VAT overdraft loan

Overdraft loan intended for financing VAT costs for investment projects co-financed under EU structural funds programmes

Our offer

VAT overdraft loan provides you with:

  • a possibility of financing up to 100% of project costs through European Development loan


Why choose VAT overdraft loan from Fibank?

  • up to 100% of the VAT payable on the approved costs;
  • the refunded VAT repays your loan;
  • no commission for early repayment with funds from recovered VAT.

 

Loan parameters

 

Amount:

up to 100% of the VAT payable on the approved costs

Purpose of the loan:

for payment of VAT costs related to investment projects co-financed under EU Structural Funds programmes

Loan currency:

BGN, EUR

Term:

up to 2 years

Grace period:

until receiving the financial aid

Method of repayment:

·         in overdraft mode;

·         upon VAT refund, the overdraft limit is reduced by the amount received.

Interest rate:

The annual interest rate of the loan is formed on the basis of an internal bank credit rating - compound interest BIRa/BIRb/BIRc* + surcharge.

Possibility of an additional interest rate preference for clients who also use other Fibank products.

* Base interest rate (BIR) is applicable to business clients, and it is a variable interest rate index that the Bank uses as a base interest rate when calculating the variable interest rate on the loan applicable to the contract. The BIR is approved by Fibank's Board of Directors and calculated according to a methodology announced by Fibank for each individual type of currency, based on the ratio between the planned costs of the Bank's liabilities and the market interest rates for the same currency, applicable to loans in national and foreign currencies. BIRa, BIRb and BIRc represent the base interest rate adjusted by a coefficient for the market environment for business clients with an internal bank credit rating, respectively in the interval 1-2 (for BIRa), 3-4 (for BIRb) and 5-6 (for BIRc) . The Bank makes public the base interest rates - BIRa, BIRb and BIRc that it applies, by announcing and publishing them on the Bank's website at www.fibank.bg;  

Fees and commissions:

·         no commission for early repayment with funds from recovered VAT;

·         other fees and commissions are in accordance with the Fibank’s Tariff.

Collateral:

·         mortgage or special pledge on fixed tangible assets with a market value of at least 110% of the overdraft amount;

·         a special pledge on receivables under the grant agreement;

·         guarantee by the owners of the company or their inclusion as co-debtors under the loan agreement;

·         financial security with the provision of a pledge on the payment accounts or a special pledge of receivables on the bank accounts of the loan applicant in Fibank.



Application and documents

To grant a loan, the Bank's credit specialists develop an individual offer tailored to the specific needs, credit history and principle of work in your company.

 

It will be our pleasure to help you find the optimal solution for your business needs.

 

To make an inquiry for loan, you can contact the Bank's credit specialists in one of the following ways:

  • phone: 02/817 1366; 02/817 1365; 02/800 22 73;
  • ask for our credit specialists at the Bank's branches and offices;
  • send an inquiry to micro@fibank.bg

 

Documents required for natural persons:

  • copies of the identity cards of the loan applicant/co-debtor/the person providing the collateral;
  • documents certifying the collateral ownership;
  • annual tax return for the last accounting year;
  • certificate of presence/absence of obligations issued by the revenue authority under Art. 87, paragraph 6 of the Tax and Social Security Procedure Code;
  • related party declaration issued according to Fibank (First Investment Bank) sample form;
  • a power of attorney for NSSI;
  • an application for granting a micro loan to natural persons.

 

Documents required for legal entities:

  • decision of the competent body to withdraw and secure the loan;
  • balance sheet, statement of income and expenses and annual tax return for the last year;
  • documents certifying the collateral ownership;
  • copies of the identity cards of the representative of the company - loan applicant/co-debtor/the persons providing collateral;
  • certificate of presence/absence of obligations issued by the revenue authority under Art. 87, paragraph 6 of the Tax and Social Security Procedure Code;
  • related party declaration issued according to Fibank (First Investment Bank) sample form;
  • a power of attorney for NSSI;

• an application for granting a micro loan to legal entities.