Once the full approved credit amount is paid, direct credit has a fixed term of cancellation.
It is commonly used to finance permanent working capital, machinery, equipment, construction and consolidation of liabilities with other financial entities or creditors, among other things.
Terms are negotiable and in some cases reach up to 8 years.
Line of credit in checking account
We have developed a new system of revolving credit on checking account eliminating the need for the customer to sign bills or notes for each draft he makes from his pre-approved line.
It is quite flexible, it can be in colones or dollars and the company can access drafts with a simple call to his executive.
Customers are using this type of facility to:
Meet seasonal or temporary needs for working capital.
Participation and compliance guarantees.
Financing International Trade operations such as:
- Letters of credit at sight and term
- Remittances abroad, others
- Raw material import
- Admission expenses (Taxes and others)
Use of funds: It may be through partial or total drafts. You can reuse the money as they pay the principal.
Line term and drafts: Line is approved for one to three year terms. It can be extended according to compliance of collateral businesses commitments and others acquired by the customer with the Bank. Usual drafts are payable in installments ranging from three months to one year as well. Repayments of capital and interest payments are monthly made.
Other types of credit
- Guarantees and payment guarantees in foreign currency
- Participation and compliance guarantees in colones and dollars
- Letters of guarantee credit, guarantees or Stand By abroad.
- Documents discount
- Purchase of securities (Except those issued by Public Sector)
- Overdrafts on current accounts
Interest Rate Liability Disclaimer
Interest rates are object to change at any time without previous notice due to financial market changes. For such a reason, information included in current web site is for reference purposes only. Any rate related to a specific transaction or business, shall be the effective rate as of formalization date.
For further information regarding interest rates, please call Customer Assistance Center at (506) 2211-1111 or write to CentroAsistenciaBCR@bancobcr.com