Overview
The Fixed Asset Loan is a RMB and foreign-currency loan granted to the borrower for the purpose of new construction, expansion, renovation, and/or purchase of fixed assets. Fixed assets are assets with at least one year service life and relatively high unit value that are referred to as fixed assets in accordance with applicable national accounting principles and standards. Corporate auto loans and loans for construction and installation contractors for the purchase of construction equipment shall be classified as fixed asset loans.
According to the arrangements of project implementation and source of repayment, the Fixed Asset Loan can be classified as project financing loans and general fixed asset loans. Security of the project asset and project loan will be provided to the corporation especially established for the financing project with the cash flow and revenue of the project as the main repayment source. General fixed asset loans are granted by ABC to the existing corporation with the total cash flow and revenue of the borrower as the loan repayment source.
Features
The Fixed Asset Loan can satisfy the financing needs of the applicant during the fixed asset investment period such as technology upgrading, infrastructure construction, real estate development and research and development.
Procedures
1. The customer should submit the written application to ABC.
2. The customer should provide the following project data in addition to the general production, operation and financial information:
• In the case of a project involving any government investment, the approval by relevant authorities to initiate the project is needed. Additionally, the feasibility study report provided by a competent institution and the approval to such feasibility study report will also be needed.
• The environmental impact assessment report and approval, the approval for special industries, and other approvals as required by relevant authorities.
• The evidence of capital and other financing plans regarding construction and production as well as the source of funds.
• Other preliminary preparations.
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