If a client proposes to export goods to foreign countries, or a foreign importer cannot realize spot exchange payment and needs a Chinese exporter to provide a deferred payment or long-term preferential loan to make payment for goods, ICBC can provide such a service to the Chinese exporter.
II. Basic operating procedure
1. The client signs a business contract according to the requirements of China Export Credit Insurance Company.
2. The signed business contract should be submitted to China Export Credit Insurance Company for approval, at the same time to the bank proposing to provide export credit for project review.
3. After the business contract is authorized by the insurance company and passes the review of ICBC, ICBC signs a loan agreement with the Chinese exporter, and get the written approval of the insurance company.
4. The loan agreement provides financing for the business contract.
III. Why should I select ICBC?
1. ICBC has a good cooperative relationship with China Export Credit Insurance Company.
2. The client may directly use a given loan quota in ICBC.
IV. Typical case
A certain electronic company provided a batch of electronic equipment to West Africa. ICBC provided export seller crediting to the company, which made it offer a very preferential deferred payment to the importer, making its product more competitive, and successful occupied the local market.
V. Main matter concerned by the client
Q: What is the difference between export seller crediting and ordinary spot exchange loan?
Answer: In export seller crediting business, ICBC can get guarantee from China Export Credit Insurance Company, therefore, the guarantee requirement for the enterprise will decrease considerably which let the loan cost of the enterprise reduced.