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COMMERCIAL HIRE PURCHASE

Block Discounting

For motor dealers, and credit and leasing companies related to hire purchase and leasing activities

Purpose of Financing


  • For working capital requirement as it entails the discounting of future receivables for present cash.
  • For credit and leasing companies that are involved in the provision of hire purchase or leasing finance where the credit documents are purchased and refinanced for their working capital.
  • Available in Conventional and Islamic.

Financing Tenure


  • Revolving in nature but the individual agreement financed has a financing tenure of a minimum of 1 year and maximum of 8 years.
  • The Block Discounting account is also subject to annual review.
  • Flat fixed rate.
  • Margin of Finance: Up to 90% from the cash price of the items financed or amount financed by the dealer, whichever amount is lower.

Eligibility


Block Discounting is available for credit and leasing companies, and motor dealers involved in hire purchase and leasing activities.

Documents Required


  • Company Registration
    • M&A
    • Form 9/D
    • Form 13
  • Form 24 & 49 (full set from date of incorporation/registration)
  • Profile of Company and Holding Company (if any)
  • Profile and Particulars of Directors (if any)
  • Photocopy of each Director's Identity Card
  • Latest Form J/BE of each Directors (if any)
  • Latest 3 financial year Audited Accounts for Company and Holding Company
  • Latest 6 months Bank Statement of all bankers
  • Latest 6 months financing and collection
  • Letter of appointment as authorised dealership (if any)
  • List of Ageing Analysis for all outstanding hirers as at latest month-end
  • Photograph of the company

Security Arrangement


Block Discounting is secured by:

  • Master Agreement
  • Assignment of hire purchase / lease agreement
  • Director's joint and personal guarantees
  • Corporate guarantee (if applicable)
  • Any other additional acceptable collateral (if applicable)

  

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