 924-5680/5650
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