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K-Aval PN / K-Acceptance B/E
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Receivers get paid on time. Guaranteed by the bank.
Plan your payment. On time.
Aval of promissory note
The bank guarantees the promissory note that you have issued to your partner. The bank will make a payment when the bill is due. The partner can redeem the bill of exchange from the bank.
Aval of bills of exchange
The bank will guarantee the payment based on the bill of exchange that you have issued to your partner. The bank will make a payment when the bill is due. The partner can redeem the bill of exchange from the bank.
Loan Details
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Service Details K-Aval PN guarantees bills of exchange to the buyer. The bank will guarantee payment when the bill of exchange is due / the holder brings the bill redeem the bill of exchange from the bank. | Aval Periods / GuaranteeAccording to the agreed credit terms with the partner, which must not exceed the period approved by the bank. |
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Loan LimitSubject to the bank’s approval. | Collateral- According to the credit policy.
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How to Apply
| Qualifications |
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Status | Income- Profits in at least 2 out of the past 3 years are positive
| Age of business- Have been in business for at least 2 years
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Note: Other qualifications are subject to the bank's conditions.
| Required Documents |
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Private individuals- Copy of the borrower's national ID card
- Copy of the house registration of the borrower and spouse
- Copy of a marriage or divorce certificate (if any)
- Copy of a name-surname change certificate of the borrower or spouse (if any)
- Copy of the personal income tax payment certificate
- A bank statement from a financial institution showing the past 6 months' history of transactions
- Photocopies of documents evidencing ownership rights to the property
- A sales-purchase contract or deposit contract (if any)
| Business corporations- A certified copy of the partnership registration (issued within the past 3 months)
- Certified copies of the company's Memorandum of Association and Articles of Association (issued within the past 3 months)
- Copy of the juristic person’s tax identification card
- Copy of the personal income tax payment certificate
- Minutes of the company board meeting agreeing on a resolution to request a loan and to open an account with the bank
- The latest financial statement submitted to the Revenue Department
- A bank statement from a financial institution showing the past 6 months' history of transactions
- Photocopies of documents evidencing ownership rights to the property
- A sales-purchase contract or deposit contract (if any)
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Frequently Asked Questions
What is Aval?
Aval is a guarantee of payment for a promissory note. Once a promissory note is issued with date specified for a payment of goods sold, a seller may not have the full confidence in the credit rating of a buyer / a promissory note issuer, hence a guarantor is needed to sign on Aval (PN) to guarantee the payment according to the promissory note.
What is an interest expense incurred in the case of late payment?
Once the date on the promissory note expired and the recipient of the promissory note received payment from the bank and the bank already paid in full but has not receive the payment from the client / the promissory note issuer, the bank shall charge the client / issuer with a default rate of 15% / year in the case of late payment.
