The methods of granting company bank loans are regulated in Poland by banking law. According to it, the loan agreement should clearly specify:
- designation of parties to the contract,
- loan amount and currency,
- the purpose for which the loan was granted,
- loan repayment rules and dates,
- loan interest rate and conditions for its change,
- method of securing loan repayment,
- scope of the bank’s rights related to the control of loan use and repayment,
- dates and method of providing funds to the borrower,
- the amount of commission, if the contract provides for it,
- conditions for making changes and terminating the contract.
From the point of view of the everyday functioning of the company and the consequences of credit, two points are most important: the form of collateral and the cost of the loan.
Form of security
In the case of corporate loans, the bank can expect financial or personal collateral for the loan. Property forms include, among others: b deposit of funds on the account, power of attorney to the bank account, deposit, pledge, transfer of title as security, mortgage on real estate. The personal forms of credit collateral include, in turn, a bank or insurance guarantee, a promissory note guarantee, obliging the guarantor along with the issuer of the promissory note to repay the loan on agreed payment dates, surety under civil law, assignment of receivables, joining a credit debt, power of attorney to dispose of cash on the company’s bank accounts or a blank promissory note. When thinking about corporate loans, it is worth remembering that banks’ offer addressed to companies is also highly flexible in the case of collateral that can be used.
This stage is not much different from individual loans. Before signing the contract, it is worth checking what the overall cost of the loan is. It also consists of the WIBOR rate and an individually determined and negotiable margin. In addition, there may be additional fees and commissions, i.e. costs of processing the application or payment in the event of early repayment of the loan. Company loans, like individual loans, can be suspended. Before signing the contract, make sure that the bank,
in which we plan to take a loan, it gives such an opportunity and whether it charges for it.
It should also be remembered that in the case of a company loan, a lot depends on our credit history.