If you are importing your next equipment, machine or motor vehicle and you are not sure of raising the clearing cost in good time, you can apply for a Clearing Finance facility in order to avoid paying excessive demurrage on your import.
To qualify for a clearing finance facility, the imported item must be cleared by one of our registered clearing agents who will confirm the genuineness of the bill of lading and ascertain the clearing cost. You may also be required to pay up to 20% of the clearing cost as equity contribution on the facility.
The clearing finance facility has a tenor of up to 30days, meaning you have to pay back within 30days of disbursement of the loan. CreditPRO takes custody of the cleared item pending when you make your total repayment on the facility. Click here to read more about our Clearing Finance facility.
How it works
A client who intends to clear his imported asset such as equipment, machinery or motor vehicle requests for a clearing finance facility.
CreditPRO examines the original bill of lading and other import documents provided by the client to confirm the genuineness of the transaction.
CreditPRO appoints a registered clearing agent to confirm the import duty on the asset, while the client signs off all necessary loan documents including transfer of ownership of the imported asset to CreditPRO.
Borrower is expected to provide a minimum of 20% of the clearing cost as equity contribution and upon repayment of the facility, ownership of the imported item reverts back to the borrower.