CSOB Authorised Overdraft for Municipalities

A credit limit provided through an account overdraft on a ČSOB Municipal Account that allows cities and communities to cover temporary shortages of funds.

Benefits

Interest paid only on the amount used and only for the term of use, the unused amount of the credit limit is always available for the case of unanticipated needs.

Other merits include:

the credit limit is provided for an indefinite period and with a notice of termination of three months,
we do not require any collateral,
credit is set up and processed free of charge, only a minimum fee is paid for administration and managing the the credit account,
low administrative demands and quick provision of finances,
the product is intended for new clients as well,
the municipality/community does not submit any financial statements, but only the approval of the local board for the provision of the loan in accordance with the municipalities act.

Get Acquainted

Based on the review of your financial situation we offer you a credit limit up to which you can overdraw your CSOB Municipal Account.

the credit can be used at any time during the course of the contractual relation (while the set limit has not been exceeded),
The principal is gradually repaid - each time funds arrive on the CSOB Municipal Account for which the overdraft is authorised,
the payment of interest is monthly, and only in the event of the funds actually having been used - current interest rate,

Terms of Use

To receive the loan you must have a CSOB Municipal Account.

When assessing your application:

we will review your financial situation,
You may not have any other operational loan, such as a bank overdraft or a revolving loan, with CSOB.

Along with the application you must submit:

the original or notary verified copy of the minutes from the meeting of the local board including the minutes from the election of the mayor and his representatives, the method of signing (if the bank does not yet have them, for example for another product that you use).

Before the contract is concluded you must submit:

The original minutes, or an excerpts from the minutes from the meeting of the local board, from which it is clear that the local board has approved the acceptance of the loan and the method of repayment and security.

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