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CSOB Authorised Overdraft on Accounts for Entrepreneurs and Legal Entities

This loan is intended for businesses and entrepreneurs to need to temporarily overcome a difference between income and expenses using agreed financial reserves on the account.

 


Benefits

A current account gives you of an overdraft of up to 3,000,000 CZK, The unused amount of the credit limit is always available regardless of the size of your company.


Other merits include:

  • You only pay monthly fees for the service from the month that you begin using the credit limit,
  • You only pay interest on the amount used and only for the date upon which it is used,
  • You do not have to substantiate the purpose of the withdrawn funds,
  • Quick provision of cash with low administrative demands,
  • Easy availability of credit regardless of the size of the company,
  • Use of credit limits as financial reserves for unexpected expenses or to cover transitional shortages of finances,
  • Security only with a blank bill of exchange,
  • During the course of the year we will merely monitor the movements on your current account.

 

Get Acquainted

The credit limit is calculated according to the turnover on your entrepreneurial account, which takes into consideration the amount of your business turnover (sales) for the previous accounting year and depending on the evaluation of the continuity and amount of your income (rating).


Parameters of loan:

  • A credit limit between 20 000 CZK and 3 million CZK (depending on your rating), we provide the loan for an indefinite period of time with a term of notice of one month (both contracting parties may terminate the contract at any time),
  • Negative balances must be settled within 90 days (or within 180 days for clients with better solvency), at which time you must repay the amount used and not withdraw the credit for at least one day,
  • You can regulate the use of the credit limit according to your business’ needs (use a payment/permanent order from your account, a card withdrawal from an ATM machine, a cash withdrawal from your account, or a card payment in shops),
  • You repay the loan gradually from the finances that arrive on your current account, which is interconnected with the authorised overdraft, repayment takes place automatically,
  • Interest is paid in regular monthly intervals (if the credit limit has been reached),
  • Credit is secured with a blank bill of exchange, which in certain cases has an accommodation party (co-acceptance) from a spouse or partner, or by other legal entities or natural persons (depending on the legal form of the applicant).

Terms of Use

When applying for the loan the entrepreneur submits:

  • A completed Loan Request,
  • A trade licence (or similar document),
  • Tax returns for the last two years,
  • Current statements (if their annual business turnover amounts to more than 10 million CZK),
  • An affidavit on freedom of indebtedness to the Financial Authorities and the Czech Social Security Administration (in certain cases it is necessary to provide Confirmation of Freedom from Indebtedness from the Financial Authorities),
  • Two identification documents.

When applying for the loan company representatives must submit:
 

  • A completed Loan Request,
  • An abstract from the Commercial Register, where new clients are concerned (existing clients only if there have been changes),
  • Tax returns including attachments for the last two years,
  • Current statements (if their annual business turnover amounts to more than 10 million CZK),
  • An affidavit on freedom of indebtedness to the Financial Authorities and the Czech Social Security Administration (in certain cases it is necessary to provide Confirmation of Freedom from Indebtedness from the Financial Authorities),
  • Two identification documents for the persons acting on behalf of the company.

Other terms and conditions will be governed by the CSOB General Terms and Conditions of Business and the provisions of the Loan Contract.

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